Wilmington, Delaware, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Solar Street Lighting Market by Type (Standalone, Hybrid, Smart, Modular and Others), and Application (Residential, Commercial and Industrial): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the solar street lighting market was valued at $4.1 billion in 2023, and is estimated to reach $11.1 billion by 2033, growing at a CAGR of 10.5% from 2024 to 2033.
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Prime determinants of growth
The expansion of urban infrastructure and the rise of smart city initiatives are important drivers of the solar street lighting market. As cities grow and develop, there is a need for new and upgraded street lighting systems that are both efficient and sustainable. Solar street lighting offers a practical solution for illuminating new urban areas and revitalizing existing infrastructure.
Smart city projects, which aim to integrate advanced technologies into urban environments for improved management and services, often include solar street lighting as a key component. Solar streetlights can be part of broader smart infrastructure networks that incorporate sensors, data analytics, and connectivity to enhance urban services. For example, solar streetlights with integrated sensors can monitor traffic, weather conditions, and air quality, providing valuable data for city planners and improving overall urban management.
The adoption of solar street lighting in smart city initiatives supports the development of intelligent, sustainable, and connected urban environments. Solar streetlights can be connected to centralized management systems that monitor performance, detect faults, and optimize energy usage. This integration with smart technologies aligns with the goals of creating efficient, resilient, and forward-thinking cities. However, high initial costs and financial constraints may hinder the growth of the solar street lighting market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $4.1 billion |
| Market Size in 2033 | $11.1 billion |
| CAGR | 10.5% |
| No. of Pages in Report | 350 |
| Segments covered | Type, Application, and Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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The standalone segment to maintain its lead position during the forecast period.
By type, the demand for standalone solar street lighting is increasing due to its cost-effectiveness, ease of installation, and environmental benefits. These systems operate independently from the electrical grid, eliminating the need for costly infrastructure and reducing ongoing energy expenses. Their simple installation process makes them ideal for remote or off-grid locations where extending the power grid is impractical or expensive. Additionally, standalone solar streetlights offer a sustainable lighting solution by harnessing renewable solar energy and producing minimal environmental impact. As municipalities and organizations seek to enhance public spaces with efficient, green technology, standalone solar streetlights emerge as a viable choice for affordable and reliable street illumination.
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The commercial segment to maintain its lead position during the forecast period.
By application, the demand for solar street lighting in commercial applications is rising due to its cost-efficiency, sustainability, and enhanced security features. Solar streetlights offer significant long-term savings on electricity bills and maintenance costs, making them an attractive option for businesses seeking to reduce operational expenses. They also support sustainable practices by utilizing renewable energy and reducing carbon footprints, which aligns with corporate social responsibility goals. Additionally, the reliability of solar streetlights, with features such as motion sensors and smart controls, enhances security and visibility in commercial spaces such as parking lots, retail centers, and office complexes. These benefits collectively drive the increasing adoption of solar street lighting solutions in commercial settings.
Asia-Pacific to maintain its dominance by 2033
Region wise, the demand for solar street lighting in the Asia-Pacific region is surging due to rapid urbanization, energy challenges, and environmental policies. As cities expand, there is a growing need for effective and sustainable lighting solutions to improve public safety and infrastructure. Solar streetlights offer a cost-effective and reliable solution for regions with frequent power outages or unreliable grid systems. Additionally, increasing government initiatives and incentives aimed at promoting renewable energy contribute to the adoption of solar technologies. The region’s focus on green development and reducing carbon footprints further drives the shift toward solar street lighting as a viable, eco-friendly alternative to traditional lighting systems.
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Leading Market Players: -
- Shenzhen Luxman Light Co., Ltd.
- Shenzhen Clode Optoelectronic Co., Ltd.
- Fonroche Lighting America, Inc.
- Shenzhen Moonlight Technology Co., Ltd.
- Gemma Lighting
- Wolta Power System
- Amrut Energy Pvt. Ltd.
- Guangzhou Anern Energy Technology Co., Ltd.
- Hangzhou Hpwinner Opto Corporation.
- Shenzhen KYD Light Co., Ltd.
The report provides a detailed analysis of these key players in the global solar street lighting market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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