The global solar street lighting market revenue is expected to expand at a lucrative CAGR over the forecast period. Rise in demand for energy, and governments of various countries are supporting eco-friendly methods of producing energy across the globe are major factors expected to drive growth of the global market over the forecast period.
The global solar street lighting market report has been segmented on the basis of type, product type, application, and region.
On the basis of type, the target market is segmented into standalone and on grid. Standalone segment will witness a significant growth. Opportunity for product installation respective to government plans to increase the utilization of renewable energy resources plays an important role for the market growth.
On the basis of product type, it is segregated into compact fluorescent lamps (CFL) and light emitting diode (LED). Solar LED street lights segment have emerged as a cost-effective and environment-friendly equipment to light up roads and public spaces. Energy conservation, long-lasting and maintenance-free nature pushing market towards growth.
On the basis of application, it includes residential, and non-residential. Non-residential segment market is anticipated to witness a significant growth owing to increase in on-site electricity generation as well as initiatives, feed-in tariffs, net metering, and similar favorable reforms.
Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is estimated to be highest share in terms of revenue over the forecast period, owing to favorable government initiatives and rising environmental concerns. Recent trend shows that, technology in solar street lights are continuously improving over the years, and are expected to make further advancements with supportive government regulations and product innovation. Appreciable growth in distributed solar projects, expansion of manufacturing facilities and declining product costs will further complement market growth in various countries such as China and India.
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According to news, almost 300 million Indians depend on wood fires or kerosene for their lighting. Worldwide, about 1.1 billion people or one out of seven are trapped in light poverty, denied access to reliable electricity. Clean solar light is a simple, fast solution for this problem.
Key players operating in the global solar street lighting market VerySol Inc., Solar Street Lights USA, Dragons Breath Solar, Urja Global Ltd., Solektra International LLC, Philips Lighting Holding B.V., Bridgelux Inc., SOKOYO Solar Group, Sunna Design SA, Sol Inc., Omega Solar and others.
In Dec 2015, Philips, the global leader in lighting, won separate LED solar street lighting contracts with UPNEDA (Uttar Pradesh New and Renewable Energy Development Agency) and MANIREDA (Manipur Renewable Energy Development Agency) to supply 12W, 1,200 lumen LED luminaires powered by IP66, high efficiency PWM (Pulse Width Modulation) chargers.