Solar Street Lighting Market Outlook 2024 By Industry Players

20-10-2022

By Ronak Bora

Government initiatives to reduce GHG emissions throughout key economic sectors is slated to drive the solar street lighting market growth over the coming period. Various favorable measures toward the advancement of sustainable technologies and efforts to minimize environmental impact will further increase the product penetration.

In fact, in 2016, the UNFCCC (United Nations Framework Convention on Climate Change) signed the Paris Climate agreement that mandates the participating companies to collectively lower their respective carbon emissions, this agreement is likely to be a pivotal factor that would promote the adoption of solar-powered streetlights in coming years.

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Solar streetlights have numerous benefits associated with them, including energy conservation, lower reliance on the national grid, and a lower dependence on conventional sources of energy. These are also considered as a best green lighting solution. Countries having plenty of sunlight, solar lights are one of the best options to illuminate the public spaces, garden, parks, and the streets.

Some of the latest iterations of solar streetlights also come with motion and night sensors along with automated controls. These features, in addition to the PV panels, Li-ion batteries, and battery management systems that come equipped, by default, with these streetlights make them highly independent and cost effective in the long run.

Notable industry players operating in solar street lighting market include SEPCO, Bisol, Omega, Exide, Covimed, Sunna, Su-Kam, Philips, Shenzhen Spark Optoelectronics, SOKOYO, Solar G, Solar Lighting International, Urja, Anhui Longvolt, Dragons Breath, Orion, Jinhua SunMaster, Zhuhai Bomin, Solux, Bridgelux, Sol, Solar Street Lights USA, Leadsun, and Greenshine among others.

As per a research report by GMI, solar street lighting market is estimated to surpass a $5 billion valuation by 2024.

Below is a brief overview of key trends that are stimulating the market growth:

Technological advancements and favorable government reforms

Technological innovations in the field of solar panels as well as battery design, which particularly focus on reducing the overall product cost while improving efficiency will drive the market growth.

Additionally, some of the other key determinants fueling the product demand include the introduction of government subsidies, rising demand for clean electricity, and growing economies of scale. Citing an example, in 2017, the overall prices of solar PV modules were reduced by nearly 80% from the prices in 2010.

Growing use of standalone solar street lighting

Standalone solar street lighting market is estimated to witness substantial growth because of the segment’s increasing product penetration across the off-grid regions. Additionally, the introduction of numerous government plans that focus on promoting the adoption of sustainable technologies across Africa and APAC will greatly increase the market growth. Furthermore, rising investments toward the electrification of remote as well as off grid areas is expected to further drive the product penetration over the forecast timeframe.

Growing product demand across India

The solar street lighting market in India is projected to witness growth of over 8% by the end of the analysis period. Favorable measures that effectively promote the adoption of sustainable technologies coupled with the increasing investments towards the upgradation of the nation’s street lighting infrastructure will drive the market growth. According to a 2016 IEA (International Energy Agency) reports, about 200 million people across the country do not have access to electricity. This makes the country a lucrative growth ground for solar solutions, particularly in off-grid areas.

In June 2018, the Union Cabinet had given approval for the phase III Off-grid & Decentralized Solar PV Application Program. The program intended to install approximately 300,000 solar streetlights throughout the country with the areas lacking grid connectivity or lacking the facility of street lighting given priority over other places.

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Indian Prime Minister, Narendra Modi stated that northeastern states and LWE-affected areas will be provided with solar study lamps, solar power plants, and solar streetlights. With such government initiatives and programs, the solar street lighting industry is likely to flourish in the region in coming years.

Partial Chapter of the Table of Content

Chapter 2 Executive Summary

2.1 Solar street lighting industry 360⁰ synopsis, 2013 - 2024

2.1.1 Business trends

2.1.2 Regional trends

2.1.3 Product trends

2.1.4 Luminaries trends

2.1.5 Application trends

Chapter 3 Solar Street Lighting Industry Insights

3.1 Industry segmentation

3.2 Industry landscape, 2013 – 2024 (USD Million)

3.3 Industry ecosystem analysis

3.3.1 Vendor matrix

3.4 Innovation & sustainability

3.5 Regulatory landscape

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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....