Solar Street Lighting Market Overview
Solar Street Lighting Market share is expected to be worth over USD 3.96 billion, registering a CAGR of 14.10% by 2030.
The global solar street lighting market is growing rapidly due to increasing environmental concerns, government initiatives, advancements in solar technology and energy storage, and rising demand for smart cities.
Solar street lights are outdoor lighting systems that use solar panels to convert sunlight into electricity, which is then stored in batteries and used to power LED lights at night. These lighting systems are cost-effective, energy-efficient, and environmentally friendly, making them an attractive option for municipalities, businesses, and homeowners.
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Market Segment
- By Type
The market is divided into two categories based on the type: standalone and grid. Due to the rapid growth of sustainable electric networks, the expensive cost of conventional streetlight infrastructure in off-grid locations, and the expanding use of pico-solar systems, the standalone category is predicted to develop at a higher CAGR throughout the projected period.
- By Product Type
Based on product type, the solar panel category led the market for solar street lighting in 2019. The largest market share is expected during the forecast period. This can be because solar panels, which make up the majority of a solar lighting system and are the most costly relative to other components, are the most vital and bring in the most money.
- By Application
The solar street lighting market is divided into three categories based on the kind of application: institutional, commercial, and residential. During the forecast period, the industrial sector is projected to be the dominant application type. The production of electricity on-site and the growing emphasis on environmentally friendly manufacturing are projected to boost demand for the industrial sector.
Regional Analysis
Due to the increasing strategic advances by the market players, the Asia-Pacific region is predicted to have the highest market share with a growth rate of more than 18%.
The European region is expected to expand steadily due to growing awareness of alternate solar energy-producing methods. Additionally, it is anticipated that the North American region will expand significantly as well. By 2030, 45 million units of solar street lighting are anticipated to be sold in the Middle East and Africa.
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Industry News
The Eagle Butte community center has chosen SolarOne Solutions Inc. to install 80 off-grid solar lamps starting in January 2020. SolarOne's off-grid solar streetlights have zero carbon emissions because they only use solar power.
In the Infanta Elena Park in Seville, Spain, Signify N.V. erected 20 Philips SunStay solar street lights in June 2019. These solar lights have a charge controller, battery, luminaire, and solar panel all combined into one housing. Additionally, these lights need less maintenance, are portable, and are simple to install.
Key Players
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).
