Solar Street Lighting Market is Projected to Augment at a Notable CAGR During the Forecast Period

Global Solar street lighting market is estimated to reach $10,805.3 million market size by 2023. High demand for efficient and renewable source of lighting for streets, and increasing government support worldwide are the major factors responsible for significant growth in the global solar street lighting market, which is forecasted for 21.2% CAGR during 2017 – 2023.

As per the findings of the research, standalone type held larger share of solar street lighting market as compared to the on-grid type. The designers of these lights have been searching for more efficient and heat resistant design solutions for these lights.

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The technology in solar street lights are continuously improving over the years, and are expected to make further advancements with supportive government regulations and product innovation.

Among the various application areas of solar street lighting market, commercial application has been the largest contributor. whereas among the lighting types, LED lighting witnessed a significant growth rate of 40.6% during 2013 – 2016. In terms of volume sales, the global solar street lighting market will witness fastest growth in residential applications.

Due to the presence of harsh climatic conditions in MEA, the standalone lightings were more preferred and formed larger market as compared to on-grid. The World Bank and International Finance Corporation are collectively making efforts for upliftment of several countries in MEA by providing funds for developing the lighting and power industries and setting up solar street lights in these countries.

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The global solar street lighting market is fragmented with small number of large players and large number of small regional players. Carmanah Technologies Corp. was the global market leader in this industry in 2016. Some of the other major companies operating in this market includes Koninklijke Philips N.V., Sunna Design, Omega Solar, Su-Kam Power Systems Ltd., Urja Global Ltd and Sokoyo Solar Group.

Solar Street Lighting Segmentation

By Lighting Type

• CFL
• LED

By Product Type

• Standalone
• On-grid

By Application

• Residential
• Commercial
• Industrial

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