Views: 0 Author: Site Editor Publish Time: 2022-05-09 Origin: Site
DUBLIN, March 29, 2022 /PRNewswire/ -- The "Global Solar Street Lighting Market, By Type, By Component, By Application, Estimation & Forecast, 2017 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global solar street lighting market held a market value of USD 3,972 million in 2021 and is estimated to reach USD 15,716.4 million by the year 2030. The market is projected to list a CAGR of 17.12% during the forecast period.
The solar street lighting industry is projected to grow at a substantial rate owing to the increasing focus on smart city building, rising inclination towards solar energy and other green and clean energy initiatives, and the rising support from government and non-government agencies. For instance, in September 2018, South Korea signed a Letter of Intent with Malaysia, to build a smart city in Kota Kinabalu, capital of Sabah, Malaysia. Such moves aid the market growth heavily.
The increasing strategic moves by the prominent players is boosting the market growth. For instance, in January 2020, SolarOne Solutions Inc., a US-based company, has been selected by the Eagle Butte community Center to install 80 off-grid solar streetlights. The former company's off-grid solar street lights run wholly on solar energy, and consequently have a zero-carbon footprint.
The market is expected to be negatively influenced by the heavy initial investment to be done by the companies. A lot of companies in the developing economies are skeptical about their return on investment owing to the presence of many top-notch giants in the marketspace.
The growing popularity of usage of smart solar street lights in urban areas is promoting the growth of the solar street lighting market. The rising urbanization in the countries across the world require energy efficient tools, such as solar energy panels. The solar energy powered street lights provide quick fault detection and real-time control decisions. Moreover, the solar street lights are a reliable part of smart city projects and are in high demand in the developing countries.
Rising focus on solar energy
Especially in remote areas, solar energy generation tools are being a reliable source. The minimal maintenance and low comparative operational cost promotes the use of solar street lighting in many developing, underdeveloped, as well as developed regions across the world.
The global solar street lighting market is segmented into type, component, and application.
The standalone segment held the largest market share of nearly 49% and is expected to grow at a steady rate owing to its growing adoption. The centralized segment volume is estimated to cross 400 million units by 2028.
Compact fluorescent light (CFL)
Light-emitting diode (LED)
Night & Motion Sensors
Passive Infrared (PIR) Sensors
On the basis of lamp sub-segment, the LED segment value is projected to cross USD 650 million in 2023 and hit USD 2,293.6 million by 2030. Moreover, the battery segment is estimated to grow at a CAGR of 15.2% during the forecast period.
Highway and Roadway
The parking lot segment volume is anticipated to cross 150 million tons by 2025 owing to the rising applications of solar street lights in parking lot spaces. The playgrounds market value is projected to be nearly 76% of airport runway market size in 2021 and is predicted to grow till 80% in 2030.
By region, the global solar street lighting market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
The Asia Pacific region is expected to hold the largest market share with a growth rate of more than 18% owing to the rising strategic developments by the companies operating in the marketspace.
The European region is anticipated to grow at a steady rate owing to the rising awareness regarding solar energy generation alternatives. Moreover, the North American region is also expected to grow at a substantial rate. The Middle East and African solar street lighting market volume is expected to cross 45 million units by 2030.
The prominent players operating in the global solar street lighting market include Acuity Brands, Inc., Bajaj Electricals Ltd., Bridgelux Inc., Cooper Lighting, LLC, Dragons Breath Solar, Jiangsu SOKOYO Solar Lighting Co., Ltd., Omega Solar, Philips Lighting Holding B.V., Signify Holding BV, Sol Inc., Solar Street Lights USA, Solektra International LLC, Sunna Design, Urja Global Ltd., and VerySol Inc., among others.
The major 9 players in the market hold approximately 30% of the market share. These market players are investing in collaborations, product launches, mergers, acquisitions, expansions in order to generate a competitive edge against their counterparts. For instance, in In June 2019, Signify declared a new project of installing solar panel powered street lights in the Infanta Elena Park in Seville, Spain. The project aims at increasing the safety of visitors and increasing energy efficiency in the region.
The global solar street lighting market report answers questions such as:
What is the market size and forecast of the global solar street lighting market?
What are the inhibiting factors and impact of COVID-19 on the global solar street lighting market during the assessment period?
Which are the types/segments/applications/areas to invest in over the assessment period in the global solar street lighting market?
What is the competitive strategic window for opportunities in the global solar street lighting market?
What are the technology trends and regulatory frameworks in the global solar street lighting market?
What is the market share of the leading players in the global solar street lighting market?
What modes and strategic moves are considered favorable for entering the global solar street lighting market?