The global solar street lighting market is dominated by companies such as Omega Solar, Philips Lighting Holding B.V., Sol, Inc., Sunna Design, SOKOYO Solar Group, Bridgelux Inc., Solektra International, Urja Global Ltd., Dragons Breath Solar, Solar Street Lights USA, and VerySol Inc. Key companies in the solar street lighting market are likely to focus on regional expansion in the coming years, as developed regions have already witnessed notable adoption of solar lighting, but the growing demand from populous emerging regions such as Asia Pacific is likely to be the determinant factor in the global solar street lighting market in the coming years.
The global solar street lighting market is expected to exhibit a robust CAGR of 23.23% between 2016 and 2024. The market’s overall revenue figure is expected to rise from US$2.7 bn in 2015 to US$17.8 bn in 2024.
Asia Pacific to Remain Leading Revenue Generator for Global Solar Street Lighting Market
Regionally, Asia Pacific is the dominant contributor to the global solar street lighting market and held a share of 44% in the market in 2015. The dominance of Asia Pacific in the solar street lighting market is primarily due to the rapid urbanization in countries such as China and India, the rising GDP of dynamic economies in the region, and the rising influx of advanced technology from Western countries. India was the leading national market for solar street lighting in 2015 and is likely to retain a dominant position in the global market in the coming years. China is also set to remain a crucial regional market for solar street lighting.
Africa, led by South Africa, Kenya, Nigeria, and Ghana, is also a prime regional market for solar street lighting. The steady urbanization in leading economies in the region is likely to be a key driver for the Africa solar street lighting market in the coming years. Since solar lighting doesn’t require grid connectivity, it represents a viable solution in low-income regions such as Africa, where conventional grid networks are often poorly distributed or absent.
Europe is also likely to become an important regional market for solar street lighting in the coming years due to the steady government support to the use of renewable power sources. Germany and the U.K. are the dominant national markets for solar street lighting within Europe.
Rising Awareness about Scarcity, Adverse Effects of Conventional Fuels to Drive Demand
The key driver for the global solar street lighting market is the growing acknowledgment of the harmful effects of conventional forms of energy generation as well as the falling levels of fossil fuels in natural reservoirs. This has led to rising government support across the world for the development of electricity through sustainable energy sources such as wind and solar power. The convenience of off-grid energy generation systems has also led to rising adoption even in areas where grid power can be distributed. This is likely to remain a key driver for the global solar street lighting market in the coming years.
The consistent research and development in the solar power sector has resulted in the availability of low-cost and highly efficient components. However, the overall investment requirements of the solar street lighting industry still remain quite high, which could constrain the market’s growth in the coming years, particularly in developing regions.
The information in this preview comes from a Transparency Market Research Report titled ‘Solar Street Lighting Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2016 - 2024.’
The global solar street lighting market is segmented as follows:
Solar Street Lighting Market: By Region
- North America
- Asia Pacific
- Middle East and Africa
- South and Central America
Solar Street Lighting Market: By Type
- On Grid
Solar Street Lighting Market: By Application
Solar Street Lighting Market: By Lighting Source
- Compact Fluorescent Lamps (CFL)
- Light Emitting Diode (LED)
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