Theglobal solar street lighting market is now turning into a highly lucrativesector owing to the growth assistance by the global market forces and alsoincreasing support from government entities and regulatory bodies. Theexpansive opportunities for the market development that have come up in recentyears are now projected to attract new players in the global market. A highnumber of well-established players are now reaping the advantages of lucrativeopportunities and are further expected to continue on their path to futuresuccess. “These companies in the global solar street lighting market do notrequire high levels of infrastructural expenditure. This thus helps in creatinggreat room for upping the profit margins,” finds TMR analyst. The growingnumber of new players entering the market and the increasing presence ofwell-known global players is projected to help in further fragmentation of thesolar street lighting market.
Some of thekey companies operating in the global solar streetlighting market Sol Inc.Solar Street Lights USABridgelux Inc., Dragons Breath Solar,VerySol GmbH, Solektra International, Urja Global ltd., Omega Solar, PhillipsLighting Holding BV, SOKOYO Solar Group, and Sunna Design among others.
Accordingto the research report published by Transparency Market Research on the globalsolar street lighting market, the CAGR of the market will be whopping 16.24% forthe given course of forecast period ranging from 2019 to 2027.This growth rate will propel the valuation of the global market to around US$12.54 bythe end of 2027. Initially, in 2018,the global market was valued at US$ 3.76 bn.
Commercial Sector to Become TopApplication Segment
In terms ofapplication, commercial segment is projected to account for a major share ofthe global solar street lighting market during the forecast period. Thecommercial segment is likely to expand at a significant pace during theforecast period due to the rising demand for solar street lighting in publicstreets, roadways, and commercial malls.
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On theother hand, in terms of regional segmentation, the global solar street lightingmarket is expected to be dominated by the regional segment of Asia Pacific.Surging urbanization in developing countries in this region has been leading tothe rise in the demand for energy. This consequently drives the demand forsolar streetlights in this region. Reduction in the price of LEDs andincreasing awareness about using energy-efficient lighting are expected to spurthe solar lighting system market.
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Brazil isthe leading country in the solar street light market in Latin America. Brazilis heavily investing in LED-powered street lights. The R20 Hub in Brazil is aleading a large-scale LED street lighting program that aims at covering 13cities with 1.5 million street lights across the country. Solar-powered streetlight installations in the country are driven by the need to reduce theoverburdening of the power grid.
Growing Support by GovernmentAuthorities to Help Market Development
Thediminishing of natural energy resources is one of the biggest driving factorfor the burgeoning growth of the global solar street lighting market. Moreover,increasing awareness about green lighting and green planet initiatives are alsohelping to push the development of the global market. In addition to this,initiatives by the regulatory bodies and government authorities is alsoexpected to market growth.
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