Solar Street Lighting Market Poised for Remarkable Growth, Expected to Reach US$ 27.95 Billion by 2029
The global Solar Street Lighting Market is set to achieve a significant milestone, with projections indicating a surge to US$ 27.95 billion by 2029, coupled with a robust Compound Annual Growth Rate (CAGR) of 19.95%. The comprehensive market analysis, encompassing the impact of COVID-19 and diverse geographical influences, underscores the dynamic landscape of this burgeoning industry.
Key Market Drivers:
The market’s trajectory is propelled by the reduction in LED prices, ambitious government initiatives aimed at smart city development, and the global commitment to curbing carbon emissions. The eco-friendly nature of solar lighting, with its clean energy source, contributes to pollution reduction and increased energy efficiency. The absence of wiring mitigates accident risks, further enhancing the flexibility of solar street lighting installations.
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Solar Street Lighting Market Scope:
Maximize Market Research’s Solar Street Lighting Market Report provides a comprehensive analysis of the market, using a dynamic research methodology. The report covers major growth drivers, market dynamics, challenges, and scope, as well as PESTLE, Porter, and SWOT analyses. It also includes information on the latest developments and technologies in the global Solar Street Lighting market.
The report provides detailed information on the global Solar Street Lighting market, including market shares, supply chain analysis, and key success factors. It also includes the opinions of industry experts from top leading organizations in the global Solar Street Lighting market.
Segmentation Analysis:
by Lighting
Source Light Emitting Diode (LED)
Compact Fluorescent Lamps (CFL)
In 2022, the CFL segment held a dominant 60% market share. By 2029, the LED market is anticipated to overtake the CFL market to take the top spot.The growing number of government and local government initiatives to use solar lighting is expected to propel the commercial segment to the top of the global market. Nowadays, streets, highways, and a variety of other commercial buildings use solar street lighting systems. This market has grown even more as a result of the use of solar lighting in places like parking lots, walkways, subways, perimeter security lighting, and public area lighting.
by Product Type
Standalone
Grid Connected
The market for standalone solar street lighting will expand rapidly due to the rising use of these products in remote or off-grid locations. Remote locations’ high street light infrastructure costs make best choice an appealing substitute. The implementation of government initiatives like net metering and feed-in tariffs (FIT) will increase product penetration even more. The growth of businesses in the grid-connected segment is positively impacted by the expansion of micro-grid networks for large-scale renewable integration.
by Application
Industrial
Residential
Commercial
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Key Players are:
1. Bridgelux
2. Cree
3. GE Lighting
4. Acuity Brands, Inc.
5. Digital Lumens, Inc.
6. Encelium Technologies, Inc.
7. Honeywell International
8. Legrand S.A.
9. Lutron Elecronics, Co.
10.Osram Licht AG
11.Royal Philips Electronics N.V.
12.Streetlight.Vision
13.Cooper Lighting division
14.Siemens
15.Matsushita Electric Industrial Co.
16.Bajaj Electricals
17.Zumtobel AG.
18.Philips Lighting holding B.V
19.Omega Solar
20.Bridgelux, inc.
21.Dragons Breath Solar
22.SOKOYO Solar Group
23.Solektra International
24.Sunna Design
25.Urja Global Ltd
26.Very Sol Gmbh
Regional Analysis
The report provides the statistical market growth data for every influencing economy in the global Solar Street Lighting market. The various countries like North America, Asia-Pacific, Europe, Latin America, and MEA are considered while preparing report. All the emerging trends with population growth along with government strategies and regulations are covered in the report. The final conclusion part of regional insights consists, of all economies’ in the market influencing data in the form of historical as well as forecasted period.
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Key Questions answered in the Solar Street Lighting Market Report are:
- What is the forecast period of the Solar Street Lighting Market?
- What is the competitive scenario of the Solar Street Lighting market?
- Which region held the largest market share in the Solar Street Lighting Market?
- What are the opportunities for the Solar Street Lighting Market?
- What are the restraining factors in the Solar Street Lighting market?
- Who are the key players of the Solar Street Lighting market?
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