The global solar street lighting market was valued at USD 3.972 billion in 2021 and is expected to reach USD 15.7164 billion by 2030.The market is expected to register a CAGR of 17.12% during the forecast period.
The solar street lighting industry is expected to grow at a considerable rate owing to the growing focus on smart city construction, increasing emphasis on solar energy and other green and clean energy initiatives, and increasing support from government and non-government agencies.For example, in September 2018, South Korea and Malaysia signed a letter of intent to build a smart city in Kota Kinabalu, the capital of the Malaysian state of Sabah.These initiatives have greatly contributed to the market growth.
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Increasing strategic initiatives by key players are driving the market growth.For example, in January 2020, US-based SolarOne Solutions Inc. was selected by the Eagle Butte Community Center to install 80 off-grid solar street lights.The former company’s off-grid solar street lights run entirely on solar energy and therefore have a zero carbon footprint.The market is expected to be negatively impacted by the company’s large initial investment.Companies in many developing economies are skeptical of their return on investment due to the presence of many first-class giants in the market.
Growth Influencers: Increasing Urbanization The increasing popularity of smart solar street lights in urban areas is driving the growth of the solar street lights market.The acceleration of urbanization in countries around the world requires energy-saving tools such as solar panels.Solar street lights provide fast fault detection and real-time control decisions.Furthermore, solar street lights are a reliable component of smart city projects and are in high demand in developing countries.With the growing focus on solar power, especially in remote areas, solar power tools are becoming a reliable source.Minimal maintenance and lower comparative operating costs have facilitated the use of solar street lights in many developing, underdeveloped and developed regions of the world.
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By type, the Portable Standalone Centralized Other Standalone segment holds the largest market share at nearly 49% and is expected to grow at a steady rate owing to its increasing adoption.Sales in the centralized segment are expected to exceed 400 million units by 2028.By Component, Controller Lights o Compact Fluorescent Lamps (CFL) o Light Emitting Diodes (LED) o Metal Halides o Sodium Vapor o Other Solar Panel Sensors o Night and Motion Sensors o Passive Infrared (PIR) Sensor Batteries o Lead Acid o Lithium Ion Others According to the luminaire segment, the value of the LED segment is expected to exceed $650 million in 2023 and reach $2,293.6 million by 2030.Moreover, the battery segment is expected to register a CAGR of 15.2% during the forecast period.By application, parking lots, highways and roads, airports, runways, manufacturing sites, playgrounds, gardens, others, due to the increase in applications, the number of parking lot segments is expected to exceed 150 million tons by 2025. Solar street lights in parking lot spaces.The playground market value is expected to approach 76% of the airport runway market size by 2021 and is expected to grow to 80% by 2030.
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By region, the global solar street lighting market is segmented into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
Asia Pacific is expected to hold the largest market share with a growth rate of over 18% owing to the increasing strategic development of companies operating in the market space.The European region is expected to grow at a steady rate due to growing awareness of alternatives to solar power generation.In addition, North America is also expected to grow at a decent rate.By 2030, the market size of solar street lights in the Middle East and Africa is expected to exceed 45 million units.
Well-known players operating in the global solar street lighting market include Acuity Brands, Inc., Bajaj Electricals Ltd., Bridgelux Inc., Cooper Lighting, LLC, Dragons Breath Solar, Jiangsu Sokoyo Solar Lighting Co., Ltd., Omega Solar, Philips Lighting Holding BV , Signify Holding BV, Sol Inc., Solar Street Lights USA, Solektra International LLC, Sunna Design, Urja Global Ltd. and VerySol Inc., among others.
The main 9 players in the market hold about 30% market share.These market players are investing in partnerships, product launches, mergers, acquisitions, expansions to generate a competitive advantage over their peers.For example, in June 2019, Signify announced a new project to install solar panel-powered street lights in Infanta Elena Park in Seville, Spain.The project aims to improve visitor safety and improve energy efficiency in the area.
Market Penetration: Provides comprehensive information about the market provided by key players Market Development: The report provides detailed information on lucrative emerging markets and analyzes penetration and investment in mature segments of the market Competitive landscape assessment: This research report provides Mergers and acquisitions, certifications, product launches in the global solar street lighting market.Furthermore, the report also highlights the SWOT analysis of the leading companies.Product Development and Innovation: Report Provides Smart Insights into Future Technologies, R&D Activities and Breakthrough Product Development Among the solar street light tools, the cost analysis of solar street lights, the unit price analysis of solar street lights
What is the size and forecast of the global solar street light market?What are the restraints and impacts of COVID-19 on the global solar street lighting market during the assessment period?What are the types/segments/applications/areas of the global solar street lighting market investments during the assessment period?What is the competitive strategy window of the global solar street light market opportunity?What are the technological trends and regulatory framework for the global solar street lighting market?What is the market share of the leading players in the global solar street lighting market?Which models and strategic moves are considered favorable to enter the global solar street lighting market?
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Post time: Mar-31-2022