Solar Street Lighting - Global Market Outlook (2019 -2027)
According to Stratistics MRC, the Global Solar Street Lighting market is accounted for $4.43 billion in 2019 and is expected to reach $16.30 billion by 2027 growing at a CAGR of 17.7% during the forecast period. Some of the key factors propelling the market growth are higher potential of solar equipments coupled with rising demand for clean energy sources and escalating off grid electricity demand. However, huge initial cost and be short of customer awareness is the restraining factor for the growth of the market.
Solar street light (SSL) are widely being used for outside street lighting as their most important source of energy is solar power. Through no dependence on conventional sources of energy, these lighting mediums work on stand-alone mode, eradicating the need for a general grid of any power necessities.
By application, industrial segment is likely to have a huge demand in the forecast period due to expansion toward sustainable manufacturing accompanied by mounting require for energy optimization are little of the imperative parameters which will complement the business growth. Additionally, net metering, feed-in tariffs, incentivization and extra favorable reforms will positively influence the business landscape.
On the basis of geography, Europe is expected to have a huge demand in the forecast period owing to more adoption of solar lighting systems across different sectors along with strict regulatory framework for energy efficient necessities of lighting systems will push the industry growth. Huge number of prevailing smart city projects attached with substantial progress pertaining to renewable energy integration will give confidence the product penetration.
Some of the key players in Solar Street Lighting Market include Acuity Brands, Inc, Bajaj Electricals, Cooper Lighting division , Digital Lumens, Inc, Dragons Breath Solar , Encelium Technologies, Inc, Honeywell International , Lutron Elecronics, Co, Matsushita Electric Industrial Co, Omega Solar, Osram Licht AG , Philips Lighting holding B.V , Royal Philips Electronics N.V, Siemens, SOKOYO Solar Group, Streetlight.Vision and Zumtobel AG.
• Grid Connected
Lighting Sources Covered:
• Light Emitting Diode [LED]
• Compact Fluorescent Lamps [CFL]
End Users Covered:
• Private Sectors
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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- Supply chain trends mapping the latest technological advancements
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