Solar Street Lighting Market Size & Growth Analysis to 2030

The global solar street lighting market size is anticipated to register a higher CAGR of over 15% during the forecast period and is expected to reach over USD 12 billion by 2027. The rising shift towards clean energy and the increasing number of government initiatives are some of the major factors to drive the market growth. Furthermore, the increasing demand for the product in developing economies, the growing use of renewable energy sources, and the low cost of LEDs are further anticipated to boost the market over the forecast period. Moreover, the declining cost of solar systems and subsidies added by the government for the systems are expected to fuel market growth.

Market Drivers:

Growing Emphasis on Energy Efficiency and Sustainability: The increasing global focus on energy efficiency and sustainability is driving the demand for solar street lighting solutions. Solar streetlights harness renewable energy from the sun, reducing dependence on traditional grid-based electricity and minimizing carbon emissions. Governments, organizations, and communities are adopting solar street lighting as a sustainable and environmentally friendly lighting solution.

Decreasing Solar Panel and LED Lighting Costs: The declining costs of solar panels and LED lighting have made solar street lighting more affordable and economically viable. The decreasing price of solar photovoltaic (PV) panels and the increasing efficiency of LED lighting technology have significantly improved the cost-effectiveness of solar street lighting systems. This cost reduction factor has contributed to the growing adoption of solar street lighting solutions.

Government Initiatives and Support: Governments around the world are implementing various initiatives and policies to promote the adoption of solar energy and energy-efficient lighting solutions. Subsidies, incentives, tax benefits, and regulatory frameworks that prioritize renewable energy and energy efficiency drive the deployment of solar street lighting systems. Government support plays a crucial role in market growth by encouraging investments and driving market competition.

Off-grid and Remote Area Lighting Needs: Solar street lighting is particularly beneficial for off-grid and remote areas where electricity infrastructure is limited or unavailable. Solar street lights eliminate the need for costly grid connections, making them suitable for lighting streets, pathways, parking lots, and public spaces in rural and remote areas. The demand for solar street lighting in these areas is driven by the need for reliable and sustainable lighting solutions.

Advancements in Battery Technology: Battery technology advancements, especially in energy storage, have improved the performance and reliability of solar street lighting systems. Energy storage systems, such as lithium-ion batteries, enable solar street lights to store excess solar energy during the day for use during the night or in cloudy conditions. These advancements enhance the autonomy and efficiency of solar street lighting systems, driving their adoption.

Infrastructure Development and Urbanization: The rapid urbanization and infrastructure development in emerging economies are driving the demand for street lighting solutions. Solar street lighting offers a cost-effective and sustainable option for lighting roads, highways, residential areas, and public spaces in urban and peri-urban areas. The need to improve safety, security, and visibility in expanding urban environments contributes to the growth of the solar street lighting market.

Technological Advancements and Smart Lighting Features: Solar street lighting systems are incorporating technological advancements and smart lighting features to enhance their functionality and efficiency. Integration of sensors, remote monitoring, dimming capabilities, and intelligent control systems enable optimized energy consumption, adaptive lighting levels, and remote management of solar street lights. These features improve overall system performance, leading to increased adoption.

Public Awareness and Environmental Consciousness: Increasing public awareness and consciousness about environmental issues, energy conservation, and carbon footprint reduction have driven the demand for sustainable lighting solutions. Solar street lighting aligns with these environmental concerns and is seen as a clean and renewable energy solution. Public support and awareness contribute to the growing demand for solar street lighting systems.

Market Snapshot:

Market Insights:

The global solar street lighting market is bifurcated into type, lighting source, application, and geography. On the basis of lighting sources, the market is further segmented into compact fluorescent lamps (CFL) and light-emitting diode (LED). The LED segment dominated the global market in 2020 and is estimated to hold the largest revenue share of over two-third of the market by the end of the analysis period. The increasing adoption of LEDs and the declining prices are some of the major factors to drive the market. Furthermore, the rising shift towards clean energy and demand for energy-efficient solar lighting systems are expected to fuel the segment growth over the forecast period.

On the basis of application, the market is segmented into residential, commercial, and industrial applications. The commercial applications dominated the global solar street lighting market in 2020 and expected to grow at a similar trend over the forecast period. The increasing demand for the product in streets, commercial places, and rod-ways is a major factor to drive the segment growth. Furthermore, the increasing adoption of the product in schools, corporate offices, and universities is further anticipated to drive the segment growth.

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The solar street lighting comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The solar street lighting market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Type:

• Standalone
• Grid Connected

By Lighting Source:

• Compact Fluorescent Lamps (CFL)
• Light Emitting Diode (LED)

By Application:

• Residential
• Commercial
• Industrial

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage

Geographically, the solar street lighting market report comprises dedicated sections centering on the regional market revenue and trends. The solar street lighting market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, and Rest of the World (RoW). The RoW segment consists of Latin America and the Middle East & Africa. The solar street lighting market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Solar street lighting market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2021 – 2027.

Competitive Assessment

Some of the key market players operating in the global solar street lighting market are VerySol GmbH, Philips Lighting Holding B.V., Bridgelux, Inc., Omega Solar, and Dragons Breath Solar. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• VerySol GmbH
• Philips Lighting Holding B.V.
• Bridgelux, Inc.
• Omega Solar
• Dragons Breath Solar
• Solektra International
• SOKOYO Solar Group
• Sunna Design
• Solar Street Lights USA
• Urja Global Ltd.

Key Questions Answered by Solar Street Lighting Market Report

• Global solar street lighting market forecasts from 2021-2027
• Regional solar street lighting market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the regions as mentioned above
• Solar street lighting submarket forecasts from 2021-2027 covering the market by type, by lighting source, by application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about solar street lighting market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level solar street lighting markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the solar street lighting market