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In 2022, the size of the solar street lighting market was estimated at USD 1.38 billion. According to projections, the market for solar street lighting would increase from USD 1.57 billion in 2022 to USD 3.96 billion in 2030, with a compound annual growth rate (CAGR) of 15.10% from 2023 to 2030. Environmental pollution reduction and the sustainability of solar energy are the main market factors boosting market expansion.
Total grid independence is offered by solar street lights. Solar illumination has become a common and dependable option to power street lights due to its low maintenance requirements and low operating expenses. This makes it possible to transmit electricity to far places, which is currently not achievable with conventional technologies.
The market for solar street lighting is being driven by declining solar lighting solution costs. A National Renewable Energy Laboratory (NREL) research states that between 1980 and 2010, solar panel costs decreased by 80%, from $10/W to roughly $2/W. Between 2015 and 2019, the price fell by an additional 50%, from $0.70/W to $0.35/W. Their price reduction is anticipated to lower the cost of these systems, propelling the market.
The development of smart cities around the world is a key factor in the market expansion for solar street lighting. Numerous initiatives to construct smart cities have already been completed or are in the planning stages in China, the United States, Saudi Arabia, India, South Korea, and other nations. Comparatively to other APAC nations, China invests a significant amount of money in projects like these. Additionally, in 2018 South Korea and Malaysia agreed to collaborate on the construction of a smart city in Kota Kinabalu, the nation's capital and the seat of Malaysia's Sabah state. As a result, LED lighting is becoming more and more popular all over the world in order to enhance streetscapes and boost energy efficiency.Because of these lighting-related measures, the CAGR of the global market for solar street lighting has increased recently. However, in order to meet demand, there have been substantial improvements made in lowering maintenance costs, which is another element boosting the increase of the revenue for solar street lighting.
Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for solar street lighting. With significant industry changes like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organisations, market participants are also undertaking a variety of strategic activities to expand their global footprint. In order to grow and thrive in a market that is becoming more competitive and growing, competitors in the solar street lighting sector must offer products that are affordable. Additionally, state-wide government programmes for the electrification of highways and metropolitan infrastructure present considerable prospects for market players.
Producing greener solutions and lowering maintenance costs is one of the main business tactics used by solar street lighting manufacturers to assist customers and increase the market sector. The solar street lighting sector has recently given cutting-edge technologies some of the most important advantages. Major players in the solar street lighting market, including VerySol Inc. (the United States), Solar Street Lights USA (the United States), Dragons Breath Solar (the United Kingdom), Philips Lighting Holding B.V. (the Netherlands), Omega Solar (India), and others, are working to increase market demand by funding R&D initiatives.
Report Coverage
Global Solar Street Lighting research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Solar Street Lighting report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Solar Street Lighting competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Solar Street Lighting market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Solar Street Lighting market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Solar Street Lighting market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
VerySol Inc. (U.S.), Solar Street Lights USA (U.S.), Dragons Breath Solar (U.K.), Philips Lighting Holding B.V.(the Netherlands), Omega Solar (India) and others
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Solar Street Lighting market based on the below-mentioned segments:
Global Solar Street Lighting Market, By Type
Standalone
On Grid
Global Solar Street Lighting market, By Application
Residential
Commercial
Industrial
Global Solar Street Lighting Market, By Product Type
Compact Fluorescent Lamps (CFL)
Light Emitting Diode (LED)
Global Solar Street Lighting market, Regional Analysis
Total grid independence is offered by solar street lights. Solar illumination has become a common and dependable option to power street lights due to its low maintenance requirements and low operating expenses. This makes it possible to transmit electricity to far places, which is currently not achievable with conventional technologies.
The market for solar street lighting is being driven by declining solar lighting solution costs. A National Renewable Energy Laboratory (NREL) research states that between 1980 and 2010, solar panel costs decreased by 80%, from $10/W to roughly $2/W. Between 2015 and 2019, the price fell by an additional 50%, from $0.70/W to $0.35/W. Their price reduction is anticipated to lower the cost of these systems, propelling the market.
The development of smart cities around the world is a key factor in the market expansion for solar street lighting. Numerous initiatives to construct smart cities have already been completed or are in the planning stages in China, the United States, Saudi Arabia, India, South Korea, and other nations. Comparatively to other APAC nations, China invests a significant amount of money in projects like these. Additionally, in 2018 South Korea and Malaysia agreed to collaborate on the construction of a smart city in Kota Kinabalu, the nation's capital and the seat of Malaysia's Sabah state. As a result, LED lighting is becoming more and more popular all over the world in order to enhance streetscapes and boost energy efficiency.Because of these lighting-related measures, the CAGR of the global market for solar street lighting has increased recently. However, in order to meet demand, there have been substantial improvements made in lowering maintenance costs, which is another element boosting the increase of the revenue for solar street lighting.
Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for solar street lighting. With significant industry changes like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organisations, market participants are also undertaking a variety of strategic activities to expand their global footprint. In order to grow and thrive in a market that is becoming more competitive and growing, competitors in the solar street lighting sector must offer products that are affordable. Additionally, state-wide government programmes for the electrification of highways and metropolitan infrastructure present considerable prospects for market players.
Producing greener solutions and lowering maintenance costs is one of the main business tactics used by solar street lighting manufacturers to assist customers and increase the market sector. The solar street lighting sector has recently given cutting-edge technologies some of the most important advantages. Major players in the solar street lighting market, including VerySol Inc. (the United States), Solar Street Lights USA (the United States), Dragons Breath Solar (the United Kingdom), Philips Lighting Holding B.V. (the Netherlands), Omega Solar (India), and others, are working to increase market demand by funding R&D initiatives.
Report Coverage
Global Solar Street Lighting research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Solar Street Lighting report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Solar Street Lighting competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Solar Street Lighting market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | VerySol Inc. (U.S.), Solar Street Lights USA (U.S.), Dragons Breath Solar (U.K.), Philips Lighting Holding B.V.(the Netherlands), Omega Solar (India) and others |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Solar Street Lighting Market from 2021 to 2030.
- Market Forecast for Solar Street Lighting Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Solar Street Lighting competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Solar Street Lighting
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Solar Street Lighting market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Solar Street Lighting market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
VerySol Inc. (U.S.), Solar Street Lights USA (U.S.), Dragons Breath Solar (U.K.), Philips Lighting Holding B.V.(the Netherlands), Omega Solar (India) and others
Primary Target Market
- Market Players of Solar Street Lighting
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Solar Street Lighting market based on the below-mentioned segments:
Global Solar Street Lighting Market, By Type
Standalone
On Grid
Global Solar Street Lighting market, By Application
Residential
Commercial
Industrial
Global Solar Street Lighting Market, By Product Type
Compact Fluorescent Lamps (CFL)
Light Emitting Diode (LED)
Global Solar Street Lighting market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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