Global Solar Street Lights Industry

Introduction

The global solar street lighting market had been valued at approximately 4.5 billion USD in the year 2018 and it is expected to generate a revenue of almost 18 billion USD by the end of the year 2024, reflecting a CAGR of almost 23.% during the forecast period.

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Solar street lights: what is it all about

The solar street lights are the light sources that are powered by photovoltaic panels which have been mounted on an integrated pole. Such kind of lights is mainly used for outdoor street lighting because here the solar power is considered to be their primary source of energy. The solar street lights market is greatly affected by the downstream applications. The governments of various countries are encouraging the use of solar street lights due to it being cost-efficient and also having an eco-friendly nature. The increasing infrastructural projects lead to rising demand for the solar street lights that can be used at different places such as pathways, parking lots, and others.

The increasing potential of the solar technologies accompanied by increasing demand for the continuous power supply is positively boosting the market growth. Additionally, the technological innovations in the creation of the product and the declining the cost of the battery has positively brought a decline in the prices of the solar lightening components making them available as an effective alternative for the households and the municipalities. Such aspects are positively impacting the market growth for the Solar Street Lights.

Industry scenario and future trends

The Light-emitting diode segment has a major revenue share. Several government initiatives for the adoption of renewable energy sources will positively increase the light-emitting diode market in the forecast timeframe.

The Asia Pacific region had a significant revenue share and it is anticipated to continue the regional dominance in the forecast period. It offers great opportunities to the market players; most of the governments are on the run for the target of adopting green solutions and eradicating the emission levels

Market segmentation of the Solar Street Lights

Solar street lights are an upcoming trend in the lighting industry. Due to its overall acceptance and government encouragement, the large market of the Solar Street Lights can be segmented based on lighting Source, type, Application, and Regional. Below mentioned are the details of each segment.

The market segmentation of the Solar Street Lights based on Lighting Source is as follows :

• Compact Fluorescent Lamps (CFL)
• Light Emitting Diode (LED)

The market segmentation of the Solar Street Lights based on type is as follows

• Grid Connected
• Standalone

The market segmentation of the Solar Street Lights based on application is as follows

• Residential
• Industrial
• Commercial

The market segmentation of the Solar Street Lights based on region is as follows

North America

• The U.S.

Europe

• France
• UK
• Germany

Asia Pacific

• Japan
• India
• China
• Latin America
• The Middle East and Africa
• Brazil

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