Solar Street Lighting Market Size, Share And Global Trend By Product Type (CFL, LED), By Connection Type (Standalone, Grid Connected), By End User (Commercial, Residential, Industrial), And Regional Forecast, 2024-2032

The solar street lighting system is the process of lighting in which the photovoltaic panels are installed on the top of the pole, which helps to store the solar energy. The rising risk of climate change with the use of fossil fuel has implicated to shift towards green sources of energy. Solar street lighting reduces the dependency on conventional energy help to reduce carbon emission and achieve green energy targets. The solar street light is an effective lighting solution in the area which is a deficit in electrification. Solar street lighting is widely used in roadways, streets, yards, parks, airports, etc.

On the basis of product type, the global solar street lighting market is segmented into CFL and LED. The advantages of  LED solar lighting is they are more reliable, consume less energy, gives better efficiency in light and lower price which plays a key role to drive the growth of solar street lighting market. On the basis of the connection type, the global solar street light market is segmented into standalone and on grid. Standalone street lightning can be used at locations where grid lines are not reachable. This factor has seen standalone systems to be used more at remote locations and therefore helping the global street light market to grow. On the basis of end-user, the global street light market can be segmented on commercial, residential and industrial. Rapid urbanization along with government subsidies and loans has helped the global solar street light market to grow in the residential sector.

The major market driver for global solar street light is the increase in energy demand and drift towards a green source of energy. Solar street lights provide the advantage of being installed at locations where electricity supply lines cannot reach.  Subsidies and loans provided by the government for the installation of solar street light systems are also the factors driving the global solar street light market.

The factor that is expected to restraint the solar street light market is the high installation cost associated with the solar panels. The seasonal dependency of solar panels particularly in countries like China and India which has a large potential for the solar street light market is also a factor restraining the growth of the global solar street light market.

Key Players Covered

Some of the major companies that are present in the global solar street lighting market are Philips Lighting Holding B.V, SOKOYO Solar Group, Su-Kam, Dragons Breath Solar, VerySol Inc., Sunna Design, Urja Global Ltd., Bridgelux Inc., Solar Street Lights USA, Sol Inc, Omega Solar, Solektra International LLC, Yingli Solar, and Greenshine New Energy.

SEGMENTATION

Regional Analysis

The global solar street light market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The strict carbon emission regulations and government ambitious green energy targets in USA have helped the global solar street light market to flourish in the North America region. In Europe, Germany has the highest contribution in the solar street light owing to advance technology and efficient distribution network. Other countries like Italy, UK, and Spain are also key market players in this region. In Asia Pacific region rapid urbanization, drift towards green energy and government initiatives for solar installations are helping solar street light market to grow. China and India are the key market players in this region. South Africa has been the most successful country in the production of solar energy in the Middle East region.

Key Industry Developments

• In Apr 2019, Hitechled launched new type of all in one integrated solar street light with innovation draw design which holds LED lamp, solar panel, lithium battery and controller.
• In Dec 2018, India is going to invest $7.13 million to install 304,500 solar street light under second phase of Atal Joyti Yojna.
• In Dec 2018, Nigerian street light poised to exceed $200 million by 2024 owing to government initiatives and foreign investment towards the development of renewable energy sector.