NEW DELHI, March 8, 2022 /PRNewswire/ — The global solar street lighting market was valued at USD 3,972 million in 2021 and is expected to reach USD 15,716.4 million by 2030, according to research conducted by Astute Analytica.The market is expected to grow at a CAGR of 17.12% during the forecast period 2022-2030.The global solar street lighting market is driven by increasing urbanization and growing focus on solar energy.Solar Street Lights (SSL) are primarily used for outdoor street lights, powered by solar panels and operate in a standalone mode to the light pole itself.The technology consists of a rechargeable battery designed to work all night.Street lights that work with wireless technology have the ability to automatically turn the network on and off by sensing outdoor lights.
With the acceleration of urbanization, the urban population and urban area are also expanding, and the application of solar lights can also be seen in the residential, commercial and industrial fields.Increased public investment by the government has led to more highway and road construction projects.Highways and roads are huge opportunities for solar street lights.Stringent regulatory reforms and initiatives by governments and civic authorities to use solar lighting will further stimulate the growth of the solar street lighting market.Furthermore, solar and wind energy are two examples of renewable energy that are becoming more and more important in the market.Demand for solar energy has grown due to strong federal policies, rapidly falling costs, and increasing commercial and public sector demand for sustainable electricity.Furthermore, the higher initial investment in installing solar street lights restrains the market growth of the solar street lights market.The total cost of installing a solar street light can be three to four times the cost of installing a conventional street light of the same efficiency.
On the basis of type, the global street lighting market is segmented into portable, freestanding, centralized, and others.The independent segment is expected to account for the highest percentage revenue share and have the highest projected CAGR during 2022-2030.The standalone segment is expected to register a CAGR of 17.79% during the forecast period owing to increasing adoption in remote and off-grid regions.Standalone solar street lights are designed and operated independently of the grid.They are an excellent source of emergency lighting and backlighting.
On the basis of component segmentation, the global solar street lighting market is segmented into controllers, lamps, solar panels, sensors, batteries, and others.Solar panel components dominate the global solar street lighting market with the highest revenue share in 2021 due to lower installation and operating costs of solar panels compared to lamp and battery type components.The lighting segment is expected to grow at a CAGR of 17.81% during 2022-2030.
On the basis of application, the global solar street lights market is further segmented into parking lots, highways and roads, airport runways, manufacturing sites, playgrounds, gardens, and others.The highway and road segment holds the highest share and is expected to grow at the highest CAGR of 17.64% during the forecast period.As they enhance the safety and sustainability of roads and nearby areas, its applications can be seen on highways and highways, highways, rural roads and community streets, etc.
Asia Pacific is expected to hold the largest market share in the global solar street lighting market
The geographic classification of the global solar street lighting market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and South America.Asia Pacific will register the highest CAGR of 18.03% in the global solar street lighting market during the forecast period.The growing demand for solar street lights in Asia Pacific is evident as numerous smart city projects are undergoing rapid sustainable and smart infrastructure development.
The global solar street lighting market is highly competitive to increase its presence in the market.Some of the key players operating in the global market include Philips Lighting Holdings BV, Signify Holding BV, Acuity Brands, Bridgelux Inc., Jiangsu SOKOYO Solar Lighting Co., Ltd., Bajaj Electricals Limited, Urja Global Ltd, Cooper Lighting LLC, Dragons Breath Solar, Omega solar, Solar Street Lights USA, and Solektra International LLC, among others.
The global solar street lighting market is segmented on the basis of type, component, application, and region.The industry trends of the global solar street lighting market are segmented into different categories to get a comprehensive understanding of the global solar street lighting market.
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Post time: Mar-19-2022
