Solar Street Lighting Market Report 2020-2030
Forecasts Plus Leading Company Analysis and Regional and Leading National Market Analysis
This latest report by business intelligence provider Visiongain assesses that Solar Street Lighting Market spending will reach US$ 29.30 billion by the middle of 2030. The worldwide Solar Street Lighting Market is anticipated to grow at a CAGR of 21.4 ##fold over the 2020 and 2030 prediction era. Globally, the development of smart cities has been a main driver of market growth. Solar street lighting are the forms of light that are used prominently for outdoor lighting and use solar power as their primary energy source. Photovoltaic panels that are installed on an embedded platform power these lamps. With the increase in supply for ongoing energy in both emerging and advanced areas, the possibility of the market for street lighting is growing. Other elements such as technological developments in street lighting design have resulted in reduced solar lighting parts, making them an appropriate solution to traditional street lighting. The industry for solar street lighting is increasing with authorities of different areas promoting the construction of renewable street lighting. This aspect, as well as cost efficiency and solar heating devices ‘ environmentally friendliness, drives the industry. Other variables such as the high maintenance needed for the cost of solar lighting devices, together with the big original capital needed, restrict the general market growth.
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Market Overview and Trends
Growing supply for cellular-connected lamps is the main tendency in the global market for digital street lighting. Governments in several emerging nations are implementing cellular-connected solar-powered street lighting, as they are highly cost-effective and readily monitored. Solar street lights can be remotely controlled from an Internet of Things (IoT)-enabled device when connected to a mobile network. The falling price of solar lighting solutions is another trend seen in the market for solar street lighting. According to a National Renewable Energy Laboratory report, the cost of using solar photovoltaic (PV) cells for power generation dropped by 60%. The price in 2009 was about $7.06 per watt, falling in 2016 to $2.93 per watt. The price of installing domestic thermal photovoltaic batteries reduced from 6.0 percent to 7.0 percent per year between 1998 and 2013 and 12.0 percent during 2012–2013. Because solar photovoltaic cells are an inextricable component of renewable street lighting, the price of these lamps is anticipated to decrease.
While income loans and other subsidies provided by authorities in different advanced nations, such as the U.S. that backed the sector, may expire in the coming years, it will not have a adverse impact. This is because investors in the market exist in a large number, and the World Bank continues to extend strong support to developing countries, especially developing countries such as Nigeria, which would help in taking the worldwide market forward.
Factors Influencing the Market Growth:
Low Maintenance Cost of Solar Street Lightings Propel the Growth
The increasing supply for clean energy is a significant trigger for the building industry for global solar roads. Easy installation, low maintenance costs and no damaging radiation during lamp manufacturing are some of the more variables that influence the development of the worldwide industry for street lighting panels. One of the most significant variables supporting the development of the global solar street lighting industry is the significant reduction of pollution through the use of solar energy to generate electricity. In addition, the working of street lighting even when the sun is not available or on a rainy day is another variable fueling the development of the global solar street lighting industry in the 2020 to 2030 forecast period.
Strict carbon emission laws and favourable public aid for renewable energy sources are the main considerations behind the development of the worldwide industry for lcd street lighting. Many countries ‘ governments, including China, India, and the United States, have stringent regulations and schemes, such as feed-in tariffs and quota-based renewable portfolio standards (RPSs). Moreover, initiatives are being taken by several nations to promote the use of renewable energy sources such as wind and sunlight. A goal to reduce environmental carbon footprint, which is increasing due to the use of non-renewable energy sources, has been set, thereby making the adherence to the regulations more stringent.
Governments offer economic assistance in the type of grants in various nations to promote the use of solar energy technologies. Numerous World Bank and International Finance Corporation launched initiatives, plans and programs to support the use of solar power contribute to the development of the street lighting industry. The World Bank has offered support to different countries to increase the use of renewable energy instead of conventional energy, ultimately to reduce carbon emissions and to curb the resulting pollution. For instance, the World Bank endorsed $100 million in financing for large-scale wind projects in India in March 2017.
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Factors Restraining the Market Growth:
One of the main variables hampering the development of the street lighting industry is the absence of LED standardization operation worldwide. Governments have enacted stringent legislation in several countries to encourage the use of energy-efficient techniques, but without standardizing item requirements. LED renewable street lighting requirements therefore differ across nations.
This also generates a barrier for providers as they must comply with the norms in nations where they plan to distribute the lamps. Another element hindering the development of the industry for electric street lighting is rigid contest due to the introduction of counterfeit products. In some parts of the world, although the demand for solar street lighting products is high, their low availability has led to the intrusion of inferior-quality products that cost lower. The penetration of counterfeit products has further led to increased competition in the market.
