Global Solar Street Lighting Market – Overview
Increasingly, solar power is being used for street lighting around the world. The long term power saving, conservation of natural resources and elimination of the need for generating additional power are leading to the fast adoption of solar street lighting systems around the world. Solar Street Lighting, an ideal option for lighting up roadways, streets, yards, boulevards, car parking spaces, airports, parks, civilian and military security installations, and almost any outdoor space. The solar panel receives sunlight and converts it into electricity, obtained energy storing in rechargeable batteries. The light automatically turns on with nightfall and can be customized to the desired brightness and wattage. However, the installation of these systems in an appropriate manner is crucial to ensure maximum efficiency.
Governments focusing on adoption of solar LED street lighting due to eco-friendly and cost-efficient nature. Recent trend shows that LED solar street lighting projects have been rising, owing to factors such as uniform lighting, enhancing safety and acuity on roadways. Declining costs of solar components will further assist the LED and CFL segments to flourish. Vendors are encouraged to provide efficient solar lighting solutions, especially in emerging economies, such as India, where the government has recently launched an initiative to replace 35 mn streetlights and nearly 800 mn incandescent bulbs with energy-efficient LED bulbs.
Increasing electricity demand owing to rising consumption is expected to Fuel Solar Lighting Market growth. Global Solar Street Lighting Market size is further segregated on product basis as standalone and grid connected. Standalone product accounted for over 89% due to increasing demand for clean fuel energy couple with increasing off grid population across the region. The International Renewable Energy Agency (IRENA) anticipates that India’s solar photovoltaic (PV) deployment would be about 209 GW by 2030. Moreover, supportive government policies to the use of renewable power sources is expected to boost growth of the Global Solar Street Lighting Market.
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Global Solar Street Lighting Market is growing with the rapid pace; mainly due to advancement in technologies. According to a recent study report published by the Market Research Future, The global market of Solar Street Lighting is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
Solar Street Lighting Market – Competitive Analysis
Solar Street Lighting Market appears to be competitive with the presence of several large and small players operating in the Solar Street Lighting Market. These Key players compete based upon pricing, quality, technology and reputation. Key players in the Solar Street Lighting Market are VerySol Inc. (U.S.), Solar Street Lights USA (U.S.), Dragons Breath Solar (U.K.), Urja Global Ltd. (India), Solektra International LLC (U.S.), Bridgelux Inc. (U.S.), SOKOYO Solar Group (China), Sunna Design (France). Solar Street Lighting Market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further. Manufacturers operating in the Solar Street Lighting Market strive to respond to the growing demand for larger wind capacity Moreover, manufacturers mainly ensure to deliver the best quality products based on innovative technologies, and best practices.
Industry/ Innovation/ Related News:
11 April 2017: Solar Street Lighting, A UK clean tech developer has launched a £3.5bn funding scheme to help local authorities and businesses install street lighting powered entirely by renewable energy.
Solar Street Lighting Market – Regional Analysis
Geographically, the market has been segmented into four major regions such as North America, Asia-Pacific, Europe and Rest of the World. Several governments are on the target of employing green solutions and eradicate the emissions level step by step which is offering ample of opportunities for the market players. The rise in inclination is expected to boost the overall growth of the solar street lighting market. Efforts of developed nations such as Europe and North America are also keenly focusing on maximum utilization of solar energy, which on the positive note bolstering the growth of the Global Solar Street Lighting Market.
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