Global Solar Street Lighting Market Analysis, Share, Size, Trends, Growth, Report and Forecast Period of 2023-2028
The ‘Global Solar Street Lighting Market Analysis, Share, Size, Growth, Price, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global solar street lighting market, assessing the market on the basis of its segments like product types, connection types, end users, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Solar Street Lighting Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 5.78 billion
• Forecast CAGR (2023-2028): 16.40%
The increasing applications of solar street lighting across the residential areas is driving the market growth. Solar street lighting is cheaper than conventional lighting systems and comes which significant advantages such as low maintenance, low impact on the environment, and optimised illumination, among others.
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The rapid transition towards using renewable sources of energy is further bolstering the solar street lighting market dynamics. The market is also being supported by the increasing awareness about environment and favourable policies of various governments. Solar street lighting is gaining traction in numerous applications such as parking lots, hospital campuses, enterprises, commercial complexes, and industrial facilities, which is further adding to the market growth.
Over the forecast period, the anticipated increase in demand for solar LED street lights for greater illumination, affordability, zero carbon emission, and lower maintenance, is expected to fuel the solar street lighting market growth. Furthermore, the increasing renovation and urban development activities across the developing economies are leading to an increase in replacement of existing traditional lighting systems which are further expanding the growth opportunities for the solar street lighting market. Moreover, solar street lighting have proven to be reliable during harsh climate conditions which is increasing its incorporation across the streets.
Solar Street Lighting Industry Definition and Major Segments
Solar street lighting refers to a type of technology which converts sunlight into DC power using solar cells for use in street lights. This enables the street lights to use the stored DC electricity in the night time. The main components which facilitate this process include solar photovoltaic modules, battery boxes, lamps with charger controllers, and lamp posts.
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Based on product type, the market is bifurcated into:
By connection type, the market is segmented into:
• Grid Connected
On the basis of end users, the market is divided into:
Based on region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Solar Street Lighting Market Trends
The key trends in the global solar street lighting market include the growing research and innovations by the major market players aimed towards improving solar street lighting designs, enhancing illumination, incorporating better colours, and augmenting their durability. Increasing investments towards the development of smart cities are crucial trends bolstering the sale of solar street lightings. Technological advancements in solar street lights, which include the incorporation of sensor technology and high-resolution cameras are expected to lead to an innovation-oriented market.
The rapid transition towards street lights with simpler installations, positive impact on the environment, greater lifespan, and reduced insect swarming across the industrial and commercial sector is another key trend in the solar street lighting market. Automatic solar powered street lights are increasingly getting installed in rooftops, gardens, and outdoor complexes across the residential sector. Over the forecast period, the anticipated increase in disposable income and greater awareness about solar street lights are anticipated to bolster the growth of the market.
In regional terms, North America accounts for a decent share of the market for solar street lighting, owing to the favourable policies of the governments in the region. The strong presence of solar street light manufacturers in North America is further escalating the regional market growth, by facilitating a steady supply chain for the installation of new solar street lightings.
Key Market Players
The major players in the global solar street lighting market report are Signify N.V., Leadsun, Jiangsu Sokoyo Solar Lighting Co., Ltd., Nomo Group Co. Ltd, Dragons Breath Solar Ltd., and Sunna Design SA, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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