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The report delivers considerable added value by revealing:
70 tables, charts and graphs are analyzing and revealing the growth prospects and outlook for the Solar Street Lighting market.
Global Solar Street Lighting market forecasts and analysis from 2020-2030.
Solar Street Lighting market provides revenue estimates, forecasts and analysis from 2020-2030 for Solar Street Lighting submarkets:
Forecasts and analysis of Solar Street Lighting market by Type between 2020-2030
Standalone Market, 2020-2030
Grid Connected Market, 2020-2030
Other Types Market, 2020-2030
Forecasts and analysis of Solar Street Lighting market by Light Source between 2020-2030
Light Emitting Diode (LED) Market, 2020-2030
Compact Fluorescent Lamps (CFL) Market, 2020-2030
Other Light Sources Market, 2020-2030
Forecasts and analysis of Solar Street Lighting market by Application between 2020-2030
Commercial Lighting Market, 2020-2030
Residential Market, 2020-2030
Industrial Market, 2020-2030
Other Application Market, 2020-2030
Regional Solar Street Lighting market forecasts from 2020-2030 with drivers and restraints for the countries including:
Focused regional forecasts and analysis explore the future opportunities:
North America Market, 2020-2030
US Market, 2020-2030
Canada Market, 2020-2030
Europe Market, 2020-2030
The UK Market, 2020-2030
Germany Market, 2020-2030
France Market, 2020-2030
Italy Market, 2020-2030
Spain Market, 2020-2030
Rest of Europe Market, 2020-2030
Asia-Pacific Market, 2020-2030
China Market, 2020-2030
India Market, 2020-2030
Japan Market, 2020-2030
Australia & New Zealand Market, 2020-2030
Rest of Asia-Pacific Market, 2020-2030
LAMEA Market, 2020-2030
Latin America Market, 2020-2030
Middle East Market, 2020-2030
Africa Market, 2020-2030
Figure:- Solar Street Lighting Market Size and Forecast by Application, 2020-2030
Demand for street lighting alternatives with renewable LED varies depending on different geographic areas. In North America, Asia-Pacific (APAC), Europe, and the Rest of the World (RoW), the renewable LED street lighting industry maintains a prominent proportion. Geographically, in 2019, APAC resulted the worldwide industry for renewable LED street lighting. Furthermore, the APAC area is anticipated to dominate the industry throughout the 2020-2030 prediction and develop at 11.9% CAGR. With the global solar LED street lighting industry, rising environmental concerns are anticipated to fuel the development of the APAC region. With the growing customer awareness campaigns and subsidies given by the govt to increase the renewable LED street lighting industry across the Middle East and Africa, RoW area is anticipated to develop at the greatest CAGR of 14.2 times over the forecast period.
China and India are among the main nations in the street lighting industry for APAC solar LED. India paid for 2019’s largest stake. This is largely owing to the difficulties experienced by most of the country’s remote regions in accessing energy owing to lengthy transmission lines and insufficient electrification, contributing to renewable LED street lighting being adopted in India. Solar LED street lighting helps to meet customers ‘ demands at a reduced price. In addition, by providing products at subsidized prices, the Government of India is operating towards the implementation of sunlight LED street lighting.
Company profiles for the leading Solar Street Lighting companies
Company Profiles of Leading Players
Anhui Longvolt Energy Co., Ltd.
Greenshine New Energy
Solar Lighting International
Jinhua SunMaster Solar Lighting Co., Ltd.
Solar Electric Power Company (SEPCO)
Shenzhen Spark Optoelectronics S&T Co., Ltd.
Other Key Players in the market
Zhuhai Bomin Solar Technology Co., Ltd.
Urja Global Limited
Solar Street Lights USA
Exide Industries Ltd.
Su-Kam Power Systems Ltd.
Philips Lighting Holding B.V.
SOKOYO Solar Group
Dragons Breath Solar
Jiangsu Sokoyo Solar Lighting Co., Ltd.
Urja Global Ltd.
Conclusions and recommendations which will aid decision-making
How will you benefit from this report?
Keep your knowledge base up to speed. Don’t get left behind
Reinforce your strategic decision-making with definitive and reliable market data
Learn how to exploit new technological trends
Realise your company’s full potential within the market
Understand the competitive landscape and identify potential new business opportunities & partnerships
Who should read this report?
Anyone with involvement in the Solar Street Lighting
Solar energy operators
Arbitrage companies and divisions
Solar energy price reporting companies
Solar energy company managers
Solar energy consultants
Solar energy company executives and analysts
Heads of strategic development
Business development managers
Visiongain’s study is intended for anyone requiring commercial analyses for the Solar Street Lighting market and leading companies. You find data, trends and predictions.
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