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What the government does with rules and incentives has a big impact on the market for solar street lights. Many governments around the world are trying to get more people to use solar-powered choices by giving them money, handouts, and help with following the rules. Some of the things that have helped the business grow are policies that support the energy economy, goals for lowering carbon pollution, and steps to make places better by lighting them up.
There are many things in the market that can change the price of solar street lights, or technology. New energy storage devices, LED lighting technology, and more efficient solar cells may have made solar lights more reliable and better at what they do. Smart lighting settings that let you track lights online and use different lighting methods have been created, which makes solar street lighting systems even more appealing.
As things get better, more people are using solar street lights, especially in places that are still getting better. More eco-friendly and business-friendly lighting options are needed in parks, streets, and other public spaces as towns get bigger and more people move into them. Solar street lights can be used in cities and towns. They are a good choice because they protect neighborhoods, save money on energy costs, and are better for the earth. People are also being pushed to use solar-powered lights by infrastructure projects like those that aim to make towns better.
A big part of the business is how much solar technology and parts cost. Prices for solar cells and batteries have gone down over time. This has made solar street lights more accessible for a wider range of uses. Because it costs less overall, this type of solar street lighting is starting to compete with standard ones that are powered by the grid. This is because running and maintaining the system will cost less over time.
One good thing about solar street lights is that they don't need as much power from other sources. It also helps lower the amount of carbon gases that are released into the air. In both towns and remote areas, people want lighting choices that last a long time and are good for the earth. The market is being changed by this.
How the market works can be changed by how much people around the world know about and backed green energy. Environmental groups, non-governmental organizations, and work from other countries all help get solar energy choices, like solar street lights, out there. Campaigns that teach people about the benefits of solar technology change what people buy and get more people to use lighting systems that are powered by the sun.
The market for solar street lights looks at both what people want and how things look. People and places like companies, towns, and governments are looking for lighting choices that not only work for them but also match the look of the area.
Solar Street Lighting Market Highlights:
Global Solar Street Lighting Market Overview:
Solar Street Lighting Market Size was valued at USD 1.38 billion in 2021. The Solar Street Lighting market industry is projected to grow from USD 1.57 Billion in 2022 to USD 3.96 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.10% during the forecast period (2024 - 2030). Reducing the environment pollution and Sustainability of solar radiant energy are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Off-Grid Street Lighting Trends
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Reliable Source of Light in Remote Areas to boost market growth
Solar street lights provide complete independence from the power grid. Due to low maintenance and minimal operation costs, solar lighting has emerged as a popular and reliable source to power street lights. With this, transmission of electricity into remote areas has become feasible, which is currently not possible with traditional systems.
Falling prices of solar lighting solutions are driving the solar street lighting market. According to a National Renewable Energy Laboratory (NREL) report, the cost of solar panels fell from $10/W to about $2/W between 1980 and 2010, an 80% drop in 30 years. The cost has dropped another 50% from $0.70/W to $0.35/W from 2015 to 2019. Reduction in their cost is expected to reduce the cost of these systems, thereby driving the market.
Rise in smart cities across the globe is a major driver of the growth of the solar street lighting market. A significant number of smart city development projects have been completed, with several underway in China, the United States, Saudi Arabia, India, South Korea, and other countries. China makes huge investments in projects like this compared to other her APAC countries. Moreover, South Korea signed a memorandum of understanding with Malaysia to build a smart city in Kota Kinabalu, the capital of Malaysia's Sabah state in 2018. As a result, demand for LED lighting is increasing worldwide to improve streetscapes and increase energy efficiency.Therefore, such initiatives related to the lighting has enhanced the Solar Street Lighting market CAGR across the globe in the recent years. However, to cater the demand there has been significant advances in reducing maintenance cost is another factor driving the growth of the Solar Street Lighting market revenue.
Sustainable Outdoor Lighting Segment Insights:
Solar Street Lighting Type Insights
The Renewable Energy Street Lighting segmentation, based on type, includes standalone, and on-grid. The standalone solar street lighting segment held the majority share in 2021 in respect to the solar street lighting market revenue. This factor has increased the use of standalone systems in remote areas, contributing to the growth of the street lighting market.
Solar Street Lighting Product Type Insights
The Photovoltaic Street Lighting segmentation, based on product type, includes compact fluorescent lamps (CFL), and light emitting diode (LED). The benefits of LED solar lighting that they are more reliable, consume less energy, gives better efficiency in light and lower price which plays a major role to driving growth of solar street lighting market. Hence, rising applications of light emitting diode (LED) for solar street lighting positively impacts the market growth.
April 2019: Hitechled launched new type of all in one integrated solar street light with innovation draw design which holds LED lamp, solar panel, lithium battery and controller.
