Solar Street Lighting Market Projected to Reach USD 3.96 billion, with a CAGR of 14.10% by 2030

Dec 28, 2023

Solar Street Lighting Market Transforming Trends In 2023 by low Maintenance and Minimal Operation Costs over the Globe

New York, US, May 05, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), "Solar Street Lighting Market Research Report Information by Product Type, Region, Application, and Type - Forecast Till 2030", the global Solar Street Lighting market is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 14.10%. The reports further project the market to attain a valuation of around USD 3.96 billion by the end of 2030. As per the reports, the Solar Street Lighting market was worth nearly USD 1.38 billion in the year 2021.

Solar Street Lighting Market Overview:

The global market for Solar Street Lighting has recently displayed massive development. The main aspect causing a surge in the market performance is that it is a Reliable Source of Light in Remote Areas.

Competitive Analysis

The listing of the prominent leaders across the global market for Solar Street Lighting includes players such as:

VerySol Inc. (U.S.)

Omega Solar (India)

Sol Inc.(U.S.)

Solar Street Lights USA (U.S.)

Sunna Design (France)

Bridgelux Inc. (U.S.)

Urja Ltd. (India)

Philips Lighting Holding B.V.( the Netherlands)

Dragons Breath Solar (U.K.)

Solektra International LLC (U.S.)

SOKOYO Solar Group (China)

Among others.

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Solar Street Lighting Market USP Covered

Market Drivers

The global market for Solar Street Lighting has recently displayed massive development. The main aspect causing a surge in the market performance is that it is a Reliable Source of Light in Remote Areas. Furthermore, factors such as an increase in smart cities, increased energy efficiency, and significant advances in reducing maintenance costs will also likely boost market performance over the coming years.

Market Restraints

On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the lack of awareness. Furthermore, the high initial cost of deployment is another crucial aspect anticipated to hamper the market's performance.

Solar Street Lighting Market Report Scope:

Report Metrics

Details

Market Size 2030

2030: USD 3.96 billion

CAGR during 2022-2030

14.10% CAGR

Base Year

2021

Forecast

2022-2030

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Type, Product Type, Application, and Region

Key Market Opportunities

Reducing the environment pollution

Key Market Dynamics

Sustainability of solar radiant energy

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COVID-19 Impact

Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Solar Street Lighting market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.

Solar Street Lighting Market Segment Analysis

Among all the types, the standalone solar street lighting segment secured the top spot across the global solar street lighting market in 2021. The main parameter supporting the development of the segment is the use of standalone systems in remote areas.

Among all the product types, the LED solar lighting segment is anticipated to ensure the leading position across the global market for solar street lighting over the assessment era. The advantages include better efficiency in light and lower price, less energy consumption, and reliability. Furthermore, the growing application areas of these lightings are also likely to boost the segment's performance over the assessment period.

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Among all the application areas, the commercial segment secured the leading position across the global solar street lighting market in 2021. The main parameter supporting the development of the segment is the rising initiatives by governments and civic authorities for using solar lighting. Furthermore, factors such as rising citizen awareness of the burden of using conventional light sources and the increasing demand for solar lighting are also likely to catalyze the performance of the market segment over the coming years.

Solar Street Lighting Market Regional Analysis

The global Solar Street Lighting market is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.

The research reports by MRFR suggest that the Asia-Pacific region secured the top position across the global solar panel market in 2021 with the largest revenue share of around USD 0.63618 billion. The regional market is predicted to showcase a considerable growth rate of approximately 46.10% over the review era. The main parameter supporting the development of the regional market is the rapid urbanization across the developing nations in the region. Furthermore, the drift towards green energy coupled with government initiatives for solar installations across the region is also anticipated to impact the regional market performance over the coming years positively.

The European region is anticipated to secure the second leading position across the global market for solar street lightings over the assessment period. The main aspect causing a rise in the regional market's performance is the advanced technology & efficient distribution network. Furthermore, the low cost of maintenance during its operation and the lowering of environmental pollution are also anticipated to influence the development of the regional market over the assessment era. The region has Germany and the U.K. as the leading growth contributors.

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The North American regional market for solar street lighting is anticipated to showcase a substantial development over the review era. Strict carbon emission regulations are the primary parameter supporting regional market development. Furthermore, the government's ambitious green energy targets are also considered to be one of the crucial parameters enhancing the performance of the regional market. The U.S. market contributed to the maximum share across the regional market, whereas Canada secured the second spot.

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