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NEW DELHI , March 8, 2022 /PRNewswire/ -- According to the study undertaken by Astute Analytica the Global Solar Street Lighting Market was valued at US$ 3,972.0 Million in 2021 and is forecasted to reach US$ 15,716.4 Million by 2030. The market is expected to register a CAGR of 17.12% during forecast period 2022-2030. Global Solar Street Lighting Market is driven by the increasing urbanization and rising focus on solar energy. Solar Street Light (SSL) are majorly used for outdoor street lighting which are powered by solar panels and are operated on stand alone mode into the pole itself. Technology comprise of a rechargeable battery and are designed to work throughout the night. The street lights which work on wireless technology holds the capability of turning on and off of the network automatically by sensing outdoor lights.
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With the rising urbanization, the urban population as well as urban areas also expands and the application of solar lights can also be seen in residential, commercial and industrial areas. Increasing public investment by government leads to more construction projects of highways and roadways. Highways and roadways are a huge opportunity ground for solar streetlights. Stringent regulatory reforms and rising initiatives by governments and civic authorities to use solar lighting will further stimulate the solar street lighting market growth. Also, Solar and Wind Power are two examples of renewable energy sources that are becoming increasingly relevant in the marketplace. The demand for solar has grown owing to strong federal policies, fast decreasing costs and increasing demand for sustainable electricity across the commercial and public sectors. Furthermore, higher initial investments in installing solar streetlight inhibit the market growth of solar street lighting market. The total cost of installing a solar streetlight can be three or four times more than the cost of installing a traditional streetlight with the same efficiency.
Standalone segment is estimated to have the highest market share during the forecast period
Based on type, the global street lighting market is segmented into portable, standalone, centralized and others. Standalone segment is projected to hold the highest percentage share of revenue and has the highest projected CAGR for the period 2022-2030. Standalone segment is expected to grow at a CAGR of 17.79% during the forecast period owing to increasing adoption across remote and off grid areas. A standalone solar streetlight is designed and operated independent of a power grid. They are an excellent source for emergency lightening and back lightening.
Solar panel component segment holds the highest revenue share in 2021
Based on component segment, the Global Solar Street Lighting Market is divided into controller, lamp, solar panel, sensors, battery and Others. Solar panel component dominated the global solar street lighting market with the highest revenue share in the year 2021 as the installation and operational cost of solar panels is less in comparison to Lamp and Battery type components. Lamp segment is expected to grow with a CAGR of 17.81% for the period of 2022-2030.
Highway and Roadway segment is projected to grow at a fastest CAGR during the forecast period
Based on application, the global solar street lighting market is further classified into parking lot, highways & roadways, airport runway, manufacturing site, playgrounds, garden and others. Highways & Roadways segment holds highest share and is projected to grow at the highest CAGR of 17.64% during the forecast period. As they enhance security and sustainability of roads and nearby areas, its application can be seen in highways & roadways, freeways, rural roads and neighborhood streets, etc.
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Asia-Pacific is projected to have the largest market share in the Global Solar Street Lighting Market
The geographical classification of the global solar street lighting market is into North America , Europe , Asia Pacific , Middle East & Africa and South America. Asia Pacific region holds the highest CAGR of 18.03% in the global solar street lighting market over the forecast period. Because of undergoing rapid sustainable and smart infrastructural developments due to numerous smart cities projects, the growth in demand of solar street lighting can be seen in Asia Pacific region.
Global Solar Street Lighting Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global market include Philips Lighting Holdings B.V., Signify Holding BV, Acuity Brands, Bridgelux Inc., Jiangsu SOKOYO Solar Lighting Co. Ltd., Bajaj Electricals Limited, Urja Global Ltd, Cooper Lighting LLC, Dragons Breath Solar, Omega solar, Solar Street Lights USA and Solektra International LLC among others.
Global Solar Street Lighting Market is segmented based on type, component, application and region. The industry trends in global solar street lighting market are sub-divided into different categories in order to get a holistic view of the global solar street lighting market.
Following are the different segments of the Global Solar Street Lighting Market:
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