The solar street lighting market is expected to reach $10,805.3 million by 2023, registering a CAGR of 21.2% during 2017–2023.
Increasing demand for energy-efficient lighting solutions for streets and the growing government support toward the use of renewable sources for energy production are the major factors driving the growth of the global solar street lighting market.
Insights on the market segments
Based on product type, the standalone category held the larger revenue share in the solar street lighting market as compared to the on-grid category. Manufacturers in the market have been working on off-grid, heat-resistant standalone lighting solutions, which has led to the improvement in the working of such lighting models, making them more user-friendly. Several modifications in design have made the standalone models more popular for street lighting purposes.
Among the numerous applications of solar street lighting, commercial application contributed the highest revenue to the market during the historical period. Of the two lighting types—LED and CFL—the LED category witnessed a healthy CAGR of 40.6% during 2013–2016. In terms of sales volume, residential application is expected register the highest CAGR in the solar street lighting market during the forecast period.
Market to witness the fastest growth in the Middle East and Africa (MEA)
Asia-Pacific led the solar street lighting market globally during the historical period. However, during the forecast period, the market is expected to witness the fastest growth in MEA. The rapid growth in the MEA market can be attributed to the rising government support for renewable energy, constantly increasing costs of energy, growth in demand for electricity, and rising awareness among people about the advantages of solar lighting.
Due to the harsh climatic conditions in MEA, which makes the installation of power grids difficult, standalone lights are preferred over on-grid lights. The World Bank along with International Finance Corporation is offering funds for the development of the lighting and power industries and installation of solar street lights in the region.
Access Report Summary with Detailed TOC on "Solar Street Lighting Market by Lighting Type (CFL, LED), by Product Type (Standalone, On-Grid), by Application (Residential, Commercial, Industrial), by Geography (U.S., Canada, Brazil, Peru, Mexico, Germany, U.K., France, China, India, Japan, Indonesia, Australia, New Zealand, Malaysia, Thailand, Philippines, Nigeria, South Africa, Ghana, Kenya) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" at: https://www.psmarketresearch.com/market-analysis/solar-street-lighting-market
Rising energy demand and government support driving the market
Rapid urbanization in developing countries is resulting in a rise in the demand for energy. Moreover, governments of several countries are promoting eco-friendly methods of energy production. This, in turn, is driving the solar street lighting market growth around the world. The technology employed in solar street lights is being improved and is expected to be further advanced with supportive government regulations and product innovations.
Fragmented market structure of the solar street lighting market
The global solar street lighting market is characterized by the existence of few large global players and several regional players, with Carmanah Technologies Corporation leading the market in 2016. Sunna Design, Koninklijke Philips N.V., Su-Kam Power Systems Ltd., Omega Solar, Sokoyo Solar Group, and Urja Global Ltd. are among the other major companies operating in the market.