Solar Street Lighting Market to Generate Revenue Worth $14.6 Billion by 2030
- Published: June 2020
The emergence of solar power as a reliable source of light, decline in the price of solar panels, increasing number of smart city projects, and rising infrastructure development are the key factors that positively impact the growth of the global solar street lighting market. The market is expected to generate $14.6 billion revenue by 2030, advancing at a CAGR of 9.4% during the forecast period.
Centralized Solar Street Light System to Hold the Largest Share in the Market throughout the Forecast Period
The street lighting industry on the basis of structure type is classified into centralized, standalone, and portable categories. Of these, the centralized category held the largest market share in 2019, by revenue, and is expected to lead the industry in the coming years. In addition, centralized on-grid-based solar street light systems are increasingly being deployed since they require continuous power supply from the grid and offer seamless functionality.
The solar street lighting market in terms of application is categorized into highway & roadway, bridge, airport runway, manufacturing site, park & playground, parking lot, and others. The highway and roadway category is expected to hold the largest revenue share during the forecast period. This can be primarily due to increasing government focus toward high-class infrastructure development and deployment of solar lighting on highway & roadway.
Geographically, the APAC region generated the largest revenue in 2019 in solar street lighting market and is expected to witness lucrative growth due to surge in urbanization and growing number of initiatives for the deployment of solar street lighting systems in countries like China, Japan, and India. Also, shifting focus of China toward solar photovoltaic (PV) capacity building is contributing significantly to the growth of the region.
Product Launches Is the Major Strategic Measure Taken by the Players in the Industry
The solar street lighting market players are increasingly launching new products to enhance their industry presence. For instance, in March 2020, Bridgelux Inc. launched eighth-generation light-emitting diode (LED) chip-on-board (COB) products, delivering up to 185 lm/W across its V SeriesTM, Vero Series, and Vero SE Series product families at nominal drive current. These products have efficacy improvements of up to 10% as compared to previous generation products. With this launch, customers are now better equipped to meet evolving energy standards and rebate incentive programs without compromises with the quality of lighting systems. In addition, Bridgelux continues to expand its portfolio with new products under development.
Similarly, in February 2020, Signify N.V. launched Philips combo charge controller, which is used for hybrid solar systems. This product boosts the output of solar streetlights to 24,000 lumens and supports wireless remote monitoring functionality. The company also focuses on expanding solar lighting potential to northern countries with new hybrid charging technology, leading to an increase in the number of places where solar lighting is a feasible solution.
Browse report overview with detailed TOC on "Solar Street Lighting Market Research Report: By Structure Type (Standalone, Centralized, Portable), Component (Lamp {CFL LED, Metal Halide, Sodium Vapor}, Solar panel, Battery {Lead Acid, Lithium-Ion}, Controller), Installation (Retrofit, New), Application (Highway & Roadway, Bridge, Airport Runway, Park & Playground, Manufacturing Site, Parking Lot) – Global Industry Trends and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/solar-street-lighting-market
Some of the major players operating in the global solar street lighting market report are Bridgelux Inc., Carmanah Technologies Corporation, Dragons Breath Solar, Solar One, Greenshine New Energy, Jinhua SunMaster Solar Lighting Co. Ltd., Koninklijke Philips N.V., Samsung Electronics Co. Ltd., Solar Street Lights USA, Sunna Design SA, TOTAL S.A., Urban Solar Group, Urja Global Ltd., Cree Inc., and Hubbell Incorporated.