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Solar Street Lighting System Market is valued at USD 3.62 Billion in 2018 and expected to reach USD 6.20 Billion by 2025 with the CAGR of 9.69% over the forecast period

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Solar Street Lighting System Market is valued at USD 3.62 Billion in 2018 and expected to reach USD 6.20 Billion by 2025 with the CAGR of 9.69% over the forecast period

September 18
21:56 2020

Solar Street Lighting System Market is valued at USD 3.62 Billion in 2018 and expected to reach USD 6.20 Billion by 2025 with the CAGR of 9.69% over the forecast period. 

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Increase in the adoption rate & support for renewable energy sources by government and strict regulations regarding carbon emissions are the major factors stimulating the growth of the Global Solar Street Lighting System Market

Scope of Global Solar Street Lighting System Market Report–

Solar Street Lighting System is an outdoor lighting unit which is powered by solar panels that are generally installed on the lighting structure or on the pole itself and is used to illuminate streets or any open space. Most of the Solar street lights turn on and off automatically by sensing the outdoor lights. Since there are recharged through solar panels, they are mounted in shadow free areas with no objects impeding the sunrays on the solar panel. The major benefit that Solar Street lighting offers is the way it saves energy and prevents pollution. It doesn’t consume any fossil fuel and is completely renewable with no complicated power facility, saving enormous amount of money. Solar Street Lighting System are being installed in rural areas as it is easy to install and are available at cheaper rate. They are also used as runway lights in many airports.

Global Solar Street Lighting System Market is segmented on the basis of product type, type, application and by region. Based on product type, the market is segmented into CFL, LED, flood and all in one. Based on type, the market is segmented into on grid, off grid and battery backup. Based on applications, the market is segmented into residential, commercial and industrial.

 The regions covered in this Solar Street Lighting System market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Solar Street Lighting System market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Solar Street Lighting System Companies

Key players of the Solar Street Lighting System market are

 

Philips

Jiawei

Solar Electric Power (SEPCO)

Bridgelux, Inc.

Tata Power Solar Systems

Solar Electric Power (SEPCO)

Omega Solar

King-sun

Urja Global

Honeywell International

Yingli Solar

BYD

Shenzhen Spark Optoelectronics S&T

Solar Street Lighting System Market Dynamics-

Governments from various developing countries have started adopting this solar street lighting system due to the fact that these lights are extremely cost effective and eco-friendly which is driving the growth in the Solar Street Lighting System market. In India, Ministry of New and Renewable Energy (MNRE) had decided to stop the subsidies on CFL to encourage the use of the LED solar lighting version which would lead to an annual saving in electricity bills of around Rs 40,000 crore, by considering an average tariff of Rs 4 per kWh. Another driver has been consistent decrease in the price of solar street lightning market. As per National Renewable Energy Laboratory (NREL), the cost of using solar photovoltaic (PV) cells for power generation dropped by 60% from 2009 to 2016. In 2009, the cost was around $7.06 per watt, which slumped to $2.93 per watt in 2016. However, the environmental factors such as shadow, snow, dust and moisture that accumulate on the solar panels are affecting the energy production and simultaneously decreasing the efficiency of these solar street lights which is restraining its growth in the market. There is an opportunity to utilize the benefits of these lights in lightning the street lights of various Cities in the world thereby saving large amount of energy.

Asia pacific is expected to Witness a Fastest Growth in the Global Solar Street Lighting System Market

Asia pacific has been the market leader so far and is expected to remain dominant in future in the Global Solar Street Lighting System market due to the projection of harnessing the availability of abundant sunlight and longer daylight hours in the coming years. Various sun rich countries like China, Japan, India, South Korea, and Australia are the major revenue generators in Asia Pacific region. In India, the government is focusing a lot on developing smart cities in the country, with a target of at least 100 such cities by 2030 wherein solar LED street lights will be used instead of traditional street lights on streets, highways, airports, and flyovers thereby increasing the demand for solar LED street lights continuously in India. Europe and Africa has been the second largest market due to need for clean and reliable source of off-grid electricity and the presence rich sunlight throughout the year which is gaining attraction of the investment from many companies due to the ever increasing scope in the regions.

Key Benefits for Global Solar Street Lighting System Market Report–

Global market report covers in depth historical and forecast analysis.

Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.

Global market report helps to identify opportunities in market place.

Global market report covers extensive analysis of emerging trends and competitive landscape.

Solar Street Lighting System Market Segmentation:–

By product Type:- LED, CFL, Flood, All in one

By Type:- On grid, Off grid, Battery Backup

By Application:- Residential, Commercial, Industrial

Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa

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