Global Solar Street Lighting Market: Snapshot
Solar street light (SSL) are extensively being used for outdoor street lighting as their primary source of energy is solar power. With no dependence on conventional sources of energy, these lighting mediums operated on stand-alone mode, eliminating the need for a general grid of any power requirements. The standalone solar photovoltaic street lighting system comprises of a re-chargeable lead acid battery for storage, PV (photovoltaic) modules for charging the battery, light source (compact fluorescent lamps (CFL), and light emitting diodes (LED), suitable electronics for the operation of the tamp, and safe charging and discharging of the battery and mechanical hardware for fixing these sub systems.
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The key advantage of these lighting systems is that they available either with automatic dusk to dawn operation or with a pre-set timer. Tubular batteries pro
vided with the solar street lighting systems require exceptionally low maintenance and are known to have a long life. In light of these advantages, the global solar street lighting market is likely to be worth US$ 12.54 bn by the end of 2027 from US$ 3.76 bn in 2018. During the forecast period of 2019 and 2027, the global solar street lighting market is expected to progress at a CAGR of 16.24%.
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Demand for Greener Solutions Puts Commercial Segment at Forefront
The applications of solar street lighting solutions are seen in areas such as residential, commercial, and industrial. Of these, the commercial segment is projected to lead the global market due to rising initiatives by governments and civic authorities to using solar lighting. Currently, solar street lighting solutions are being used on streets, roadways, and various other commercial establishments. The growing demand for solar lighting in areas such as parking lots, pathways, subways, perimeter security lighting, and public area lighting have also augmented the growth of this segment. The rising awareness amongst global citizens about the burden of using traditional lighting sources has significantly made them transition to greener solutions.
Asia Pacific Emerges as Key Region in Global Solar Street Lighting Market
Asia Pacific was the largest regional segment for solar street lighting market globally, accounting for 45.4% share in 2018. Countries such as China, Japan, India, South Korea, and Australia are the major revenue generator in Asia Pacific. The Indian government is focusing on developing smart cities in the country, with a target of at least 100 such cities by 2030. Unlike traditional street lights, solar LED is a cost-effective solution as it does not require trenching or grid connection, and is highly valuable in sun-rich countries, thus making it an ideal
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Europe is also expected to provide lucrative opportunities in solar street lighting market with Germany and the U.K leading the demand as the region makes a serious shift towards greener solutions. European government, and EU, as whole have supported wind projects with favorable incentives, as part of their carbon emission reduction goals. This factor influencing positively on the growth of the market.
Analysts expect that is likely to witness significant growth in the near future and would surpass the growth rate of Asia Pacific market by 2020. This expected growth is the result of numerous initiatives such as subsidies, campaigns, and different programs introduced by the World Bank and International Finance Corporation to promote solar street lighting products.
Some of the key players operating in the global solar street lighting market are
- VerySol GmbH
- Philips Lighting Holding B.V.
- Bridgelux, Inc.
- Omega Solar
- Dragons Breath Solar
- Solektra International
- SOKOYO Solar Group
- Sunna Design
- Solar Street Lights USA
- Urja Global Ltd.
- Sol, Inc.
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