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Global Solar Street Lighting Market is estimated to witness a major jump in revenue from US$ 3,972 Mn in 2021 to US$ 15,716.4 Mn by 2030. The market is registering a CAGR of 17.12% over the projection period 2022-2030. In terms of volume, the market is expected to register a CAGR of 14.99% during the forecast period.
Solar streetlights are raised light sources which are powered by solar panels generally mounted on the lighting structure or integrated into the pole itself. The solar panels charge a rechargeable battery, which powers a fluorescent or LED lamp during the night. Solar streetlights are the light sources that are prominently used for outdoor lighting. Solar streetlights have major applications in highways, roadways, parking lots, and airport runways among others.
The market is majorly driven by factors such as increasing urbanization and a rising focus on solar energy. By 2030, it is expected that there will be 43 megacities globally with most of them present in developing regions. This will lead to an increase in public investment by the government and which in turn would lead to more construction projects of highways and roadways. Highways and roadways are a huge opportunity ground for solar streetlights. Furthermore, solar has grown at a pace of 42% per year in the United States alone over the last decade. Moreover, stringent regulatory reforms toward sustainable infrastructure development coupled with global commitment pertaining to climate change mitigation will stimulate the solar street lighting market growth. However, solar street lamps require higher initial investments as compared to traditional street lamps.
Key Insights of the Report:
Key Takeaways from the Global Solar Street Lighting Market Report
The key players in the global solar street lighting market are Signify Holding BV, Jiangsu SOKOYO Solar Lighting Co. Ltd., Philips Lighting Holdings B.V., Acuity Brands, Dragons Breath Solar, and Bridgelux Inc. among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on an emerging market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Strategies Adopted by Key Market players
The following are the different segments of the Global Solar Street Lighting Market:
By Type segment of the Global Solar Street Lighting Market is sub-segmented into:
By Component segment of the Global Solar Street Lighting Market is sub-segmented into:
By Application segment of the Global Solar Street Lighting Market is sub-segmented into:
By Region segment of the Global Solar Street Lighting Market is sub-segmented into:
|Market Size Value in 2021||US$ 3,972 Mn|
|Expected Revenue in 2027||US$ 15,716.4 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, Component, Application, and Region|
|Key Companies||Signify Holding BV, Philips Lighting Holdings B.V., Acuity Brands, Dragons Breath Solar, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Global Solar Street Lighting Market is projected to grow at a CAGR of 17.12% during the forecast period 2022-2030.
Solar Street Light (SSL) are majorly used for outdoor street lighting which are powered by solar panels and are operated on standalone mode into the pole itself.
Global Solar Street Lighting Market is driven by the increasing urbanization and rising focus on solar energy.
Highways and roadways segment are a huge opportunity ground for solar streetlights.
Standalone segment dominates the global solar street lighting market.
Lamp segment is expected to grow with the fastest CAGR during the forecast period.
The market has been classified into North America, Europe, Asia Pacific, Middle East & Africa (MEA) and South America.
Based on Application, the global solar street lighting market is further classified into parking lot, highways & roadways, airport runway, manufacturing site, playgrounds, garden and others.
Higher initial installation cost and investment of solar streetlight restrain the market growth.
US is the highest shareholder in the North America solar street lighting market in terms of revenue.
Brazil is expected to project the highest CAGR of 17.56% in the South America solar street lighting market.
Philips Lighting Holdings B.V., Signify Holding BV, Acuity Brands, Bridgelux Inc., Bajaj Electricals Limited, Urja Global Ltd, Cooper Lighting LLC, Dragons Breath Solar, Omega solar, Solar Street Lights USA and Solektra International LLC among others.