Solar Street Lighting Market By Type (Standalone And Grid Connected), By Product Type (Compact Fluorescent Lamps And Light Emitting Diode), By Application (Residential And Non-Residential), And Region - Global Forecast To 2028

Global Solar Street Lighting Market: Introduction

The global Solar Street Lighting Market is estimated to value at nearly US$ 5.8 Bn in 2019, and is expected to register a CAGR of 14.1%.

The report offers in-depth insights, revenue details, and other vital information regarding the global solar street lighting market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2028. The global solar street lighting market is segmented based on type, product type, application, and region.

Solar street lights, also known as photovoltaic street lights, operate on batteries which are charged using solar panels integrated on the lighting structure or pole. These lights are becoming more popular as a dependable source for street lighting in various developed and some developing countries across the globe and abundance of sunlight make solar lights the best option for street lighting, gardens, parks, and other public spaces or areas.

Global Solar Street Lighting Market: Dynamics

Growth of the global solar street lighting market is attributed to increasing number of solar street lighting installations due to rising need for greener solutions as well as need for energy saving across the globe. Increasing trend of using renewable resources instead of traditional resources resulted into integration of large-scale renewable energy with expansion of autonomous micro-grid networks is another factor expected to drive growth of global solar street lighting market.

In addition, increasing need for renewable energy resources due to increasing concerns about depletion of non-renewable resources are projected to fuel growth of the global solar street lighting market. Rapid urbanization and growing demand for street lights in rural and urban infrastructure to create a safe environment are other factors anticipated to drive growth of the global solar street lighting market.

Moreover, these smart solar streetlights operate as multisensory gateways, and function using power and communication connections between each light pole. Sensors installed on the light poles are advantageous and help in monitoring air quality, traffic and pedestrians, parking systems, smart cell base stations, transport networks, etc.

Increasing demand for IoT-enabled street lights as they can be dimmed after the peak hours, turn on or off according to requirement, and to help identify faults immediately and implementation of these street lightings can save energy as well as reduce maintenance costs. These benefits are expected to drive growth of the global solar street lighting market.

However, high initial investments required for installation in comparison to conventional street lights are major factor expected to hinder growth of the global solar street lighting market. Furthermore, solar panels that are not covered may accumulate moisture or snow on horizontal photovoltaic panels, which can lead to reduction or complete stoppage of energy production as snow prevents sunlight reaching the surface of the panel is another factor expected to hamper growth of the global solar street lighting market.

Growing demand to overcome some glitches such as short lifespan, lower efficiency, and others through technological advancements and enhancements such as synthetization of organic molecule used in the device will give an opportunity to key players of the global solar street lighting market. Additionally, ability to add solubilizing groups to organic molecules of organic photovoltaics can permit use of newer and less costly techniques during the manufacturing process.

Increasing penetration of solar energy on grid is expected to increase demand for ancillary services to manage higher levels of uncertainty and variability, which requires a reliable method for frequency regulation and load balancing operations, thereby creating high potential opportunities for players in the market. Further, rising incidence of power outages in countries across the globe is leading to major revenue losses, and this can open up new revenue opportunities for players in the market

Global Solar Street Lighting Market Analysis, by Type

Among the type segments, the standalone segment is projected to account for highest revenue share, and is expected to maintain its dominance over the forecast period. The standalone segment is projected to register highest CAGR of over 14% during the forecast period.

Global Solar Street Lighting Market Analysis, by Product Type

Among the product type segments, the light emitting diode segment is estimated to account for highest revenue share, and is expected to maintain its dominance over the forecast period. The light emitting diode segment is projected to register highest CAGR of over 15.5%, which is moderately higher compared to the other segment.

Global Solar Street Lighting Market Analysis, by Application

Among the application segments, the non-residential segment accounted for highest revenue share, and is expected to maintain its dominance over the forecast period. The non-residence segment is projected to register highest CAGR of over 14.6% during the forecast period.

 Global Solar Street Lighting Market Analysis, by Region

The market in Asia pacific is expected to dominate the global solar street lighting market and is expected to continue its dominance over the forecasted period. High usage of electricity in various sectors in countries like India and China resulted into need for the governments to find/adopt renewable energy resources are another factor projected to drive growth of target market in Asia Pacific.

Rapid development in countries like India and government initiatives to increase deployment of this solar street lighting system in rural areas are also factor expected to drive growth of the target market in Asia Pacific. Moreover, governments initiatives in country like China to promoting usage of renewable energy resources and permeation of this technology are factor projected to drive growth of the global solar street lighting market.

Asia Pacific is followed by North America and is expected to show significant growth over the forecasted period. Advent of smart city trend, rapid industrialization in emerging countries of North America are some factors expected to drive growth of the global solar street lighting market in North America. Technological enhancement by some leading vendors and availability of this solar street lights with lower cost in North America region are factors expected to drive growth of the global solar street lighting market in the North America region.

Global Solar Street Lighting Market Segmentation:

Global Solar Street Lighting Market Segmentation, by Type:

• Standalone
• Grid Connected

Global Solar Street Lighting Market Segmentation, by Product Type:

• Compact Fluorescent Lamps
• Light Emitting Diode

Global Solar Street Lighting Market Segmentation, by Application:

• Residential
• Non-residential

Global Solar Street Lighting Market Segmentation, by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa