June 22, 2024
Solar Street Lighting Market

Solar Street Lighting Market is emerging in energy efficiency trends by sustainable renewable energy

The solar street lighting market consists of streetlights powered by photovoltaic panels generally mounted on the lighting structure or integrated in the pole itself. They provide energy-efficient alternatives to traditional street lighting powered by local utility grids. Solar street lighting offers advantages of reduced operational and maintenance costs compared to grid-connected lamps. They provide continuous lighting without dependability on power grids and are widely being adopted in rural areas and developing countries lacking access to electricity networks.

The Global Solar Street Lighting Market is estimated to be valued at US$ 38.15 Billion in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031.

Key Takeaways

The growing demand for energy-efficient and cost-effective lighting solutions from municipalities and government organizations across the world is driving the adoption of Solar Street Lighting Market Size. Furthermore, initiatives towards rural electrification and lack of grid connectivity in many regions is boosting the deployment of solar street lighting systems.

Key players operating in the solar street lighting are VerySol Inc., Solar Street Lights USA, Dragons Breath Solar, Urja Ltd., Solektra International LLC, Bridgelux Inc., SOKOYO Solar Group, Sunna Design, Sol Inc., Signify Holding, Omega Solar, SolarOne Solutions Inc., Hitechled, Fevino Industries LLP, Systellar, Wolta Power System, SunMaster, Wipro Lighting, Swami Energy, and Sunrise Solar.

The market is witnessing increased global expansion with key players launching innovative products and expanding operations into new geographies. Manufacturers are also focusing on developing intelligent lighting controls and storage integration to make solar street lighting more viable for smart city applications.

Market Key Trends

The adoption of LEDs in solar street lighting is a key trend. LED bulbs provide higher lumen output using less power compared to traditional lighting sources. This enhances the efficiency and performance of photovoltaic powered street lights. Many manufacturers are integrating advanced LEDs, remote monitoring, and centralized control into their solar street lighting offerings.

Porter’s Analysis

Threat of new entrants: Solar street lighting technology is established but still requires substantial investment for infrastructure development and maintenance services limiting new companies.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of products from few global and regional players with additional localized installation and services support by system integrators.

Bargaining power of suppliers: Suppliers of solar modules and LED lights have moderate bargaining power due to availability of alternative suppliers and commoditization of components.

Threat of new substitutes: Emerging technologies like wireless charging roads provide competition but lack widespread deployment currently.

Competitive rivalry: Intense competition between international established brands and local system integrators to gain market share for solar street lighting projects and service contracts.

Geographical Regions

The Asia Pacific region dominates the global solar street lighting market in terms of value owing to widespread government support and conducive climatic conditions in major economies like China and India for effective adoption of the technology.

The Latin American region is expected to be the fastest growing market during the forecast period due to rising infrastructure development activities in Brazil and Mexico augmenting installations of grid-connected and off-grid solar street lights for remote areas.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it