Solar Street Lighting Market Outlook
According to a new report by Expert Market Research titled, “Global Solar Street Lighting Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global solar street lighting market reached a value of USD 6.73 billion in 2023. Aided by the escalating demand for renewable energy solutions and the global push for energy efficiency in public infrastructure, the market is projected to further grow at a CAGR of 16.40% between 2024 and 2032.
Solar streetlights, harnessing the power of the sun, epitomise the intersection of technological advancement and ecological responsibility. These autonomous lighting systems, equipped with LEDs, solar panels, and rechargeable batteries, offer a sustainable alternative to traditional street lighting, reducing reliance on conventional power grids and minimising carbon footprints.
The surge in the solar street lighting market demand is primarily driven by growing environmental awareness and the urgent need for sustainable development. The international commitment to reducing greenhouse gas emissions, as embodied in agreements such as the Paris Accord, has propelled governments and municipalities to adopt clean energy technologies, with solar street lighting at the forefront.
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Urbanisation trends further amplify the demand for solar street lighting. As cities expand, the necessity for robust and energy-efficient street lighting systems becomes paramount, not only to ensure public safety but also to enhance the quality of urban life. Solar street lighting, with its low operational costs and minimal environmental impact, is increasingly recognised as a key component of smart city initiatives.
Innovation in solar technology has also boosted the solar street lighting market growth. Advances in photovoltaic cells, LED efficiency, and battery storage have significantly improved the performance and reliability of solar street lights, making them a viable option for a wide range of climatic and geographical conditions.
Moreover, the declining costs of solar components, coupled with supportive government policies and subsidies, have made solar street lighting more accessible and affordable. This economic feasibility, combined with the long-term cost savings on electricity and maintenance, has made solar street lighting an attractive investment for public and private sectors alike.
Solar street lighting finds its applications spanning across highways, urban streets, public parks, and rural areas, illuminating the path to safety, security, and sustainability. The adaptability of solar street lights to various environments, from bustling city boulevards to remote pathways, underscores their versatility and efficacy.
Geographically, the Asia Pacific region holds a significant portion of the solar street lighting market share, attributed to its rapid urbanisation, increasing investments in infrastructure development, and favourable government initiatives promoting solar energy. Countries like India and China are at the helm of this growth, leveraging solar street lighting to meet their burgeoning urban lighting needs while adhering to environmental sustainability goals.
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Solar Street Lighting Market Segmentation
The market can be divided based on product type, connection type, end users, and region.
Market Breakup by Product Type
- CFL
- LED
Market Breakup by Connection Type
- Standalone
- Grid Connected
Market Breakup by End Users
- Residential
- Commercial
- Industrial
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global solar street lighting market. Some of the major players explored in the report by Expert Market Research are as follows:
- Signify N.V.
- Leadsun
- Jiangsu Sokoyo Solar Lighting Co., Ltd.
- Nomo Group Co. Ltd
- Dragons Breath Solar Ltd.
- Sunna Design SA
- Others
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