Solar Street Lighting Market to Remain Competitive | Major Giants Continuously Expanding Market – The Manomet Current – The Manomet Current

Global Solar Street Lighting Market is valued approximately at USD 6.28 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 16.13% over the forecast period 2020-2027.

Solar streetlight (SSL) is commonly used for outdoor street lighting as its primary source of energy is solar power. Without reliance on traditional energy sources, these lighting media worked in stand-alone mode, removing the need for a general grid with any power requirements. The standalone solar photovoltaic street lighting system consists of a rechargeable lead acid battery for storage, PV (photovoltaic) modules for charging the battery, light source (compact fluorescent lamps) and light emitting diodes (LEDs), appropriate electronics for tamp operation, and safe charging and unloading of the battery and mechanical hardware for repairing these subsystems. Solar street lighting systems are used in areas such as residential, commercial and manufacturing. Of these, the commercial segment is expected to lead the global market due to increasing initiatives by governments and civic authorities to use solar lighting. Solar street lighting systems are currently being used in the streets, roads and numerous other commercial establishments. The increasing demand for solar lighting in areas such as parking lots, pathways, subways, perimeter security lighting and public area lighting has also increased the growth of this segment.

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Growing consciousness among global citizens about the burden of using conventional lighting sources has significantly made them turn to greener solutions. In addition, in September 2018, South Korea signed a Letter of Intent with Malaysia, to build a smart city in Kota Kinabalu, capital of Sabah, Malaysia. As a result, to improve the urban environment and increase energy efficiency, demand for LED lighting is rising in the globe. In January 2020, SolarOne Solutions Inc. was chosen by the Eagle Butte Community Center to install 80 off-grid solar streetlights. SolarOne off-grid solar streetlights run completely on solar energy and thus have a zero-carbon footprint.

The regional analysis of global Solar Street Lighting Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe is expected to dominate the market share over the forecast period owing to the the high level of adoption of solar lighting systems across different industries, along with a strict regulatory framework for energy-efficient lighting systems requirements, will drive industry growth. A large number of prevailing smart city initiatives, combined with significant progress in the incorporation of renewable energy, would promote product penetration. In addition, geographic expansion, higher cost margins, the creation of new applications and the convergence of delivery networks would fuel business growth.

Major market player included in this report are:
Bridgelux Inc.
Carmanah Technologies Corporation
Dragons Breath Solar
Fonroche Lighting
Greenshine New Energy
Jinhua SunMaster Solar Lighting Co. Ltd.
Koninklijke Philips N.V.
Samsung Electronics Co. Ltd.
Hubbell Incorporated
Cree Inc.
TOTAL S.A.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Lighting Source:
Light Emitting Diode (LED)
Compact Fluorescent Lamps (CFL)
By Type:
Standalone
Grid Connected
By Application:
Industrial
Residential
Commercial
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

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Target Audience of the Global Solar Street Lighting Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

Source: https://manometcurrent.com/solar-street-lighting-market-to-remain-competitive-major-giants-continuously-expanding-market/

May 29, 2021 susan ward