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Solar Street Lighting Market Size Worth US$ 15,716.4 Million by 2030 | CAGR: 17.12%

The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for global solar street lighting market from US$ 3,972.0 Million in 2021 to US$ 15,716.4 Million by 2030. The market is anticipated to grow at a CAGR of 17.12% during the forecast period 2022-2030. Increasing urbanization and rising focus on solar energy drives growth in the market. Solar Street Light (SSL) are majorly used for outdoor street lighting which are powered by solar panels with no dependence on conventional sources of energy. Solar street lightening solutions offers an eco-friendly and smart energy solution to the overall infrastructural developments of the countries. 

Increasing urbanization in developing regions is creating ample opportunities for the solar street lightening. Solar street lighting is mainly used on streets, roadways and various other commercial establishments. The increasing demand for solar lighting in parking lots, pathways, subways and public area lighting further boosts the market demand over the forecast period. Rapid technological advancements in solar street lighting such as continuous innovations, declining battery costs advancement in product design will work towards product efficiency, flexibility and operations which will stimulate the product demand in the marketplace.

Based on type, standalone segment is expected to grow at a CAGR of 17.79% during the forecast period owing to increasing adoption of solar street lighting across remote and off grid areas. They are an excellent source for emergency lightening and back lightening. Furthermore, solar panel component dominated the global solar street lighting market with the highest revenue share in the year 2021 as the installation and operational cost of solar panels is comparatively less. Also, in terms of application Highways & Roadways segment holds highest share and is projected to grow at a fastest CAGR during the forecast period as they enhance security and sustainability of roads and nearby areas. Moreover, Asia Pacific region holds the highest CAGR in the global solar street market over the forecast period due to undergoing rapid sustainable and smart infrastructural developments globally. 

Market Dynamics and Trends 

Drivers

The urban population as well as urban areas expands with the increasing urbanization in the developing regions. With expansion of urban areas, the construction and development of highways also increases. Moreover, increasing public investment by government and rising private funding leads to more construction projects of highways and roadways which will further foster the industry growth. Highways and roadways are a huge opportunity ground for solar streetlights. Rising focus on solar energy and potential use of solar technologies coupled with growing demand for clean energy sources will drive the industry growth. Solar has grown at a pace owing to fast decreasing costs and increasing demand for sustainable electricity across the commercial and public sectors. Also, growing environmental concerns and need for reduction of carbon footprint provides opportunity for growth in the global street lighting market. 

Restraint 

Higher initial installation cost and investment of solar streetlight is much higher in comparison to traditional streetlamps which hinders the growth of solar street lighting market during the forecast period. The actual cost of solar streetlights is considerably very low due to its low maintenance requirements since it is an off-grid system, there is also no daily running cost. The long-term benefit of solar streetlights are not properly utilized because of lack of investment projects. However, solar technologies are rapidly developing and the installation cost can be assumed to decrease in the future due to advancements in the renewable energy technologies.

Regional Analysis 

US holds a major share in term of revenue in the North America Solar Street Lighting Market 

US is the highest shareholder in the North America solar street lighting market in terms of revenue whereas Canada is growing at the highest CAGR of 17.42% during the forecast period. Among the type segment, standalone is the highest shareholder owing to increasing adoption across remote & off grid areas and they are excellent source for emergency lightening and back lightening.  

Italy is projected to grow with the highest CAGR in the Europe Solar Street Lighting Market

UK is the highest share holder in the Europe solar street lighting market and Italy is projected to grow with the highest CAGR of 17.50% during the forecast period owing to high adoption of solar lighting systems across various sectors. Based on Application, highways & roadways segment holds highest share and is projected to grow at a fastest CAGR of 16.43% during the forecast period in the Europe solar street lighting market. 

China holds a significant share in the Asia Pacific Solar Street Lighting Market 

China is the highest share holder region and India is projected to grow with the highest CAGR of 19.24% in the Asia Pacific solar street lighting market. In terms of component, Lamp segment is expected to grow with a CAGR of 18.72% for the period of 2022-2030 in the Asia Pacific solar street lighting market.

Saudi Arabia is the highest share holder country and is projected to grow with the highest CAGR in the MEA Solar Street Lighting Market

Among the type segment, Standalone segment is expected to grow at a CAGR of 14.74% during the forecast period owing to increasing adoption across remote and off grid areas. Moreover, in terms of application highways & roadways segment holds the highest share in the MEA solar street lighting market. 

Brazil is the highest shareholder in the South America Solar Street Lighting Market

Brazil is the highest share holder country and is projected to grow with the highest CAGR of 17.56% in the South America solar street lighting market. Based on type, standalone segment has the highest market share in the South America solar street lighting market. While highways & roadways segment is projected to grow at the highest CAGR of 17.75% during the forecast period. 

Competitive Landscape 

Global Solar Street Lighting Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global market include Philips Lighting Holdings B.V., Signify Holding BV, Acuity Brands, Bridgelux Inc., Jiangsu SOKOYO Solar Lighting Co. Ltd., Bajaj Electricals Limited, Urja Global Ltd, Cooper Lighting LLC, Dragons Breath Solar, Omega solar, Solar Street Lights USA and Solektra International LLC among others.

Segmentation Overview 

Global Solar Street Lighting Market is segmented based on type, component, application and region. The industry trends in global solar street lighting market are sub-divided into different categories in order to get a holistic view of the global solar street lighting market.

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 Type Segment of the Global Solar Street Lighting Market is Sub- Segmented into:

  • North America
    • U.S.
    • Canada 
    • Mexico 
  • Europe 
    • 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
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