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Solar Street Lighting Market Size, Share, Trends & Growth by 2027

Solar Street Lighting Market: Overview

Solar Street Lighting are light sources powered by solar panels that are generally mounted on the lighting structure or integrated into the light poles. The rechargeable Battery present inside the lights is powered by the solar panels, which in turn power the LED lamp or a fluorescent lamp at night. These Solar Street Lighting are designed to function through the night. Most of these lights automatically turn on or off by sensing outdoor light through the solar panel voltage.

Solar Street Lighting are made up of four main components: solar panel, lighting fixture, rechargeable battery, and pole. LEDs are typically the primary lighting source of modern Solar Street Lighting as they provide high luminosity and lower energy consumption. The increasing risk of climate change and the extensive use of fossil fuels has escalated the shift towards green energy sources. Solar Street Lighting are independent of conventional energy and help reduce carbon emissions and adhere to green energy goals. This is driving the adoption of Solar Street Lighting in various areas such as roadways, airports, parks, streets, and others.

Solar Street Lighting Market: Dynamics

The major factor driving the growth of the Solar Street Lighting market is the rising demand for sustainable energy and a rising inclination towards a green energy source. The significant advantage of Solar Street Lighting is that they can be installed at locations where there is the unavailability of electric supply. This is another significant factor that is anticipated to drive the market's growth during the projected timeline. Moreover, the increasing government initiatives and the availability of government subsidies are anticipated to further fuel the market growth.

The increasing demand for clean and Renewable Energy, low maintenance costs, and easy setup of the lights are expected to propel the market growth over the coming years. It also plays a vital role in mitigating environmental pollution, which in turn has the potential to bolster the growth of the solar street light market throughout the projected timeline. Its non-dependence on the grid electricity has propelled the solar street light market to lean towards a growth curve as off-grid energy has played a vital role in areas where grid electricity cannot be provided.

Numerous street lighting manufacturers are undertaking extensive research and development activities to address several issues such as longer life, low energy consumption, accurate color rendering, light pollution, low electric losses, and environment-friendly nature of the lights. This is presumed to add traction to the growth of the market throughout the forecast timeline. However, high installation expenses and seasonal dependency on the solar panels in APAC countries like India and China are anticipated to hinder the growth of the solar street lighting market in the forecast timeline.

Solar Street Lighting Market: Regional Outlook

Based on the regional bifurcation, the Asia Pacific region is expected to dominate the market over the projected timeline. This can be attributed to the rapidly rising urbanization in APAC countries such as India and China. Moreover, the advancements and innovations in technology in the emerging economies and the lack of public infrastructure are driving the need for solar products in the region, thereby contributing to the growth of the Solar Street Lighting market in the region.

Europe is expected to closely follow APAC due to the high adoption of solar lighting systems in numerous industry verticals and stringent environmental policies for energy-efficient lighting solutions. Additionally, increasing smart city projects and the need for renewable energy has contributed to the growth of the market in the region. The regional expansion, higher expenditure on solar products, and the developments and advancements in lighting are further anticipated to fuel the market's growth in the region. Along with this, the stringent carbon emission regulations and green energy targets in the United States have propelled the market's growth in the North American region.

Solar Street Lighting Market: Competitive Landscape

The eminent industry players have undertaken several strategic initiatives to develop innovative products and sustainable energy plans and focusing on expanding their regional presence. This is anticipated to expand further the scope of the Solar Street Lighting market on a global scale. Some of the prominent players of the Solar Street Lighting Market are:

Philips Lighting Holding B.V.
Sunna Design
Urja Global Ltd.
Bridgelux Inc.,
Solar Street Lighting USA
Sol Inc.
Yingli Solar
Greenshine New Energy
VerySol Inc.
SOKOYO Solar Group
Su-Kam
Solektra International LLC
Omega Solar
Dragons Breath Solar
Others

COVID-19 Impact on the Global Solar Street Lighting Market

The COVID-19 pandemic has drastically affected several markets of the world and disrupted businesses globally. The crisis has disrupted the growth the Solar Energy sector has witnessed over the last couple of decades. With the slowdown in the countries' economies, especially China and India, which are the largest market for solar energy generation, the solar street light market has been largely affected by the COVID-19 pandemic. However, although hit by the pandemic, the market is poised to recover significantly during the forecast timeline. The report further provides a current and future assessment of the impact of the pandemic on the overall growth of the solar street lighting market.

The report also presents a comprehensive analysis of the impact of the various market factors on the key segments of the Solar Street Lighting market and the regional landscape.

The Regional Analysis Covers:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Key Highlights from the Report:

A comprehensive overview of the Solar Street Lighting market on a global and regional level
A thorough analysis of the key segments and sub-segments of the market
In-depth assessment of the market drivers, restraints, challenges, limitations, growth opportunities, and risks
Comprehensive assessment of the key players of the market to impart a better understanding of the competitive landscape
Strategic recommendations to the established players as well as new and emerging players to assist them in gaining a competitive edge over others