APAC Solar Street Lighting Market To Generate $6,691.2 Million Revenue by 2030
- Published: October 2023
The APAC solar street lighting market size is expected to advance at a CAGR of 16.4% during 2024–2030, to reach USD 6,691.2 million by 2030. This can be ascribed to various factors such as minimizing the dependency on conventional energy in order to reduce carbon emissions and increase focus on green energy, and the surging number of smart city projects in the region.
Moreover, the increasing focus on cleaner energy along with the high growth potential of solar technology, independency from grid power, low operational cost, and economical operations and maintenance are augmenting the demand for solar street lighting across the APAC region.
China Is the Largest Revenue Contributor
China is the largest revenue contributor to the market, with a revenue share of XX% in 2023. This is attributed to the stringent regulatory policies and mandates toward the development of sustainable infrastructure. In addition, various efforts put in by the government to reduce carbon emissions during the generation of energy will propel the market growth. Moreover, the increasing legislative programs and investment schemes, and the growing awareness of renewable resources will further drive the adoption of solar street lighting over the forecast period in the country.
LED Category Generates Highest Revenue
Based on lamp, the LED category dominates the market. This is due to the increasing demand for LED-based outdoor lighting products from application areas, such as stadiums, highways, and tunnel lights, in China, Japan, India, and other regional countries. LEDs are slightly expensive than other sources of light because these are made up of semiconductor materials like gallium arsenide (GaAs) and gallium phosphide (GaP). However, these are cost-effective, owing to superior functionality in terms of low-temperature coefficient, long life span, and others. Moreover, local governments are increasingly offering LED subsidies in the region.
Reliable Source of Light Drives the Market
Solar power has emerged as one of the reliable sources for powering streetlights. Solar streetlights provide complete independence from a power grid, resulting in minimal operation and maintenance costs. These are suitable for remote areas where transmission of electricity through traditional ways is not feasible. In developing countries, such as China and India, with advancements in solar power technology and solar components, including luminaires and inverters, the costs of these lights are experiencing a rapid decline, leading to their higher adoption.
This indicates that in the coming years, solar solutions would become more competitive with conventional forms of electricity, leading to their larger deployment. Moreover, subsidies and other incentives provided by governments to solar component manufacturers, in order to increase the use of solar power in China, India, and other countries, are expected to boost the demand for such solutions during the forecast period.
The most-significant solar street lighting market players are Anhui Longvolt Energy Co. Ltd., Solar Electric Power Company, Halonix Technologies Private Limited, Azuri Technologies Ltd., Sokoyo Solar Lighting Co. Ltd., Urja Global Limited, and Philips Lighting Holding B.V.