Solar Street Lighting Market Scope, Driver, Research Reveals Enhanced Growth During The Forecast Period, 2030
Solar Street Lighting Market Overview
Solar Street Lighting Market share is expected to be worth over USD 3972 Million, registering a CAGR of 14.12% by 2030.
Solar street lights (SSL) are widely utilized for outdoor street lighting since they use solar power as their major source of energy. These lighting systems worked independently of traditional energy sources, negating the need for a general grid to supply any power requirements.
The development of smart cities, rising interest in solar energy and other green and clean energy programs, and growing backing from both government and non-government organizations all point to significant growth in the market for solar street lighting.
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The COVID-19 pandemic has brought the world to a standstill and disrupted international trade. Over the past two decades, solar energy has grown significantly. The outbreak, however, seriously hampered this progress. Governments are addressing these issues and deciding how quickly solar energy will be deployed in the future. The solar industry as a whole is concerned about how the pandemic's effects and uncertainties would affect it.
Industry News
The Eagle Butte community center has chosen SolarOne Solutions Inc. to install 80 off-grid solar lamps starting in January 2020. SolarOne's off-grid solar streetlights have zero carbon emissions because they only use solar power.
In the Infanta Elena Park in Seville, Spain, Signify N.V. erected 20 Philips SunStay solar street lights in June 2019. These solar lights have a charge controller, battery, luminaire, and solar panel all combined into one housing. Additionally, these lights need less maintenance, are portable, and are simple to install.
Market Segment
● By Type
The market is divided into two categories based on the type: standalone and grid. Due to the rapid growth of sustainable electric networks, the expensive cost of conventional streetlight infrastructure in off-grid locations, and the expanding use of pico-solar systems, the standalone category is predicted to develop at a higher CAGR throughout the projected period.
● By Product Type
Based on product type, the solar panel category led the market for solar street lighting in 2019. The largest market share is expected during the forecast period. This can be because solar panels, which make up the majority of a solar lighting system and are the most costly relative to other components, are the most vital and bring in the most money.
● By Application
The solar street lighting market is divided into three categories based on the kind of application: institutional, commercial, and residential. During the forecast period, the industrial sector is projected to be the dominant application type. The production of electricity on-site and the growing emphasis on environmentally friendly manufacturing are projected to boost demand for the industrial sector.
Regional Analysis
Due to the increasing strategic advances by the market players, the Asia-Pacific region is predicted to have the highest market share with a growth rate of more than 18%.
The European region is expected to expand steadily due to growing awareness of alternate solar energy-producing methods. Additionally, it is anticipated that the North American region will expand significantly as well. By 2030, 45 million units of solar street lighting are anticipated to be sold in the Middle East and Africa.
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Key Players
The main players in the global solar street lighting market are VerySol Inc. (U.S.), Urja Global Ltd. (India), Solar Street Lights USA (U.S.), Dragons Breath Solar (U.K.), Solektra International LLC (U.S.), Sol Inc.(U.S.), Bridgelux Inc. (U.S.), Sunna Design (France), SOKOYO Solar Group (China), Philips Lighting Holding B.V.( the Netherlands), and Omega Solar (India).
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