The global solar LED street lighting market size was estimated at $3,852 million by 2021 and expected to be worth $13,225.75 million by 2030, with a Compound Annual Growth Rate (CAGR) of 12. 3% over forecast period 2022-2030
It is expected that the expansion of government initiatives to introduce smart city and smart grid systems will contribute to market growth. In addition, the increasing adoption of street lighting systems with less maintenance and ease of operation is expected to drive the market over the forecast period.
The solar street light is a stand-alone system, which means that it does not require additional wiring connections. It is a solar-powered system that generates electricity using solar panels. All requirements of solar street lights are installed on one lamp post. It comes with a built-in dusk to dawn sensor. The solar lights automatically turn on at night, turn off in the morning and recharge during the day.
The COVID-19 outbreak and the degree of lockdown that followed has impacted the global solar street lighting market. As the Covid-19 crisis continues, many global industrial manufacturing companies are facing challenges including production shutdowns, transportation, supply chain disruptions, cost increases and workforce cutbacks, all of which have negatively impacted solar street lighting industry revenues.
The key drivers of the global solar street lamp market are the increase in energy demand and the shift towards greener energy sources. The advantage of solar-powered street lights is that they can be installed in places where power lines cannot reach. Government subsidies and loans for the installation of solar street lighting systems are also factors influencing the global solar street lighting market.
With the acceleration of urbanization, the growth of the urban population and the increase in the number of urban areas, solar lights can also be used in residential, commercial and industrial areas. The increase in government public investment has led to an increase in the number of highway and road construction projects.
The global solar street lighting market is segmented by type, application and region. By type: portable, stand-alone, centralized, networked systems, etc. By application: parking lots, highways and roads, airport runways, manufacturing sites, playgrounds, gardens, etc. By region: Latin America , North America, Europe, Asia Pacific, Middle East and Africa.
Depending on the type of system, grid connected systems are expected to dominate the market over the next few years due to certain government regulations such as net metering and feed-in tariffs.
Highways and roads are expected to dominate the market in the forecast period due to the growing number of advanced intelligent control network companies.
The global solar street lighting market is divided into Latin America, North America, Europe, Asia Pacific, Middle East and Africa.
The Asia-Pacific region is expected to hold the largest market share during the forecast period. As manufacturing capacity increases, governments are increasingly turning to energy efficient lighting solutions. Growing solar projects are also driving market growth.
Post time: Oct-21-2022