Solar Street Light Market Scope
Solar street lights are also known as photovoltaic street lights operate basically on batteries which are charged with the help of solar panels which are integrated on the pole or lighting structure. These kind of lights are currently becoming more popular as it is a dependable source for street lighting in various developed and a few of the developing countries across the world. Due to the abundance of sunlight, it makes solar lights as on one of the best option for street lighting, various gardens, parks, and other public areas or spaces. Because of the low maintenance cost needed for solar street lightings, it propels the growth of the solar street light market, while some of the factors like high installation costs and initial capital is restraining the market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 202 |
Unit | Value (USD Million) |
Key Companies Profiled | Philips Lighting Holding B.V. (Netherlands), Omega Solar (India), Bridgelux, Inc. (United States), Dragons Breath Solar (United Kingdom), SOKOYO Solar Group (China), Sunna Design (France) and Urja Global Ltd. (India) |
CAGR | 14.5% |
Despite the presence of competition and brand effect problems, due to the awareness of end-users and their demand for high end products, investors are still optimistic about this area. There will be more new investors entering into this industry in the future. The manufacturers who want to occupy the market must depend on market mechanism reform, manufacturing equipment innovation, core technology improvement and brand establishment. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Solar Street Light market throughout the predicted period.
Philips Lighting Holding B.V. (Netherlands), Omega Solar (India), Bridgelux, Inc. (United States), Dragons Breath Solar (United Kingdom), SOKOYO Solar Group (China), Sunna Design (France) and Urja Global Ltd. (India) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are VerySol GmbH (Germany), Solar Street Lights USA (United States) and Sol, Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Solar Street Light market by Type , by Application (Residential, Commercial and Industrial) and Region with country level break-up.
On the basis of geography, the market of Solar Street Light has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 202.
Market Leaders and their expansionary development strategies
In May 2023, Signify Holding N.V. (Netherlands), formerly known as Philips Lighting, acquires Telensa (US), a smart city solutions provider with expertise in solar-powered street light management systems.
In November 2023, Trina Solar announces the launch of its Luna series, a line of integrated solar street light systems with various configurations and capacities.
Ministry of New and Renewable Energy (MNRE) has sanctioned the 70 lakh solar study lamp scheme to be implemented in five Indian states of Assam, Bihar, Jharkhand, Odisha and Uttar Pradesh, where less than 50 percent households lacked access to grid electricity as on December 2016.
Influencing Trend:
Growth in the development of smart cities and Technologically innovative hybrid power systems
Market Growth Drivers:
Low maintenance cost of solar street lightings propel the growth, Increasing demand for clean and cost-effective energy and Decreasing manufacturing costs of solar-based components and equipment
Challenges:
Lack of global LED standardization
Restraints:
High initial capital and installation costs
Opportunities:
Demand for off-grid electricity would increase significantly in future
Key Target Audience
Solar Street Light Manufacturers Companies, Commercial Research and Development Institutions, Raw Material Suppliers and Distributors, Agricultural Associations and Farmers, Retailers, Supermarkets, and Hypermarkets and Traders, Exporters, and Importers