Solar Street Lighting Market Will Grow At Highest pace

The solar street lighting market comprises lighting systems that use photovoltaic panels to harness solar energy during the day

Solar Street Lighting Market

Table Of Contents

The solar street lighting market comprises lighting systems that use photovoltaic panels to harness solar energy during the day which is then stored in batteries. This stored energy powers LED street lights at night, thereby providing eco-friendly and sustainable lighting solutions for outdoor applications. Solar street lights have key advantages such as zero maintenance and operation costs, zero carbon emissions, and long operational lifespan of over 25 years. The need for reliable, off-grid lighting infrastructure is growing globally especially in remote locations lacking access to electricity grids.

The Global Solar Street Lighting Market is estimated to be valued at US$ 38.15 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031.

Key Takeaways

The demand for Solar Street Lighting Market Size is increasing owing to the need for reliable off-grid lighting infrastructure especially in remote areas and developing countries that lack access to electricity grids. Governments across various countries are also introducing subsidies and favorable policies to promote the adoption of renewable energy-based lighting solutions.

Key players operating in the solar street lighting market are VerySol Inc., Solar Street Lights USA, Dragons Breath Solar, Urja Ltd., Solektra International LLC, Bridgelux Inc., SOKOYO Solar Group, Sunna Design, Sol Inc., Signify Holding, Omega Solar, SolarOne Solutions Inc., Hitechled, Fevino Industries LLP, Systellar, Wolta Power System, SunMaster, Wipro Lighting, Swami Energy, and Sunrise Solar. The key players are focusing on expanding their product portfolios and global footprint to capitalize on the high growth opportunities.

Market Trends

One of the major trends spurring growth in the solar street lighting market is the increasing preference for smart and connected lighting systems for smart city initiatives. Leading players are focusing on integrating IoT, remote monitoring, and dusk-to-dawn automation features to deliver intelligent lighting-as-a-service.

Another key trend is the development of innovative financing mechanisms to accelerate solar street lighting adoption. Companies are partnering with financing organizations to provide affordable financing, leasing, and pay-as-you-go payment options to address budget constraints faced by municipal authorities and residential consumers.

Impact of COVID-19 on Solar Street Lighting Market
The COVID-19 pandemic impacted the growth of the solar street lighting market. The nationwide lockdowns imposed by various governments led to a temporary halt in the manufacturing activities. This resulted in disruptions across various semiconductor supply chains and raw material shortages. The international trade restrictions further aggravated the issue. However, the post-lockdown reopening witnessed a sharp rise in demand for off-grid lighting solutions as renewable sources gained prominence. The pandemic accentuated the environmental concerns and public health issues associated with fossil fuels. Government support initiatives and funds channelized towards RE programs aided the market recovery. The global push for decentralization and self-reliance propelled the adoption of stand-alone solar lights for households, public areas, parks etc. Technological advancements in Li-ion batteries and LEDs boosted the affordability. Municipal projects promoted ‘green bailing’ by replacing traditional lamps. However, rising module costs because of supply constraints remain a challenge.

The Asia Pacific region contributes the largest share to the global solar street lighting market value, led by countries like India, China, and Australia. The region hosts a significant number of manufacturers and also witnesses high adoption rates. Numerous infrastructure projects under China’s Belt and Road Initiative incorporate solar lights. India heavily invests in rural electrification through standalone systems under schemes like Street Light National Programme. Australia too targets 100% solarization of public lighting by 2025. 
Geographic concentration of Solar Street Lighting Market
The Asia Pacific region accounts for over 40% of the global solar street lighting market value. This is attributed to strong presence of low-cost manufacturers in China and high installation rates across emerging markets like India, Bangladesh, Philippines etc. Countries such as India and China actively adopt policies and conduct large-scale programs focused on rural electrification and infrastructure modernization through solar solutions.

Fastest growing region for Solar Street Lighting Market

Europe and Africa are considered promising and fastest growing regional markets for solar street lighting globally. This is backed by increasing focus on renewable energy transitions, declining system costs and supportive policy frameworks. In Europe, countries have set ambitious carbon neutrality targets to switch to zero-emissions technologies. For instance, UK aims at 100% renewable public lighting by 2025. Germany offers financial incentives for municipalities adopting solar street lights.

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