The solar street lighting global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Solar Street Lighting Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The solar street lighting market size has grown rapidly in recent years. It will grow from $8.93 billion in 2023 to $10.55 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to advocacy and community engagement, government initiatives and policies, environment and sustainability awareness, rural electrification initiatives, urban development and infrastructure projects..
The solar street lighting market size is expected to see rapid growth in the next few years. It will grow to $19.97 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to market expansion in developing regions, rising energy costs and demand, environmental awareness and sustainability goals, government support and policies.. Major trends in the forecast period include hybrid solar lighting systems, artificial intelligence (ai) and energy optimization, community-centric lighting solutions, enhanced durability and weather resistance, modular and scalable designs..
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Scope Of Solar Street Lighting Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Solar Street Lighting Market Overview
Market Drivers –
The increasing demand for clean energy is expected to propel the growth of the solar street lighting market going forward. Clean energy is energy produced by production processes that do not emit any pollutants, particularly greenhouse gases such as CO2 that contribute to global warming to improve environmental protection. Clean energy such as solar energy is commonly used as renewable energy in public lighting, where, solar street light contains photovoltaic solar panels integrated into their design, which effectively capture sunlight throughout the day and store the energy in a battery system. This ‘ battery discharges its energy to the light source at night. For instance, in December 2021, according to the report published by International Energy Agency (IEA), a France-based autonomous intergovernmental organization for energy, world renewable electricity capacity is anticipated to increase by more than 60% in 2026 with over 4 800 GW. Additionally, the world’s electricity capacity is expected to come from renewable sources virtually exclusively—solar PV will provide more than half due to a rise in favorable government policies and more ambitious clean energy goals. Therefore, the increasing demand for clean energy is driving the growth of the solar street lighting market.
Market Trends –
Product innovations are a key trend gaining popularity in the solar street lighting markets. Major companies operating in the solar street lighting market are introducing innovative products to sustain their position in the market. For instance, in November 2021, Servotech Power Systems, an India-based company operating in green energy, introduced a 2in1 solar street light to deliver high-quality illumination for outdoor spaces. There are two product variations in this series and it is an integrated and dual-purpose solar street light that provides over 105lm/W of light output, a lifespan of over 50000 hours, and an IP 66 grade to ensure protection even in the most extreme outdoor conditions. The solar PV modules used in these lamps are composed of highly efficient polycrystalline that has been utilized and tested for longer endurance and can endure highly corrosive atmospheres and significant wind loads, increasing charging efficiency by about 25%. Streets and roads, highways, compounds, parks, boundary walls, car parking lots, military and civilian security installations, airports, etc. can all benefit from the use of these solar street lights.
The solar street lighting market covered in this report is segmented –
1) By Type: Portable, Standalone, Centralized
2) By Component Type: Controller, Lamp, Solar Panel, Sensors, Battery, Other Components
3) By Luminaries: Light Emitting Diode, Compact Fluorescent Lamps
4) By Application: Parking Lot, Highway And Roadway, Airport Runway, Manufacturing Site
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Regional Insights –
Asia-Pacific was the largest region in the solar street lighting market in 2023. The regions covered in the solar street lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the solar street lighting market report are Acuity Brands Inc., Bajaj Electricals Limited, Bridgelux Inc., Cooper Lighting LLC, Dragons Breath Solar, Jiangsu Sokoyo Solar Lighting Co. Ltd., Signify Holding B.V., Solektra Solar Energy, Sunna Design SA, Urja Global Ltd., Omega Solar LLC, VerySol GmbH, Solar Street Lights, Yingli Solar Holding Co. Ltd., Greenshine New Energy Co. Ltd., ABB Limited, Nomo Group CO. Ltd., Su-Kam Power Systems Ltd., GE Lighting, Digital Lumens Incorporated, Honeywell International Inc., Legrand Group, Lutron Electronics Company Inc., Osram Licht AG, Zumtobel Group AG, Anhui Longvolt Energy Co. Ltd., BISOL Group, Covimed Solar, Jinhua SunMaster Solar Lighting Co. Ltd., Shenzhen Spark Co. Ltd. .
Table of Contents
1. Executive Summary
2. Solar Street Lighting Market Report Structure
3. Solar Street Lighting Market Trends And Strategies
4. Solar Street Lighting Market – Macro Economic Scenario
5. Solar Street Lighting Market Size And Growth
…..
27. Solar Street Lighting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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