Solar Street Lighting Market Set to Soar to $27.95 Billion by 2029, Fueled by Rising Environmental Awareness and Government Initiatives
In a recent report released by industry experts, the Global Solar Street Lighting Market is projected to achieve a staggering valuation of $27.95 billion by the year 2029, exhibiting a robust Compound Annual Growth Rate (CAGR) of 19.95% during the forecast period. The study delves into the nuanced impacts of the COVID-19 lockdown on market leaders, followers, and disruptors, considering the varied implementations across regions and countries.
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Solar Street Lighting Market Report Scope and Research Methodology:
The growth of different segments in the Solar Street Lighting market helps to identify the key growth factors and develop strategies to target core application areas and fill the gaps in the target market.
The report provides an in-depth analysis of the Solar Street Lighting market, including meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies. A bottom-up approach was used to estimate the Solar Street Lighting market size.
Key players in the Solar Street Lighting industry were identified through secondary research, and their market revenues were determined through primary and secondary research. The report also covers mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the Solar Street Lighting market by region, by investment, and their strategic intent.
Solar Street Lighting Market Regional Insights:
The global Solar Street Lighting market is divided into five regions: Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America. The report provides regional analysis with the Solar Street Lighting market size of each region.
The country-level analysis examines a variety of market factors that are expected to influence current and future Solar Street Lighting market trends, as well as changes in market regulations at the country level. Some of the key factors used to forecast the Solar Street Lighting market situation in each country include consumption, production location and volume, import/export analysis, pricing analysis, raw material prices, and upstream and downstream value chain analysis.
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Solar Street Lighting Market Segmentation:
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
The market for solar street lighting is divided into four segments: product, lighting source, application, and region. The market for solar street lighting is divided into two segments based on type: compact fluorescent lamps (CFL) and light emitting diode (LED). The market for solar street lighting is divided into two segments based on sources: standalone and grid connected. The market for solar street lighting comprises three end user segments: commercial, residential, and industrial.
Solar Street Lighting Market 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
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Key Questions answered in the Solar Street Lighting Market Report are:
- What is the forecast period?
- What is the expected Solar Street Lighting market size by the end of the forecast period?
- What are the Solar Street Lighting market segments?
- Which segment in the Solar Street Lighting market is expected to grow rapidly during the forecast period?
- Which are the prominent players in the Solar Street Lighting market?
- What key trends are expected to emerge in the Solar Street Lighting market during the forecast period?
- What was the Solar Street Lighting market size in 2022?
- Which region dominated the global Solar Street Lighting market in 2022?
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