Solar Street Lighting Market
Solar Street Lighting Market (Type: Standalone, and Grid Connected; Lighting Source: Compact Fluorescent Lamps [CFL] and Light Emitting Diode [LED]; Application: Residential, Commercial, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Global Solar Street Lighting Market: Snapshot
Solar street light (SSL) are extensively being used for outdoor street lighting as their primary source of energy is solar power. With no dependence on conventional sources of energy, these lighting mediums operated on stand-alone mode, eliminating the need for a general grid of any power requirements. The standalone solar photovoltaic street lighting system comprises of a re-chargeable lead acid battery for storage, PV (photovoltaic) modules for charging the battery, light source (compact fluorescent lamps (CFL), and light emitting diodes (LED), suitable electronics for the operation of the tamp, and safe charging and discharging of the battery and mechanical hardware for fixing these sub systems.
The key advantage of these lighting systems is that they available either with automatic dusk to dawn operation or with a pre-set timer. Tubular batteries provided with the solar street lighting systems require exceptionally low maintenance and are known to have a long life. In light of these advantages, the global solar street lighting market is likely to be worth US$ 12.54 bn by the end of 2027 from US$ 3.76 bn in 2018. During the forecast period of 2019 and 2027, the global solar street lighting market is expected to progress at a CAGR of 16.24%.
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Demand for Greener Solutions Puts Commercial Segment at Forefront
The applications of solar street lighting solutions are seen in areas such as residential, commercial, and industrial. Of these, the commercial segment is projected to lead the global market due to rising initiatives by governments and civic authorities to using solar lighting. Currently, solar street lighting solutions are being used on streets, roadways, and various other commercial establishments. The growing demand for solar lighting in areas such as parking lots, pathways, subways, perimeter security lighting, and public area lighting have also augmented the growth of this segment. The rising awareness amongst global citizens about the burden of using traditional lighting sources has significantly made them transition to greener solutions.
Asia Pacific Emerges as Key Region in Global Solar Street Lighting Market
Asia Pacific was the largest regional segment for solar street lighting market globally, accounting for 45.4% share in 2018. Countries such as China, Japan, India, South Korea, and Australia are the major revenue generator in Asia Pacific. The Indian government is focusing on developing smart cities in the country, with a target of at least 100 such cities by 2030. Unlike traditional street lights, solar LED is a cost-effective solution as it does not require trenching or grid connection, and is highly valuable in sun-rich countries, thus making it an ideal choice for off-grid usage. Thus the demand for solar LED street lights is increasing continuously in India.
On the other hand, the Middle East and Africa was the second-largest market for solar street lighting in 2018. Kenya, South Africa, Ghana, and Nigeria spearhead the solar street lighting market in Africa with need for clean and reliable source of off-grid electricity.'
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Europe is also expected to provide lucrative opportunities in solar street lighting market with Germany and the U.K leading the demand as the region makes a serious shift towards greener solutions. European government, and EU, as whole have supported wind projects with favorable incentives, as part of their carbon emission reduction goals. This factor influencing positively on the growth of the market.
Analysts expect that is likely to witness significant growth in the near future and would surpass the growth rate of Asia Pacific market by 2020. This expected growth is the result of numerous initiatives such as subsidies, campaigns, and different programs introduced by the World Bank and International Finance Corporation to promote solar street lighting products.
Some of the key players operating in the global solar street lighting market are
- VerySol GmbH
- Philips Lighting Holding B.V.
- Bridgelux, Inc.
- Omega Solar
- Dragons Breath Solar
- Solektra International
- SOKOYO Solar Group
- Sunna Design
- Solar Street Lights USA
- Urja Global Ltd.
- Sol, Inc.
Expansions, Acquisitions, and New Contracts in Global Solar Street Lighting Market
In November 2019, the French company Fonroche Éclairage, a subsidiary of the Fonroche group specialising in street lighting and renewable energy production, has been selected to supply and install solar street lamps in several localities in Benin. The value of this contract is US $24.2 Mn.
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In June 2019, Signify announced a new project of installing solar panel powered street lights in the Infanta Elena Park in Seville, Spain to enhance the safety of visitors as well as to improve energy efficiency.
In December 2018, The Ministry of New and Renewable Energy, India has announced that under the phase II of Atal Jyoti Yojna, 304,500 solar street lights are expected to be installed in Uttar Pradesh, Bihar, Jharkhand, Odisha, Assam, Jammu and Kashmir, Himachal Pradesh, Uttarakhand, North Eastern states including Sikkim, Andaman & Nicobar, Lakshadweep, and parliamentary constituencies covering 48 aspirational districts.
Global Solar Street Lighting Market: Overview
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global solar street lighting market to accurately gauge its future growth. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for future growth of the global solar street lighting market, to identify new growth opportunities for stakeholders. The report also provides insightful information about how the global solar street lighting market is expected to expand during the forecast period i.e. from 2019 to 2027.
The report offers intricate dynamics about different aspects of the global solar street lighting market, which aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the global solar street lighting market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global solar street lighting market and estimates statistics related to the market growth, in terms of volume (Million Units) and value (US$ Mn).
This study covers detailed segmentation of the global solar street lighting market along with key information and a competition outlook. The report mentions company profiles of key players that are currently dominating the global solar street lighting market, wherein various developments, expansions, and winning strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Global Solar Street Lighting Market
The report provides detailed information about the global solar street lighting market on the basis of comprehensive research on various factors that are playing a key role in promoting growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are finding innovative methods to create a unique benchmark in the global solar street lighting market. This helps them in designing strategies and making target-driven decisions.
- Which lighting source segment would emerge as a revenue generator for the global solar street lighting market during the forecast period?
- How are key market players successfully earning revenues in the competitive global solar street lighting market?
- What would be the Y-o-Y growth trend of the global solar street lighting market between 2019 and 2027?
- What are the winning imperatives of leading players operating in the global solar street lighting market?
- Which application segment of the global solar street lighting market is likely to be highly attractive between 2019 and 2027?
- Which regions are expected to provide growth opportunities to players operating in the solar street lighting market during the forecast period?
Research Methodology – Global Solar Street Lighting Market
The research methodology adopted by analysts for compiling the report on the global solar street lighting market is based on detailed primary as well as secondary research. With the help of in-depth insights of market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global solar street lighting market.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales & marketing managers. On the basis of the data obtained through interviews, analysts have emphasized the changing scenario of the global solar street lighting market.
For secondary research, analysts have scrutinized numerous annual reports, publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global solar street lighting market.
Global Solar Street Lighting Market – Segmentation
TMR’s research study assesses the global solar street lighting market in terms of type, lighting source, application, and region. This report presents extensive market dynamics and trends associated with different segments and how they are influencing the growth prospects for the global solar street lighting market.
Compact Fluorescent Lamps [CFL]
Light Emitting Diode [LED]
Middle East & Africa