Solar Street Lighting Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

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.

Market Snapshot

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. 

Market Dynamics

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: 

• The latest study published by Astute Analytica analyzes the Global Solar Street Lighting Market for the study period of 2017-2030; where historical years are 2017-2030, the base year is 2021, and the forecast period is 2022-2030.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 14 chapters distributed across 206 pages with 59 tables and 88 figures.
• The market estimates are presented in terms of value (US$ Mn) and volume (Mn Units).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• Detailed value chain analysis of the industry was conducted. It includes raw material suppliers, solar streetlight manufacturers, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Solar Street Lighting Market Report

• Based on type, the standalone segment has the highest market share in the Global Solar Street Lighting Market in 2021 and is expected to continue its dominance over the projection period. They are an excellent source for emergency lighting and backlighting. Further, the high costs related to conventional streetlight infrastructure across off-grid areas along with ongoing electrification programs will stimulate the product demand.
• In terms of components, the solar panel segment has the highest market share in 2021 as the installation and operational cost of solar panels is less as compared to the lamp and battery-type components. The lamp segment has the fastest CAGR in the solar street lighting market during the forecast period.
• The major application of solar streetlights is in highways & roadways and is expected to continue its dominance in the application of solar streetlights. Solar streetlights enhance the security and sustainability of roads and nearby areas.
• Asia Pacific region is the highest shareholder region in the global solar street lighting market and has recorded the highest CAGR during the forecast period. In the Asia Pacific region, many countries are undergoing rapid, sustainable, and smart infrastructural developments due to numerous smart cities projects going in countries such as Bangladesh, Singapore, Indonesia, and others. Furthermore, government initiatives pertaining to the adoption of energy-efficient lighting systems along with declining product costs and expansion of manufacturing facilities will propel the market growth.

Competitive Insight

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

• Philips’ latest Solar Gen2 innovation is developed together with NXP Semiconductors N.V. and presents a total solution for highly sustainable and efficient street lighting, which is a serious alternative to grid-connected systems, cutting back energy costs and CO2 emissions.
• In March 2020, Signify acquired the lighting division of Eaton Corporation. The purpose of the acquisition is to help Signify expand its business operations.
• In May 2021, Bridgelux announced the commercial release of its F90 Series LED products for commercial lighting which deliver a minimum CRI of 90 combined with industry-leading efficacy.
• In April 2021, Sol Inc. installed 56 EverGen M Series solar lighting systems in the Whittier Greenway Trail in Los Angeles County. The aim of the project was to make the trail safer for the public.
• In January 2017, Solektra International and Sunna Design partnered to produce the first “Made in Africa” Solar Street Lamps in Bamako. Solektra International will bring manufacturing capacity to the African continent as part of its new strategy moving forward.

Segmentation Overview 

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:

• Portable
• Standalone
• Centralized
• Others

By Component segment of the Global Solar Street Lighting Market is sub-segmented into:

• Controller
• Lamp
  • Compact fluorescent light (CFL)
  • Light-emitting diode (LED)
  • Metal halide
  • Sodium vapor
  • Others
• Solar Panel
• Sensors
  • Night & Motion Sensors
  • Passive Infrared (PIR) Sensors
• Battery
  • Lead-acid
  • Lithium-Ion
• Others

By Application segment of the Global Solar Street Lighting Market is sub-segmented into:

• Parking Lot
• Highway and Roadway
• Airport Runway
• Manufacturing Site
• Playgrounds
• Garden
• Others

By Region segment of the Global Solar Street Lighting Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America