Solar Street Lighting Market: Current Analysis and Forecast (2021-2027)
Solar street lights are present on street edges just like the traditional street lights but are powered by photovoltaic panels which is usually integrated in the light pole as well. The photovoltaic cells are connected to LED or fluorescent cells and contain a rechargeable battery.
Most solar panels can automatically turn on and off using an outdoor light sensor. Solar street lights charge using the solar energy during the day and turn on during the night. The batteries are designed to last the entire night. Some solar panels can last for more than one night after a single charge, these are used in less sunny places. In windy regions the solar panels are equipped with flat panels that helps them cope with the wind.
The latest solar panel designs are equipped with wireless technology which helps with battery management. This way each solar light can operate on and off network.
Based on type, the solar street lighting market is segmented into Standalone and On Grid. Amongst type, the on-grid segment of the solar street lighting market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027.
Based on component, the solar street lighting market is segmented into CFL and LED. Amongst component, LED segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analysed period.
Based on end-user, the solar street lighting market is segmented into Residential, Commercial, and Industrial. The industrial segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F.
For a better understanding of the market adoption of Solar Street Lighting Industry, the market is analysed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific will dominate the Solar Street Lighting market on account of increasing adoption by government and its lower cost of maintenance.
Some of the major players operating in the market include VerySol Inc., Solar Street Lights USA, Dragons Breath Solar, Urja Global Ltd., Solektra International LLC, ABB Ltd., SOKOYO Solar Group, Sunna Design, Sol Inc., Philips Lighting Holding B.V. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Solar Street Lighting Market was valued at US$ XX billion in 2020 and is projected to expand significantly with a CAGR of XX% from 2021-2027F to US$ XX billion in 2027. The Solar Street Lighting Market is expected to witness a boost on account of its high adoption in the Asia-Pacific region.