Solar street lighting Market Trend, Share, Growth, Size, Analysis and Forecast 2030

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Lighting mechanism that excludes the regular power supply of electricity and functions completely on the solar energy is termed as solar lighting systems. The internal structure of the solar-based street lighting system comprises PV (photovoltaic) modules for battery charging, light emitting diodes (LED), compact fluorescent lamp, light source, and re-chargeable lead acid battery for storage and other electronics hardware to complete the circuit. Solar photovoltaic modules are anticipated to have 15-20 years of service life. The operation of these solar street lights can be automatic with the integration of high standard sensors, which from dusk to dawn remains in operating mode or by simply setting up and adjusting the timer. Tubular batteries which provide solar lighting systems require low maintenance which leads to a long life.

Government initiatives to utilize alternate source to power systems and reduce the depletion of fossil fuels which are used for generating electricity is likely to be the key factor responsible for the growth of the solar street lighting market. For instance, an initiative taken by the Government of India called as the Prakash Path replaced approximately 35 million street lights and 770 million incandescent bulbs with LED bulbs. In addition to this, Electric Vine Industries partnership with ENGIE in 2017, declared an investment of approximately USD 200 million for the installation of solar microgrids in Indonesia. Growing infrastructural projects leads to the rising demand for solar street lights which can be used in parking lots, pathways, and others. Moreover, increasing potential of solar technologies and increasing demand for continuous power supply will positively boost the market growth. Furthermore, technological innovations in the design of the product and declining cost of battery have positively reduced the prices of solar lightening components making them an alternative for households and municipalities. Such factors tend to positively impact the market growth.

Based on the lighting source, the solar street lighting market is segmented into the light emitting diode and compact fluorescent lamps. On the basis of type, the market is segmented into standalone and grid connected. Based on the application, the market is segmented into industrial, residential, and commercial.

The Asia Pacific held significant revenue share in 2017 and is anticipated to continue its regional dominance over the forecast period. The region offers great opportunities for the market players; several governments are on the run towards the target of employing green solutions and eradicating the emissions level step by step. Other regions such as the Middle East & Africa show a considerable inclination in the solar street lighting. This rise in inclination is expected to boost the overall growth of the market in this region. Moreover, North America and Europe are majorly focusing on the maximizing the utilization of solar energy which tends to positively impact the market growth in this region.

Some of the industry players operating in the solar street lighting market include Philips Lighting Holding B.V, SOKOYO Solar Group, Sol Inc., Dragons Breath Solar, Bridgelux, Omega Solar, MarSunna Design Inc., Urja Global Ltd., Solektra International, Leadsun VerySol GmbH, Solar Street Lights USA, and Yingli Solar