Solar Street Lighting Market Trends 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) & Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2030
Pages: 300 | Aug-2024 Formats | PDF | Category: Energy and Power | Delivery: 24 to 72 Hours
Solar Street Lighting Market Overview
Solar Street Lighting Market is expected to grow rapidly at 14.2% CAGR consequently, it will grow from its existing size of from $1.43 Billion in 2023 to $4.41 Billion by 2030.
For Insights Consultancy presents an extensive market analysis report titled “Solar Street Lighting Market Report 2024″providing businesses with an edge in competition by providing a thorough analysis of market structures with estimates for various segmentations and segments.
The report also focuses new trends, major drivers, challenges, as well as opportunities. The report provides all necessary information needed to thrive in the Solar Street Lighting industry. This report is about Solar Street Lighting market research provides a complete analysis, which includes a comprehensive analysis of the current and future trends in the market.
The solar street lighting market is experiencing rapid growth driven by the increasing demand for sustainable, cost-effective, and reliable lighting solutions.
Market Dynamics
- Key Drivers: Growing environmental concerns, urbanization, and the need for energy independence are propelling market growth.
- Regional Variations: Market growth rates vary across regions due to factors such as government policies, economic development, and infrastructure needs.
- Technological Advancements: Improvements in solar panel efficiency, battery storage, and LED lighting are enhancing the performance and cost-effectiveness of solar street lights.
Market Trends 2024
The solar street lighting market is experiencing rapid growth driven by a combination of environmental, economic, and technological factors.
- Sustainability: Growing emphasis on renewable energy and reduced carbon emissions.
- Cost-effectiveness: Decreasing costs of solar panels and batteries, leading to lower operational expenses.
- Technological advancements: Improved efficiency, longer battery life, and smart features in solar street lights.
- Government support: Policies and incentives promoting renewable energy adoption.
- Urbanization and infrastructure development: Expanding cities and the need for reliable lighting in rural areas.
The market is characterized by a shift towards energy-efficient and sustainable lighting solutions, with a growing focus on smart city applications and grid integration.
Market Dynamics
Growth Drivers
- Government Support: Increasingly favorable policies and incentives are driving market expansion.
- Environmental Benefits: The shift towards sustainable and clean energy solutions is boosting demand.
- Cost Savings: Long-term economic advantages and reduced maintenance costs are attractive to consumers and municipalities.
- Technological Advancements: Improvements in solar panel efficiency and battery storage are enhancing system performance.
- Urbanization and Rural Electrification: The need for lighting in both urban and rural areas is driving market growth.
Market Challenges
- High Initial Investment: The upfront costs of solar street lighting systems can be a barrier to adoption.
- Weather Dependency: Performance can be impacted by adverse weather conditions.
- Maintenance Requirements: Battery replacement and system cleaning are ongoing costs.
- Grid Integration Challenges: Integrating solar street lights into existing grid infrastructure can be complex.
- Market Competition: Competition from traditional lighting and emerging technologies can impact market share.
Overall, the solar street lighting market is poised for continued growth as technological advancements address challenges and reduce costs, making solar lighting a more viable and attractive option for municipalities and consumers.
Market Segment Analysis
Market Segmentation
- Product Type:
- Standalone systems: Ideal for remote areas without grid connectivity.
- Grid-connected systems: Used in areas with existing electrical infrastructure.
- Application:
- Residential: Increasing adoption for home security and aesthetics.
- Commercial: Widely used in public spaces, parks, and commercial establishments.
- Industrial: Utilized in factories, warehouses, and industrial parks.
The market is characterized by a shift from traditional grid-powered street lights to solar-powered alternatives, driven by factors such as cost savings, energy efficiency, and environmental benefits.
By Structure Type
- Standalone
- Centralized
- Portable
By Component
- Lamp
- Compact fluorescent light (CFL)
- Light-emitting diode (LED)
- Metal halide
- Sodium vapor
- Solar Panel
- Battery
- Lead acid
- Lithium-Ion
- Controller
By Installation
- Retrofit
- New
By Application
- Highway & Roadway
- Bridge
- Airport Runway
- Park & Playground
- Manufacturing Site
- Parking Lot
Competitive Landscape
The solar street lighting market is experiencing significant growth driven by the increasing demand for sustainable and cost-effective lighting solutions.
Key Market Players
Philips Lighting (Signify): A global leader with a strong focus on innovation and smart lighting solutions.
SolarOne Solutions: Specializes in high-performance solar lighting systems for diverse applications.
Solar Street Lights USA: Offers sustainable and reliable solar lighting solutions, particularly for remote areas.
Jinhua SunMaster Solar Technology Co., Ltd.: A major manufacturer with a strong global presence and emphasis on product efficiency.
Sokoyo Solar Group: Focuses on smart and adaptive lighting solutions with a global distribution network.
- VerySol Inc.: Offers customizable solar lighting solutions for various applications.
- Sunna Design SA
- Urja Global Ltd.
- Solar Lighting International Inc.
- Anhui Longvolt Energy Co. Ltd.
- BISOL Group d.o.o.
- Orion Energy Systems Inc.
- Covimed Solar
- Sokoyo Solar Lighting Co. Ltd
- Zhuhai Bomin Solar Technology Co. Ltd.
