Solar Street Lighting Market Trend & Forecast | 2022-28

Market Insights

The solar street lighting market is likely to grow from USD 3.36 billion in 2021 to reach USD 6.99 billion by 2028 at a healthy CAGR of 10.75 % during the forecast period.

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What is solar street lighting?

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.

Drivers

The various factors contributing to the demand are:

• Increasing demand for clean energy
• Increasing off-grid electricity demand, and stringent regulations towards sustainable infrastructure development.
• Urbanization is expanding quickly, and the need for sustainable infrastructure is growing.

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Key Players

Some of the major manufacturers are-

• 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)
• Solar Lighting International, Inc.

Segment Analysis

By Product Type

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.  

By Application Type

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.

By Region  

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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Segmentation

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 market is segmented into the following categories. 

By Product Type:

• Standalone 
• Grid Connected 

By Luminaries Type:

• LED 
• CFL 

By Application Type:

• Residential 
• Commercial 
• Industrial 

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

• 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 1,000 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 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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.