Solar Street Lighting Market size likely to grow at 23% CAGR from 2016 to 2024
Solar Street Lighting Market size was estimated over USD 2.5 billion in 2015 and is expected to expand at over 23% CAGR during the forecast period. Increasing off grid electricity demand would drive the market during the forecast period.
Solar street lights are a renewable lighting source which generates electricity with the help of photovoltaic panels integrated on the pole or mounted on the lighting structure itself. Electricity generated by photovoltaic panels get stored into batteries which can later be used to illuminate the streets. Luminaries used for lighting purposes in street lightings are light emitting diode (LED)and fluorescent lamp. These are mainly installed on off grid locations to provide reliable lighting across roads, residential, highways and other commercial businesses.
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Solar street lighting performs necessary role for security, safety to avoid accidents in isolated areas. These lights are mainly used in highways in order to highlight the driving route safety and accommodating in nights. Solar street light is operated and illuminate 365 days, with its intelligent control light and system output that can be adjust automatically by battery power, including components LEDs, PV panels and battery independently related to each other by swapping event, and system. Solar street light panels are placed on fixed latitude which can absorb maximum solar rays, and solar radiation as compared to other solar street lights.
Solar street lighting market size is analyzed in terms of volume (Million Units) and revenue. The industry is broadly segmented by type (standalone and grid tied), by luminaries (Light Emitting Diode (LED) and Compact Fluorescent Lamp (CFL) and others) and by applications (Residential, Commercial and Industrial).
Government incentives, promotional schemes, subsidies, increasing demand for clean energy and decreasing LED prices are some of the drivers which would boost the demand for solar street lighting during the forecast period. Initiates by environmental regulatory bodies to reducing carbon emission is likely to drive the demand for solar street lights over traditional lighting systems. The comprehensive industrial study can be explained by Porter’s Five Forces model this will mainly help in leading solar street lighting global market, such as five effective forces affecting the profitability and market of solar street lighting market, like bargaining power of buyers, threat of substitutes, threat of new entrants, degree of competition, and bargaining power of suppliers.
Asia Pacific led by India dominated the industry in terms of installed capacity and would continue to grow at moderate pace owing to the government initiatives to promote renewable over traditional street lighting systems. Africa has second largest solar street lighting market share followed by Europe in terms of installed capacity.
Global solar street lighting market players are, Omega Solar Inc, Solektra International, Dragons Breath Solar, Urja Global Ltd, Philips Lighting Holding B.V., SOKOYO Solar Group, BridgeluxInc, VerySol GmbH, Lights USA and Sol Inc, Sunna Design, Solar Street.
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