NEW YORK – As per Zion Market Research study, The global solar street lighting market was worth around USD 5,291.5 million in 2021 and is estimated to grow to about USD 12303.5 million by 2028, with a compound annual growth rate (CAGR) of approximately 15.1 percent over the forecast period. The report analyzes the solar street lighting market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the solar street lighting market.
Key Industry Insights & Finding of the Solar street lighting Market Reports:
- As per the analysis shared by our research analyst, the Solar street lighting Market is expected to grow annually at a CAGR of around 15.1 % (2022-2028).
- Through the primary research, it was established that the Solar street lighting Market was valued approximately USD 5,291.5 Million in 2021 and is projected to reach to roughly USD 12303.5 Million by 2028.
- Asia Pacific region leads the global solar street lighting market in terms of revenue and volume share and this can be attributed to rapid industrialization and urbanization in this region.
- North America is expected to see good growth owing to the rising focus on sustainability and the increasing popularity of solar lighting solutions.
Zion Market Research published the latest report titled as “Solar street lighting Market By Type (Standalone, Grid Connected), By Lighting Source (CFL, LED), By Application (Residential, Commercial, Industrial), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028” into their research database.
Solar street lighting Market: Overview
Solar street lighting is expected to see a bright demand outlook over the forecast period as demand for better and sustainable outdoor lighting increases across the world. Solar lighting works by absorbing the energy from the sun during the daytime and storing it to use in the nighttime when needed. This is a sustainable lighting option and will see an increase in popularity as the demand for electricity increases.
Increasing focus on sustainability, rising population, increasing consumption of electricity, and dimming popularity of conventional lighting are some other factors that are expected to boost the solar street lighting market potential through 2028.
High installation costs are anticipated to have a restraining effect on the global solar street lighting market growth and will slow down the industry over the forecast period.
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Industry Dynamics:
Solar street lighting Market: Growth Dynamics
Driver: Increasing Focus on Sustainability.
The world has seen a substantial rise in focus on sustainability as the environment deteriorates and one of the major contributors to this is the energy generation sector this, in turn, has propelled the demand for renewable energy sources. The rising focus on creating more sustainable power solutions and decreasing dependency on conventional power generation is expected to majorly propel the adoption of solar street lighting over the forecast period. Increasing focus on managing the growing demand for energy will also shape the solar street lighting market growth through 2028.
Restraints: High Installation Costs to Hinder Solar street lighting Market Growth.
Solar street lighting solutions are costly to fix and install and this factor is a major hampering factor for the global solar street lighting marketplace. Solar solutions are still relatively expensive due to the high costs of panels and the supporting structure that they require and this is what creates a major obstacle for installation. This is expected to hamper the solar street lighting market growth in low-income economies and hence slow down the global market pace through 2028.
Global Solar street lighting Market: Segmentation
- The global solar street lighting market is segregated based on type, lighting source, application, and region.
By lighting source, the market is divided into CFL and LED. The LED segment is projected to have a bright outlook over the forecast period. The increasing popularity and high availability of LED lighting solutions are expected to boost the demand for this segment in the global solar street lighting market landscape. This segment will hold a major market share by the end of the forecast period.
By Application, the solar street lighting market is segmented into residential, commercial, and industrial. The industrial segment is expected to lead the solar street lighting market growth in terms of the application over the forecast period. The rising focus on sustainable energy generation and stringent mandates to incorporate renewable energy is expected to boost the adoption of solar street lighting in this application through 2028.
Recent Developments
- In January 2020 – SolarOne Solutions Inc. a leading name in lighting solutions in the United States was selected by Eagle Butte community center for the installation of SolarOne off-grid solar streetlights to achieve reduced carbon footprint.
List of Key Players of Solar street lighting Market:
- 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.
