The global solar street lighting market is dominated by leading multinational companies such as VerySol Inc., Solar Street Lights USA, Dragons Breath Solar, Urja Global Ltd., Solektra International, Bridgelux Inc., SOKOYO Solar Group, Sunna Design, Sol Inc., Philips Lighting Holding B.V., and Omega Solar. Leading players in the global market for solar street lighting are focusing on expanding their production units across several regions over the coming years in order to gain a competitive edge over others. As many developed economies have already witnessed a significant deployment of solar lighting and reached a notable place in the global market, emerging economies such as Asia Pacific is expected to present lucrative growth opportunities to manufacturers with the demand for solar street lighting gaining momentum.
The global market for solar street lighting is projected to witness a strong 23.23% CAGR form 2016 to 2024. The overall revenue of the market is anticipated to touch US$17.8 bn by the end of 2024 from a valuation of US$2.7 bn in 2015.
Standalone Solar Lighting Gaining Prominence due to Independent Source Feature
The demand for standalone solar lighting is likely to intensify over the course of time due to their mass employment in outdoor street lighting components. These outdoor street lighting units are used for illuminating open areas or a particular street using solar energy and is known as solar street light (SSL). As the primary source of energy is solar power, they function in a stand-alone mode, thus not being dependent on any grid for fulfilling power needs. For these lights to work efficiently, they are required to set up in an area which is shadow-free and where uninterrupted sunlight is accessible the entire day for the batteries to be effectively charged for further use. The standalone solar photovoltaic street lighting system includes light emitting diodes (LED) and compact fluorescent lamps (CFL) for light source, for battery charging it contains photovoltaic (PV) modules, re-chargeable lead acid battery for the purpose of storage, appropriate electronics for the process of tamp and safe charge and discharge of the battery, and hardware in the mechanical form for fixing the sub systems. The sales of standalone solar lighting is likely to gain impetus over the next couple of years due to the need for efficient alternatives that provide off-grid solutions for meeting the power needs.
Region-wise, the global solar street lighting market was dominated by Asia Pacific with a share of 44% in 2015. The extensive progress of the Asia Pacific market can be primarily attributed to the proliferating urbanization in countries such as India and China, the growing GDP of dynamic economies in the region, and the increasing influx of high-end technologies from developed regions. According to a TMR analyst, “In 2015, India emerged as the leading national market for solar street lighting and is expected to maintain a leading position until 2024. China is also expected to remain a key region for the growth of the market.”
Adverse Impact of Conventional Fuels and Growing Awareness about Shortage to Propel Demand
The primary driver of the global solar street lighting market is the rising assertion of the adverse effects of the traditional forms of energy attained from the conventional fuel types and degrading levels of fossil fuels in natural reservoirs across the globe. As a result of this, governments across the world are supporting and promoting the development and use of electricity through sustainable sources of energy. In areas where grid electricity cannot be provided, off-grid energy has played significant role, thus bolstering the market growth of solar street lighting.
This review is based on a Transparency Market Research report titled, “Solar Street Lighting Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2016 - 2024.”
The Solar Street Lighting market has been segmented as follows:
Solar Street Lighting Market: By Region
Solar Street Lighting Market: By Type
Solar Street Lighting Market: By Application
Solar Street Lighting Market: By Lighting Source
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