06-May-2022 | Zion Market Research
The global solar street lighting market was worth around USD 5,291.5 million in 2021 and is estimated to grow to about USD 12303.5 million by 2028, with a compound annual growth rate (CAGR) of approximately 15.1 percent over the forecast period. The report analyzes the solar street lighting market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the solar street lighting market.
Solar street lighting solutions have seen an increase in popularity as the focus on sustainable lighting and energy increases. These lighting solutions utilize sun radiation for operation and are extremely eco-friendly and reduce the overall energy consumption in the most economical manner. The increasing popularity of solar energy and other renewable energy sources will boost the solar street lighting market potential.
Solar street lighting will see an increase in adoption owing to the rising focus on sustainability across the world. The increasing demand for energy is expected to be met by the adoption of such renewable energy alternatives across the world. Increasing support from governments and rising investments in sustainable lighting are expected to favor solar street lighting market potential through 2028.
The increasing popularity of LED lighting fixtures is also expected to influence the solar street lighting market potential. Rising consumer awareness for environmental conservation is also predicted to favor the installation of solar street lighting solutions across the world.
The solar street lighting market will be majorly hampered by the high installation costs associated with these fixtures and this trend is expected to be prominent through the forecast period. This factor will majorly hinder the market potential for the low-income economies across the world. Solar street lighting companies will be focusing on launching new affordable solutions to enable market growth at its full potential. Solar street lighting companies are also expected to adopt multiple strategies to boost sales of solar street lighting on a global scale.
The pandemic of 2020 led to a negative growth trend in the solar street lighting marketplace and this hampered the sales of solar street lighting solutions. Restricted outdoor activity in the lockdowns imposed to curb the spread of coronavirus infections also led to a downfall of the solar street lighting market.
The solar street lighting market is projected to make a good comeback in the post-pandemic era as the installation of solar street lighting solutions picks up pace across the world. An increasing focus on managing energy and electricity consumption is expected to majorly boost the adoption of solar street lighting.
The global solar street lighting market is segregated based on type, lighting source, application, and region. Based on application, the global market is distinguished into commercial, residential, and industrial. The industrial segment is projected to have a dominant outlook over the forecast period owing to the rising focus on sustainability and energy management. This segment will obtain a major market share through 2028. Increasing demand from the residential sector is also anticipated to boost solar street lighting market growth over the forecast period.
Asia Pacific region is expected to hold a dominant outlook in the global solar street lighting industry landscape. The solar street lighting market growth in this can majorly be influenced by rapid industrialization and urbanization in this region. Prominently the demand will be driven by countries like India, China, and Japan who are focusing on managing their energy requirements and consumption owing to the increasing population. The rising popularity of renewable energy and increasing support from the government to adopt these initiatives are expected to bolster the solar street lighting market potential in the Asia Pacific region through 2028.
Key players functioning in the global solar street lighting market include Philips Lighting Holding B.V., Bridgelux, Inc., Omega Solar, Dragons Breath Solar, Solektra International, SOKOYO Solar Group, Sunna Design, Solar Street Lights USA, Urja Global Ltd.
Recent developments:
Browse the full “Solar street lighting Market By Type (Standalone, Grid Connected), By Lighting Source (CFL, LED), By Application (Residential, Commercial, Industrial), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028” Report at https://www.zionmarketresearch.com/report/solar-street-lighting-market
Global solar street lighting market is segmented as follows:
By Type
By Lighting Source
By Application
By Region
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