Wilmington, Delaware, United States, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global solar street lighting market is projected to flourish at a CAGR of 16% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 16.9 billion is anticipated for the market in 2031. As of 2023, the market for solar street lighting is expected to close at US$ 5.1 billion.
The increased transition towards renewable energy sources has led to the increased adoption of solar street lighting as a sustainable alternative to traditional grid-connected lighting systems.
Increasing urbanization and rapid infrastructural developments in developing nations accelerate the solar street lighting market growth. The demand for solar streetlighting is high on roads, highways, public spaces, and residential areas as solar streetlights provide an energy-efficient alternative by harnessing sunlight to generate electricity.
Increased awareness about the environmental benefits associated with solar street lighting to propel the market demand as solar street lighting helps reduce greenhouse gas emissions and air pollution by using clean energy, contributing to environmental conservation, and combating climate change.
Request Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]): https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=6532
“Connect with our team of research specialists and unlock the optimal solution for driving your business growth”
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 4.4 Bn | |
| Estimated Value | US$ 16.9 Bn | |
| Growth Rate - CAGR | 16.0% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 355 Pages | |
| Market Segmentation | Type, By Luminaire Type, By Component,By Application | |
| Regions Covered | North America,Latin America, Europe, Asia Pacific,Middle East & Africa | |
| Companies Covered | 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 | |
Key Takeaways from the Market Study
- As of 2022, the solar street lighting market was valued at US$ 4.4 billion
- By luminaire type, the LED luminaire type segment is anticipated to dominate the industry during the forecast period
- Based on type, the standalone segment accounts for the highest market share as standalone solar street lighting systems operate independently from the electrical grid.
- Based on application, the highways & roadways segment is expected to generate significant revenue during the forecast period.
Solar Street Lighting: Key Trends and Opportunistic Frontiers
- The growing demand for sustainable lighting solutions and increased government emphasis on clean energy sources augment the demand for the solar street lighting market.
- Increasing technological advances and the development of solar panels with more efficiency, battery storage technology, and LED lighting systems have made solar street lighting more reliable and affordable, which is likely to boost the sales of solar street lighting during the forecast period.
- Increased adoption of solar street lighting in various organizations and businesses to drive the market demand
For In-depth Competitive Analysis, Buy Now: https://www.transparencymarketresearch.com/checkout.php?rep_id=6532<ype=S
Solar Street Lighting Market – Regional Analysis
- North America is expected to hold the dominant share of the solar street lighting market due to the increased number of smart city projects that include solar street lighting for energy efficiency and improved urban planning. The increasing demand for solar street lighting in urban areas, suburbs, and parks to enhance safety and reduce energy consumption, drive market growth in the region
- Asia Pacific is expected to account for the largest share from 2023 to 2031 owing to the increased urbanization and infrastructure development in countries like China, Japan, and India. Increased government initiatives to promote solar energy adoption through policies and subsidies, boost the market growth.
Competitive Landscape
The global solar street lighting market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global solar street lighting market report:
- 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
Key Developments in the Solar Street Lighting Market
- In December 2022 – Bridgelux announces an agreement with Empa Elektronik San. Ve Tic A.S. as it’s a new distribution partner for its LED SMD, COB, CSP, and module products as well as LED drivers and Mosfet in Turkey, UAE, Saudi Arabia, Qatar, Jordan, and Egypt.
- SOKOYO Solar Group introduced Lumo Split Solar Street Light available in multiple colors, modular integrated design, with convenient installation and maintenance. Its effective energy conservation solution with extending the service life of the whole light. Its patented lens and batwing light distribution, making lighting more uniform.
If You want to Purchase Specific Insights by Segment/Region/Competitor, Request for Customization: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=6532
Solar Street Lighting Market – Key Segments
Type
- Portable
- Standalone
- Centralized
- Others
By Luminaire Type
- LED
- CFL
By Component
- Controller
- Lamp
- Compact Fluorescent Light (CFL)
- Light-emitting Diode (LED)
- Metal Halide
- Sodium Vapor
- Others
- Solar Panel
- Sensor
- Night & Motion Sensor
- Passive Infrared (PIR) Sensor
- Battery
- Lead-acid
- Lithium-ion
- Others
By Application
- Parking Lot
- Highway and Roadway
- Airport Runway
- Manufacturing Site
- Playground
- Garden
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Read More Related Reports:
Demand for Battery Recycling Market Size, Trends, Analysis, Scope, Growth Drivers
Industrial Wastewater Treatment Market Size [2022-2031] | Industry Share, Growth
Solar PV Cells and Modules Market Size, Trends, Analysis, Scope, Growth Drivers
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
