New York, US, Sept. 12, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Solar Street Lighting Market Analysis by Type, By Product Type, By Application, and By Regions – Forecast 2030” valuation is poised to reach USD 3972 Million by 2030, registering an 14.12% CAGR throughout the forecast period (2022–2030).
Solar Street Lighting Market Overview
The solar street lighting market is growing rapidly across the globe. The revenue increase attributes to the increasing uptake of solar energy to power up street lighting systems and government initiatives to promote renewable energy sources. Besides, the rising use of solar street lights in commercial and industrial sectors drives the growth of the market.
Solar Street Lighting Market Report Scope:
Report MetricDetails Market Size by 2030USD 3972 Million Growth 2022 to 203014.12% Base Year2021 Forecast Period2022-2030 Key VendorsVerySol Inc. (US), Solar Street Lights USA (US), Dragons Breath Solar (UK), Urja Global Ltd. (India), Solektra International LLC (US), Bridgelux Inc. (US), SOKOYO Solar Group (China), Sunna Design (France), Sol Inc. (US), Philips Lighting Holding BV ( the Netherlands), and Omega Solar (India) Key Market OpportunitiesSustainability of solar radiant energy Key Market DriversClean and renewable energy
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Solar street lighting systems comprise high lumen LED bulbs, high-efficiency solar charge controllers, high-efficiency solar panels, and dusk to dawn sensors based on the reuse, reduce & recycle approach. Illuming roadways and street lighting systems with renewable energy sources is a crucial aspect of smart city projects. City governing agencies can curtail their expenses on their energy consumption (utility bills) and maintenance costs by implementing solar-power and solar-enabled lighting systems.
State-wide initiatives taken up by governments for the electrification of city infrastructures and highways offer significant opportunities for market players. Also, governments’ financial, logistical, technical, and informational support to upgrade city street lighting systems by replacing conventional lighting systems with energy-efficient solar LED technology boosts the market demand.
Solar Street Lighting Market Segments
The solar street lighting market is segmented into types, components, applications, and regions. The type segment is sub-segmented into portable, standalone, and centralized. The component segment is sub-segmented into controllers, lamps, compact fluorescent lights, sodium vapor, lead-acid & lithium-ion batteries, and others. The application segment is sub-segmented into parking lot, highway & roadway, airport runway, manufacturing site, airport runway, and others. The region segment comprises the Americas, Asia Pacific, MEA, Europe, America, and the-rest-of-the-world.
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Solar Street Lighting Market Regional Analysis
Europe dominates the global solar street lighting market. The largest market share attributes to the rapidly increasing adoption of solar-powered lighting systems for street lights. Besides, growing numbers of smart city projects, alongside the vast advancements in sensing technology and improvements in electrifying standards and technical infrastructure, substantiate the market size.
Also, the resurging economy fosters regional market growth, increasing the energy demand. Moreover, the extensive uptake of solar street lighting in residential and industrial sectors boosts the development of the market. Countries such as the UK, Germany, Norway, and France are the leading markets for solar street lighting in the region.
North America stands second in the global solar street lighting market. The rising demand for environmentally friendly and renewable energy sources for street lighting systems drives the market. Additionally, increased R& D investments to develop lighting systems for highways and city roads substantiate the region’s market growth.
Furthermore, growing application areas of solar street lighting in the manufacturing sector foster market revenues. The US dominates the solar street lighting market in the region. Also, the augmenting demand for street safety and comfort features positively impacts the region’s market value.
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The Asia Pacific solar street lighting market has emerged as a profitable market. The increasing uptake of solar street lights and government initiatives to improve infrastructure boost the regional market growth. Moreover, the rapidly growing economy in the region increases the size of the market, increasing consumer purchasing power.
Considerable lighting system advancements and similar technologies drive the growth of the solar street lighting market. China, Japan, and India are key markets for solar street lighting in the region. Furthermore, increasing solar energy applications to power street lighting systems in commercial and industrial sectors influence the regional market growth.
Industry Trends
The world is plunging deeper into the energy crisis brought by the dependence on fossil fuels. Besides, climate change concerns highlight the acute need to boost the uptake of renewable energy sources and adopt more sustainable way of lighting solutions. The electrification of city infrastructure using solar-powered systems can also aid in responding to climate, energy, and financial crises.
Implementing more solar street lights can not only reduce our demands for energy & light but also relieve the burden on grids, improve resilience, and allow more remote places to be covered. Also, growing funding support from private & public sectors and increasing demand for hybrid solutions and peak-shaving, with built-in batteries and that can be charged throughout the day and then used at night, influence market shares.
Solar Street Lighting Market Competitive Analysis
Highly competitive, the solar street lighting market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product/ technology launches.
For instance, on May 24, 2022, Lord’s Mark Industries, a diversified business group, announced that it has forayed into the solar-based lighting space. The firm also confirmed that it has bagged the Bihar government’s contract to implement the world’s largest solar-based lighting project across the state. BREDA (Bihar Renewable Energy Development Agency) will implement this project.
The Agency has been tasked with developing non-conventional energy source schemes. With its R&D team and remote monitoring system (RMS) developed in-house and AI-powered lighting solutions, Lord’s Mark stands as the sole channel partner to Philips India and mega projects for the electrification of infrastructure in all parts of the country.
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Dominant Key Players on Solar Street Lighting Market Covered are:
VerySol Inc. (US) Solar Street Lights USA (US) Dragons Breath Solar (UK) Urja Global Ltd. (India) Solektra International LLC (US) Bridgelux Inc. (US) SOKOYO Solar Group (China) Sunna Design (France) Sol Inc. (US) Philips Lighting Holding BV ( Netherlands) Omega Solar (India)
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