Solar Street Lighting Market Analysis:
Solar Street Lighting Market share is expected to be worth over USD 3972 Million, registering a CAGR of 14.12% by 2030.
Solar street lighting is powered by solar power saved in grids and lowers the costs of maintaining streetlights. The drive undertaken by various nations to switch to renewable energy can drive its implementation by various nations. The global solar street lighting market is set to exhibit 21.02% CAGR over the forecast period (2018-2023), according to the latest report by Market Research Future (MRFR). MRFR provides its buyers with estimations and predictions on latest niches and opportunities in major industry verticals.
The main players in the global solar street lighting market are VerySol Inc. (U.S.), Urja Global Ltd. (India), Solar Street Lights USA (U.S.), Dragons Breath Solar (U.K.), Solektra International LLC (U.S.), Sol Inc.(U.S.), Bridgelux Inc. (U.S.), Sunna Design (France), SOKOYO Solar Group (China), Philips Lighting Holding B.V.( the Netherlands), and Omega Solar (India).
Prominent players in the global market for solar street lighting are concentrating on expanding their production units across many regions over the coming years in order to gain a competitive advantage over other players.
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Solar power is gaining popularity as a reliable source of street lighting all over the world. Some of the advantages of solar street lighting include decreased reliance on conventional energy, energy efficiency, and less reliance on the national grid. In warm countries with ample sunlight, solar lights are the perfect way to illuminate the streets, gardens, parks, and other public spaces. Concerns about the fossil fuel deficit are rising. As a result, rising oil prices, global warming, environment and ecosystem damage, promising incentives to develop high-efficiency, and low-emission alternative energy options are of great importance. Among renewable energy resources, the impact of photovoltaic energy (PV) can be considered the most important and prerequisite sustainable resource due to the abundance and sustainability of solar radiant energy.
The rising demand for clean and renewable energy, ease of installation, and low maintenance costs during operation are critical drivers for the growth of the solar street lighting market. Solar energy plays a vital role in reducing environmental pollution and has a strong prospect of application. Solar resources are limitless, and the government is trying to use solar panels as an energy source in rural and sub-urban areas for street lighting, but the battery used to store electricity is affected by overcharging and discharges.
By product type, it is divided into CFL and LED. The CFL segment is bound to expand awareness of renewable energy and government authorities launching programs for its utilization among the public. But measures for curbing of heavy metal usage in products can restrain market growth. On the other hand, the LED lights segment can showcase positive growth in the global solar street lighting market owing to lumen characteristics and efficient watt usage. Rise in tax incentives and focus for optimizing resources can supplement the demand for the segment over the forecast period.
By type, it is divided into standalone and on grid. The on grid segment is likely to possess huge market potential owing to government programs for curbing overconsumption and rollout of programs such as feed in tariff and net metering. Faster response to power outages and integration of smart grid technologies can drive the segment growth. On the other hand, the standalone segment is expected to prosper by connecting remote locations. High costs of conventional grids and establishment of sustainable networks can drive the segment.
By application, it is segmented into industrial, commercial, and residential. The industrial application is estimated to command a huge market share owing to smart energy manufacturing and initiatives taken by major industries to undergo a digital transformation. The need for energy transformation and other reforms can drive the segment demand.
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North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions covered for outlining the prospects of the global solar street lighting market.
APAC is expected to dominate the global market owing to infrastructural development plans by governments in the region. India and China can take the lead in contributing the most to the solar street lighting market due to smart city initiatives and plans to encourage growth. Recently, Dalmia Cement has installed solar street lights in Odisha, India for illuminating pathways for villagers.
Europe has the potential for surpassing APAC due to adoption of solar lighting systems across nations in the region. Large number of smart city projects and renewable energy schemes can encourage the market expansion.
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