Solar Street Lighting Market worth USD 48.31 Billion by 2027, registering a CAGR of 21.93% – Report by Market Research Future (MRFR)
New York, June 30, 2021 (GLOBE NEWSWIRE) — Solar Street Lighting Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Solar Street Lighting Market Research Report, Type, Product Type, Application and Region – Forecast till 2027” the market is projected to be worth USD 48.31 Billion by 2027, registering a CAGR of 21.93% during the forecast period (2021 – 2027), The market was valued at USD 12.15 billion in 2020.
Solar Street Lighting Market Analysis/Solar Street Lighting Market Outlook
COVID-19 Impact on Solar Street Lighting Market
The COVID-19 crisis has made the world come to a standstill, causing disruption in global businesses. Solar energy in the last two decades has experienced noteworthy growth. However, the outbreak has disrupted this momentum considerably. Governments are tackling such challenges and determining the pace of solar energy deployment in the future. At large, the solar industry impacted by the effect of the pandemic and its uncertainty has resulted in concern for most businesses. Further, China being the largest market for generation of solar energy, the slowdown in the economic growth in the country has impacted the overall renewable energy investment and generation globally. With regards to India, the outbreak has hit at a time when the solar project execution in the country is at its highest in the financial year’s last quarter. India has ambitious targets to attain the 100GW solar energy target by 2022. In January 2020, the country has installed about 35GW of solar energy projects.
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Key Players
Eminent players profiled in the global solar street lighting industry report include-
- VerySol Inc. (U.S.)
- Solar Street Lights USA (U.S.)
- Dragons Breath Solar (U.K.)
- Urja Global Ltd. (India)
- Solektra International LLC (U.S.)
- Bridgelux Inc. (U.S.)
- SOKOYO Solar Group (China)
- Sunna Design (France)
- Sol Inc.(U.S.)
- Philips Lighting Holding B.V.( the Netherlands)
- Omega Solar (India).
Key players have incorporated several strategies to stay at the forefront such as new product launch, partnership, acquisition, and more. For instance, EV startup Magenta has developed a one-of-a-kind solar streetlight charging station.
Industry Updates
June 2021- Greater Visakhapatnam Municipal Corporation will soon set up 10,000 solar streetlights in the city, thus making Vizag the first city in India to possess the highest number of solar street lamps, hence contributing to environmental protection in its way.
Browse In-depth Market Research Report (110 pages) on Solar Street Lighting
https://www.marketresearchfuture.com/reports/solar-street-lighting-market-5350
Enhancing Features that Bolster Market Growth
As per the latest MRFR report, there are numerous factors that are propelling the global solar street lighting market share.
Solar Street Lighting Market Drivers/Solar Street Lighting Market Trends
Surge in Popularity of Smart Solar Street Lighting to Boost Market Growth
The growing popularity of smart solar street lighting is likely to boost market growth over the forecast period. This is owing to its alluring features such as quick fault detection due to real-time control decisions through central control unit/device, low maintenance and operational costs, and energy efficiency. These smart street devices are widely deployed in smart city projects for monitoring and reducing energy consumption and are predicted to be in high demand in the days to come.
Opportunities
Rise in Energy-Saving Lighting Systems to Offer Robust Opportunities
The rise of energy-saving lighting systems is likely to offer robust opportunities for the market over the forecast period. The energy-efficient systems help in curbing the demand for electricity along with being a cost-effective means of lighting-system over conventional lighting methods.
Restraints
High Cost to act as Market Restraint
The soaring initial cost of setting up solar street lighting may impede the global solar street lighting market revenue over the forecast period.
Challenges
Lack of Awareness to act as Market Challenge
The lack of awareness about solar street lightings may act as a market challenge over the forecast period.
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Market Segmentation
- By Product Type
By product type, the LED segment will lead the market over the forecast period and at a high CAGR for excellent characteristics and well-organized wattage. High acceptance of devices that are renewable energy powered with an increase in subsidy schemes will foster the segment growth. Also, the growing focus related to resource optimization with different creativities subject to the adoption of renewable energy will favor the market.
- By Application
By application, the industrial application will dominate the market over the forecast period for the increase of advanced smart control network enterprises, rise in on-site electricity generation, the present developments in sustainable manufacturing, and the growing need for energy optimization.
- By Type
By type, the standalone segment will spearhead the market over the forecast period. Standalone solar street lights are not connected with the grid for power supply. Such systems have the battery which is used for storing solar energy. With regards to price, they are cost-efficient.
Regional Takeaway
APAC to Spearhead Solar Street Market
The Asia Pacific region is predicted to spearhead the market over the forecast period. Rapid urbanization in different emerging economies such as China and India, the rising GDP of dynamic economies, the presence of several key players, the role of government initiatives regarding the use of energy effective lighting systems with minimized product costs, expansion of manufacturing facilities, rise of solar projects, and the demand for improved energy management systems are adding to the global solar street lighting market growth in the region.
Segmentation of Market covered in the research:
Information By Type (Standalone, On Grid), By Product Type (Compact Fluorescent Lamps (CFL), Light Emitting Diode (LED)), By Application (Residential, Commercial, Industrial), and By Regions (North America, Europe, Asia-Pacific, and Rest of the World)
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