According to Market Research Future (MRFR), the global solar street lighting market is expected to post a CAGR of around 21.02% from 2017 to 2023 (forecast period). The report offers a systematic and thorough analysis of the COVID-19 pandemic effect on the global solar street lighting market.
Street lighting is the main component of urban and rural infrastructure. Lighting helps to create a safe environment for both pedestrians and drivers. Many streetlights worldwide are now being updated to LED lighting, which uses less energy and is more efficient than conventional sodium lamps, significantly reducing the cost of street lighting market share. Solar power is gradually being used for street lighting around the world. Long-term power savings, the protection of valuable natural resources, and the reduction of the need for additional power generation contribute to the rapid adoption of solar street lighting around the world. Solar street lights are capable of providing efficient, high-quality lighting both in developing and developed countries, thereby minimizing light poverty and the economic and environmental costs of outdoor electric lighting. Rapid technical innovation and drastic price reductions in the LEDs, PV modules, and battery components that have occurred in recent years will boost the penetration of solar street lights around the world.
Market Dynamics
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.
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The key driver of the global market for solar street lighting is the growing assertion of the adverse effects of traditional sources of energy from conventional fuel types and the degrading levels of fossil fuels in natural reservoirs worldwide. As a result, governments around the world are encouraging and facilitating the production and usage of electricity by renewable energy sources. In areas where grid electricity cannot be supplied, off-grid energy has played a significant role, driving the demand for solar street lighting to growth.
As many developed economies have already experienced a massive deployment of solar lighting and have achieved a significant position in the global market, emerging economies such as the Asia Pacific are expected to present lucrative growth opportunities for manufacturers with increasing demand for solar street lighting.
The industry has been developing more quickly in the US and Europe. However, some suppliers also solar-powered LED lighting products to third world countries or developing countries like India and the Middle East.
Market Segmentation
The global solar street lighting market growth has been segmented into product type, type, and application.
- By product type, the global solar street lighting market has been segmented into LED and CFL.
- By type, the global solar street lighting market has been segmented into standalone and on-grid.
- By application, the global solar street lighting market has been segmented into residential, commercial, and industrial.
Regional Analysis
Geographically, the global market for solar street lighting is divided into North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa.
The Asia Pacific dominated the global market for solar street lighting. The extensive growth of the Asia Pacific economy can mainly be attributed to India and China's increasing urbanization. Growth in the GDP of emerging economies in the region and rising high-end innovations from developed regions also contribute to development. Areas with a shortage of public infrastructure have a correspondingly higher number of solar products.
Key Players
- 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)
- 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.
Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
Continued…
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