Global Solar Street Lighting Market: Snapshot
Solar street lighting systems can be an ideal lighting solution for lighting up roadways, streets, yards, boulevards, car parking spaces, airports, parks, civilian and military security installations, and almost any outdoor space. The solar panel receives sunlight and converts it into electricity, storing thus obtained energy in rechargeable batteries. The light automatically turns on with nightfall and can be customized to the desired brightness and wattage. However, the installation of these systems in an appropriate manner is crucial to ensure maximum efficiency. They need to be installed in a shadow-free, sunlit area to ensure maximum output.
The report analyzes the key growth drivers, restraints, growth opportunities and trends in the global market for solar street lighting. The market attractiveness, competitive landscape, value chain analysis, and relevant statistical data is also covered in the report. The Porter’s Five Force analysis has been leveraged with a view to gauge the level of competition amongst the market players. The market shares, product offerings, and prominent business strategies prevailing in the global market for solar street lighting have also be revealed.
Driven by Government Encouragement, LEDs and CFLs to Witness Maximum Demand
By application, industrial, residential, and commercial sectors can be the key application segments of the global market for solar street lighting. On-grid and standalone could be the major segments of the global solar street lighting market by type. By lighting source, LED and CFL can be the chief segments of the market.
Governments of numerous countries are encouraging the adoption of solar LED street lighting as they are eco-friendly and cost-efficient. Advanced solar street lighting systems save significant energy. For instance, the CFL technology utilizes only one fourth of energy used by other lighting systems. LED solar street lighting projects have been rising, as these systems not only cover a wide area but also provide uniform lighting, enhancing safety and acuity on roadways. Improved color rendering and slower depreciation than traditional street lights are some other advantages of these systems. Declining costs of solar components will further assist the LED and CFL segments to flourish.
Africa’s Dependence on Off-grid Connections to Accelerate Demand
Asia Pacific held a whopping 44% of the global market for solar street lighting in 2015. Led by India and China, the market in this region will exhibit considerable advancement thanks to the favorable government initiatives and rising environmental concerns. North America is also slated for tremendous growth owing to early adoption of solar lighting across this region. The solar street lighting market in Europe offers substantial opportunities. Ranking third in terms of market share, the growth of Europe can be attributed to rising demand from countries such as the U.K and Germany.
Notwithstanding the growth of the aforementioned regional markets, it is Africa that furnishes maximum potential for expansion. This untapped zone will be driven primarily by initiatives such as awareness campaigns, subsidies, and various supportive programs aimed at boosting the adoption of solar street lighting across Africa. The International Finance Corporation and the World Bank are encouraging the use of solar street lighting products, thereby significantly aiding the expansion of solar street lighting market in this region. Solar street lighting is a viable option through the invalidation of grid connectivity, which is presently unattainable. Therefore, local manufacturers are offering more efficient systems. As a result, the market in this region is expected to soar.
Some of the major companies operating in the global market for solar street lighting systems are Omega Solar, VerySol GmbH, Dragons Breath Solar, Solar Street Lights USA, Philips Lighting Holding B.V., Solektra International, Bridgelux, Inc., Sol, Inc., Urja Global Ltd., SOKOYO Solar Group, and Sunna Design.
This research study analyzes the solar street lighting market in terms of volume (million units) and revenue (US$ Bn). The market has been segmented on the basis of type, application, lighting source and geography. For the research, 2015 has been taken as the base year, while all forecasts have been given for the period from 2016 to 2024. Market data for all the segments has been provided at the regional and country level from 2015 to 2024. The report provides a broad competitive analysis of companies engaged in the solar street lighting business. The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the solar street lighting market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive industry analysis of solar street lighting with the help of Porter’s Five Forces model. This analysis helps in understanding the five major forces that affect the market structure and profitability of the solar street lighting market. The forces analyzed are bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition.
The high-level analysis in the report provides detailed insights into the solar street lighting business globally. There are currently numerous drivers of the market. One of the most prominent drivers is increasing demand for clean and cost-effective energy. Market attractiveness analysis was carried out for the solar street lighting market on the basis of revenue realization and industrial growth. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions.
The solar street lighting market was analyzed across five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. These regions are further segmented by country and type of installed solar street lightings globally. Segmentation on the basis of types (Standalone and on grid), application (residential, commercial and industrial) and lighting source (Compact Fluorescent Lamps (CFL) and Light Emitting Diodes (LED), has been provided for each country and region. Regional data has been provided for each sub-segment of the solar street lighting market.
Some of the key manufacturers of solar street lighting are Philips Lighting Holding B.V., Omega Solar, Bridgelux, Inc., Dragons Breath Solar, SOKOYO Solar Group, Solektra International, Sunna Design, Urja Global Ltd., VerySol GmbH, Solar Street Lights USA and Sol, Inc
The solar street lighting market has been 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)