Solar Street Lighting Market Analysis & Forecast 2024-2030

Global Solar Street Lighting Market is expected to reach USD 13109.38 million by 2030 with CAGR of 14.3% between 2024 and 2030

Overview

Solar street lighting is widely being adopted around the world and is extensively used to light roads, highways, gardens, commercial buildings, schools, college campuses, and government buildings. Solar street lighting is very useful in remote areas and hill areas where power grid access is not available or places where electricity cannot be provided. Rising adoption and demand for renewable and sustainable energy solutions to reduce environmental stress are driving the growth of the Global Solar Street Lighting Market.  

Solar street lighting offers several advantages these lightning systems are economical, easy to install, and require less maintenance due to which they are widely being preferred to light roads and public areas. However, the low penetration rate and availability of substitutes are hampering the growth of the market. Ongoing technological advancements in solar panels, declining prices of the solar PV modules and components, rising investment in the development of infrastructure in developing countries will offer lucrative opportunities in the forecast period.  

Product types & Competitive analysis

Based on product type, the market is segmented into standalone and grid-connected solar lighting systems. The standalone segment accounted for the largest revenue share in 2023. Standalone products are low-cost, lighter, and less complex as compared to grid-connected solar lighting systems. Due to their unique designs, they are widely used in residential and commercial applications. Rising awareness regarding the benefits of solar street lighting in terms of power consumption, rising technological advancements in increasing efficiency of energy storage capacity, promising demand for solar street lighting in developing countries will propel the growth of the standalone product type segment in the forecast period 2024-2030. Grid-connected solar lighting was the fastest-growing segment in 2023 and is expected to grow at the highest CAGR owing to growing adoption in commercial applications.  

Competitive analysis included in research study helps user to understand key players market positioning and marketing strategies. On-going research in solar street lighting with the use of new materials and progress in terms of performance of high energy density battery storage system is offering several opportunities to the manufacturers and key stakeholders. Several lighting product manufacturers are entering into the emerging solar street lighting sector.  

For instance, in March 2018 Philips Lighting a global leader in lighting products is building its product portfolio in the solar sector with new products and systems and large street lighting projects in Asian countries such as India and Thailand. Several companies are engaging in marketing and running campaigns for raising awareness about the role of renewable solar lighting in developing a sustainable environment. Rising investment in the solar electricity manufacturing sector, the decline in component cost, have resulted in an upsurge in solar street lighting production from Asian manufacturers.  

Application & Regional analysis

Global Solar Street Lighting Market on the basis of applications is segmented into residential, industrial, and commercials. The residential segment accounted for a major share in the Global Solar Street Lighting Market, in 2023, in terms of value. Residential areas are making large-scale use of solar street lighting as it provides high-quality illumination for outdoor premises with a significant advantage over energy cost. In the past decade, the commercial segment has also grown at a significant pace owing to the adoption of solar street lighting systems in manufacturing facilities, railway stations, office campuses, retail warehouses, etc.  

Regional outlook of research study is based on analysis of market in North America, Europe, Asia Pacific, Middle East, South America, and Africa & Rest of the World. The Asia Pacific dominates the Global Solar Street Lighting Market. The growth in the region was mainly driven by countries such as China and India. The market has been growing over the past several years as a result of the increasing demand for solar street lighting in commercial, residential, and industrial applications. Solar based lighting solutions have garnered huge popularity in urban and rural areas in Asian countries.  

The governments in the Asia Pacific region are heavily investing to strengthen residential infrastructure which has resulted in the adoption of green technologies such as solar energy. For instance, Energy Efficiency Services Limited (EESL) an energy service company of the Government of India along with Phillips Lighting is going to install 60 thousand Solar Smart Bright street lights in off-grid villages in Uttar Pradesh, Assam, Bihar, Orissa, and Jharkhand. Europe is the second-largest market in terms of revenue generation in 2023. The growth was attributed to the rising installation of solar-based lighting solutions in different community areas to reduce emissions and boost eco-friendly lighting solutions.  

North America was the fastest-growing region in terms of the adoption of solar-powered lighting solutions in residential and commercial applications owing to less maintenance and operating costs associated with traditional street lights. Further, stringent carbon emission laws, consumer's shift towards the use of green technologies are likely to boost the growth of the market in the forecast period 2024-2030. Growing awareness regarding solar street lighting, considerable cost-effectiveness, rising investments for infrastructure development from governments in the Middle East and African countries have resulted in increased adoption of solar street lighting in residential and commercial applications which will boost the growth in the region in the forecast period 2024-2030.  

Solar Street Lighting Market : Product Types

• Standalone
• Centralized
• Portable

Solar Street Lighting Market : Application

• Industrial
• Commercial
• Domestic

Solar Street Lighting Market : Competitive Analysis

The report includes accurate analysis of key players with Market Value, Company profile, and SWOT analysis. The Study consists of the following key players in the Solar Street Lighting Market :

• Sunna Design SA
• Urja Global Ltd.
• Solar Lighting International Inc.
• Anhui Longvolt Energy Co. Ltd.
• BISOL Group d.o.o.
• G Solar
• G Solar
• Covimed Solar Group

Geographical analysis of Solar Street Lighting Market :

• North America
  • U.S.A
  • Canada
• Europe
  • France
  • Germany
  • Spain
  • UK
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South East Asia
• Latin America
  • Brazil
• Middle East and Africa

Global Solar Street Lighting Market Report delivers a comprehensive analysis of the following parameters:

• Market Forecast for 2024-2030
• Market growth drivers
• Challenges and Opportunities
• Emerging and Current market trends
• Market player Capacity, Production, Revenue (Value)
• Supply (Production), Consumption, Export, Import analysis
• End user/application Analysis

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