Solar Street Lighting Application Insights
The Solar Street Lighting market data has been bifurcated by application into residential, commercial, and industrial. The commercial segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 due to rising initiatives by governments and civic authorities to using solar lighting. Currently, solar street lighting solutions are used in streets, driveways and various other commercial facilities. Rising demand for solar lighting in areas such as parking lots, sidewalks, subways, perimeter security lighting, and public area lighting is also boosting the growth of this segment. Growing citizen awareness of the burden of using conventional light sources has greatly encouraged a switch to greener solutions.
May 2019: Cree Inc. completed the sale of its lighting products business unit to Ideal Industries Inc. The transaction includes the LED lighting fixtures, lamps, and corporate lighting solutions business for industrial, commercial, and consumer applications This strategies has further broadened the growth opportunity for the Solar Street Lighting industry.
Figure 2: Solar Street Lighting Market, by Application, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Additionally, growing interest in on-site power generation and sustainable production should contribute to demand in the industrial segment and likely to drive sector growth throughout the projection period. Also, rapid urbanization along with government subsidies and loans has helped the solar street light market to develop in the residential sector.
Solar Street Lighting Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific Solar Street Lighting market accounted for USD 0.63618 billion in 2021 and is expected to exhibit a significant CAGR growth of 46.10% during the study period. This is attributed to the rapid urbanization, drift towards green energy and government initiatives for solar installations across the region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3:Solar Street Lighting Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Solar Street Lighting market accounts for one of the largest market share due to advance technology & efficient distribution network, reducing the environment pollution, and low cost of maintenance during its operation. Further, the Germany Solar Street Lighting market held the largest market share, and the UK solar street lighting market was the fastest growing market in the European region
The North America solar street lighting market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the strict carbon emission regulations and government ambitious green energy targets. Moreover, U.S. solar street lighting market held the largest market share and Canada solar street lighting market held the second largest share in the North America region.
Solar Street Lighting Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Solar Street Lighting market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the solar street lighting industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment. Also, state-wide initiatives taken up by governments for the electrification of city infrastructures and highways offer significant opportunities for market players
One of the primary business strategies adopted by manufacturers in the solar street lighting industry to benefit clients and expand the market sector is to manufacture greener solutons and to reduce maintenance costs. In recent years, solar street lighting industry has provided innovative technologies with some of the most significant benefits. The solar street lighting market major player such as VerySol Inc. (U.S.), Solar Street Lights USA (U.S.), Dragons Breath Solar (U.K.), Philips Lighting Holding B.V.(the Netherlands), Omega Solar (India) and others are working to expand the market demand by investing in research and development activities.
Bridgelux is one of the leading developer and manufacturer of innovative LED solutions. Since 2002, we’ve designed solid-state lighting solutions that are high performance, energy efficient, cost effective and easy to integrate. In 2015, an investment group led by China Electronics Corporation (CEC) and Chongqing Linkong Development Investment Company acquired solid-state lighting startup Bridgelux.
Also, Solar Street Lights USA is a leading provider in the practical application of solar powered lights, grid-tie and off-grid installations and solutions. The company is a privately owned company with headquarters in Holland, Michigan. Its solar lights are comprised of solar electric power systems, light fixtures and structural components. .
Key Companies in the Solar Powered Street Lights includes
- VerySol Inc. (U.S.)
- Solar Street Lights USA (U.S.)
- Dragons Breath Solar (U.K.)
- Urja Ltd. (India)
- Solektra International LLC (U.S.)
- Bridgelux Inc. (U.S.)
- SOKOYO Solar Group (China)
- Sunna Design (France)
- Sol Inc.(U.S.)
- Philips Lighting Holding B.V.( the Netherlands)
- Omega Solar (India)
Solar Street Lighting Industry Developments
May 2022:Lord's Mark Industries, announced that it has forayed into the solar-based lighting space. The firm also established that it has bagged the Bihar government's contract to device the world's largest solar-based lighting project across the state.
January 2020:SolarOne Solutions Inc selected by the Eagle Butte community center to install 80 off-grid solar streetlights. SolarOne off-grid solar streetlights run entirely on solar energy and therefore have a zero-carbon footprint
June 2019:Signify N.V. installed 20 Philips SunStay solar street lights in the Infanta Elena Park in Seville, Spain. These solar lights provides integrated solar panel, charge controller, luminaire and battery in one housing. Moreover, these solar lights are compact, easy to install and require less maintenance.
Solar Street Lighting Market Segmentation:
Solar pathway lightsType Outlook
- Standalone
- On Grid
Solar Street Lighting Product Type Outlook
- Compact Fluorescent Lamps (CFL)
- Light Emitting Diode (LED)
Solar Street Lighting Application Outlook
- Residential
- Commercial
- Industrial
Solar Street Lighting Regional Outlook
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North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
- Middle East
- Africa
- Latin America
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