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Solar Street Lighting Market Growth Analysis | 2022-2028
Solar Street Lighting Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2022-2028
The solar street lighting market was estimated at USD 3.36 billion in 2021 and is likely to grow at a CAGR of 10.75% during 2022-2028 to reach USD 6.99 billion in 2028.
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Street lighting is an inevitable part of urban and rural infrastructure. Lighting creates a safe environment for both pedestrians and drivers. There has been a massive shift towards LED lighting on the streets across the globe, as it uses less energy and is more reliable than traditional sodium lamps. Being a renewable resource, solar power is increasingly being used for street lighting around the world.
The various factors contributing to the demand are:
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The following are the key players in the solar street lighting market:
Note: The above list does not necessarily include all the top players in the market.
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Segmentations |
List of Sub-Segments |
Segments with High Growth Opportunity |
|
Product Type Analysis |
Standalone, Grid-connected |
Standalone segment is expected to grow at a higher CAGR of 11.8% during the forecast period. |
|
Application Type Analysis |
Residential, Commercial, and Industrial |
Industrial segment is likely to be the major application type during the forecast period. |
|
Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
Asia-Pacific is estimated to be the fastest-growing region for the market during the forecast period. |
"Standalone segment is expected to grow at a higher CAGR of 11.8% during the forecast period."
The market is segmented as standalone and grid connected. The standalone segment is expected to grow at a higher CAGR of 11.8% during the forecast period, driven by the rapid expansion of sustainable electric networks, the high cost of conventional streetlight infrastructure across off-grid areas, and the increasing deployment of pico-solar systems.
"The industrial segment is likely to be the major application type during the forecast period."
The market is segmented as residential, commercial, and industrial. The industrial segment is likely to be the major application type during the forecast period. The on-site generation of electricity and the increasing focus on sustainable manufacturing are likely to contribute to the demand for the industrial segment.
"Asia-Pacific is estimated to be the fastest-growing region for the market during the forecast period."
Asia-Pacific is estimated to be the fastest-growing region for the market during the forecast period, driven by government initiatives for the adoption of energy-efficient lighting systems, expansion of manufacturing facilities, and decreasing product cost.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s solar street lighting market realities and future market possibilities for the forecast period of 2022 to 2028. After a continuous interest in our solar street lighting market report from the industry stakeholders, we have tried to further accentuate our research scope to the solar street lighting market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The solar street lighting market is segmented into the following categories:
By Product Type
By Luminaries Type
By Application Type
By Region
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.
Street lighting is an inevitable part of urban and rural infrastructure. Lighting creates a safe environment for both pedestrians and drivers. There has been a massive shift towards LED lighting on the streets across the globe, as it uses less energy and is more reliable than traditional sodium lamps. Being a renewable resource, solar power is increasingly being used for street lighting around the world.
The solar street lighting market was estimated at USD 3.36 billion in 2021.
The solar street lighting market was estimated is likely to reach USD 6.99 billion in 2028.
The solar street lighting market is likely to grow at a CAGR of 10.75% during 2022-2028.
Anhui Longvolt Energy Co., Ltd, BISOL Group, COVIMED SOLAR, Greenshine New Energy, Jinhua SunMaster Solar Lighting Co., Ltd, LEADSUN, Orion Solar Projects Private Limited, Shenzhen Spark Optoelectronics S&T Co., Ltd, Solar Electric Power Company (SEPCO), and Solar Lighting International, Inc. are among the key players in the market.
Asia-Pacific is expected to be the fastest-growing region in the market during the next five years.
The standalone segment is expected to grow at a higher CAGR in the market in the coming years.
The major factors driving the growth of the market are increasing off-grid electricity demand, and stringent regulations towards sustainable infrastructure development & urbanization. It is expanding quickly, and the need for sustainable infrastructure is growing.
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