- Exide Industries Limited
- Su-Kam Power Systems Ltd.
- Solar Electric Power Company
- Leadsun Inc.
- Tailored Lighting Inc.
- Eaton Corporation Inc.
- Clear Blue Technologies Inc.
- FlexSol Solutions B.V.
- Halonix Technologies Pvt. Ltd.
- Azuri Technologies Ltd.
These companies are driving market growth through technological advancements, product innovation, and strategic partnerships.
The market is characterized by a strong focus on energy efficiency, durability, and smart lighting features. As the global emphasis on sustainability increases, the demand for solar street lighting solutions is expected to continue growing.
New Developments
May 2022: Lord’s Mark Industries, announced that it has forayed into the solar-based lighting space. The firm also established that it has bagged the Bihar government’s contract to device the world’s largest solar-based lighting project across the state.
In January 2020, SolarOne Solutions Inc. has been selected by the Eagle Butte community center to install 80 off-grid solar streetlights. SolarOne off-grid solar streetlights run entirely on solar energy and therefore have a zero-carbon footprint.
In June 2019, Signify N.V. installed 20 Philips SunStay solar street lights in the Infanta Elena Park in Seville, Spain. These solar lights comprise integrated solar panel, luminaire, charge controller, and battery in one housing. Also, these lights are compact and easy to install and require less maintenance.
Regional Outlook
- North America: A mature market with strong government support and advanced technological integration.
- Europe: A well-established market with a focus on environmental sustainability and smart city initiatives.
- Asia-Pacific: A rapidly growing market driven by urbanization and government investments in renewable energy.
- Africa and Latin America: Emerging markets with significant potential due to expanding electrification needs and government support for renewable energy.
The market is characterized by ongoing technological advancements, increasing product diversity, and a growing emphasis on smart lighting solutions.
Frequently Asked Questions:
What is the current size of the Solar Street Lighting market?
Solar Street Lighting Market is expected to grow rapidly at 14.2% CAGR consequently, it will grow from its existing size of from $1.43 Billion in 2023 to $4.41 Billion by 2030.
Which region held the largest market share in the Solar Street Lighting market?
Asia-Pacific had the largest share in the market.
Who are the key players in the Solar Street Lighting market?
The key players in the market are VerySol Inc. (U.S.), Solar Street Lights USA (U.S.), Dragons Breath Solar (U.K.), Philips Lighting Holding B.V.(the Netherlands), Omega Solar (India) and others.
Which type led the Solar Street Lighting market?
The standalone type solar street lighting dominated the market
Key Benefits to Stakeholders:
- This study offers a quantitative examination of Solar Street Lighting Market trends, estimations, and dynamics from 2023-2030 to identify potential opportunities in this space.
- Porter’s five forces study emphasizes the value of buyers and suppliers in helping stakeholders to make profitable business decisions while expanding their network.
- Undergoing in-depth analyses on market size and segmentation is vital in identifying current Solar Street Lighting Market opportunities.
- Each region’s largest countries are mapped according to their revenue contribution for an accurate picture of this global industry.
- The Solar Street Lighting Market research report offers a thorough examination of its major players. As such, purchasing this report provides many advantages to any organization looking to enter this competitive industry.
Reasons to Purchase Solar Street Lighting Market Report:
- Current and Future Prospects of Solar Street Lighting Market in both developed and emerging markets.
- Porter’s Five Force Analysis to help analyze various perspectives within this market. Major regions should experience rapid increases during this time.
- Uncover the most up-to-date industry developments, Solar Street Lighting Market shares, and top market players’ strategies.
Research Methodology:
To estimate and validate the size of the Solar Street Lighting Market as well as several of its dependent submarkets in its entirety, both top-down and bottom-up methodologies were used. Secondary research identified key players within the market while primary sources and verified primary sources provided an accurate picture of all percentage share breakdowns and splits within this global industry.
Table of Contents
- Table 1: Global Solar Street Lighting Market, 2024-2030 (USD Million)
- Table 2: Market Segmentation by Product Type, 2024-2030 (USD Million)
- Table 3: Market Segmentation by Application, 2024-2030 (USD Million)
- Table 4: Market Segmentation by Region, 2024-2030 (USD Million)
- Table 5: Key Players in the Global Solar Street Lighting Market
- Table 6: Market Drivers and Restraints Analysis
- Table 7: SWOT Analysis
- Table 8: PESTLE Analysis
- Table 9: Investment Opportunities
- Table 10: Technological Advancements in Solar Street Lighting
- Table 11: Government Policies and Regulations Impacting the Market
- Table 12: Comparative Analysis by Product Type
- Table 13: Case Studies of Successful Solar Street Lighting Implementations
- Table 14: Market Forecast by Product Type, 2024-2030 (USD Million)
- Table 15: Market Forecast by Application, 2024-2030 (USD Million)
- Table 16: Market Forecast by Region, 2024-2030 (USD Million)
- Table 17: Competitive Landscape
- Table 18: Mergers and Acquisitions in Solar Street Lighting Market
- Table 19: Key Market Strategies Adopted by Leading Players
- Table 20: Impact of COVID-19 on Solar Street Lighting Market
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[…] purposes of this analysis are: To characterize, portray, and check the Global Solar Street Lighting Market based on product type, application, and region. To estimate and inspect the size of the […]