Reducing Solar Component Cost Augmenting Solar Street Lighting Market Growth

Solar Street Lighting Market

The emergence of smart city projects, governments’ stringent regulations and support, and decreasing solar component costs are some of the factors playing a significant role in the growth of the solar street lighting market. In 2016, the market generated a revenue of $2.8 billion, and it is predicted to attain a size of more than $10.8 billion, progressing at a CAGR of 21.2% during 2017–2023 (forecast period).

On the basis of product type, the solar street lighting market is bifurcated into on-grid and standalone solutions. Of these, during the historical period (2013–2016), the standalone bifurcation dominated the market in terms of revenue, and it is predicted to maintain its lead during the forecast period as well. Standalone lights do not need any external power supply, which makes them a preferred product for street lighting.

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These lights are quite useful in rural areas, where people usually depend on conventional fuel, including firewood or kerosene, for lighting purpose. Further, based on lighting type, the solar street lighting market is categorized into light-emitting diodes (LED) and compact fluorescent lights (CFL). Although the CFL category led the market in terms of revenue during 2013–2016, the LED category is predicted to dominate it during the 2021–2023 period. The growing demand for more-economical and durable street lighting systems is boosting the production of LED lights.

In addition, with the decreasing price of solar panels, and various government incentives, solar energy has become one of the prime sources for powering smart cities. Furthermore, the government in many nations, including China, India, and the U.S., has implemented strict regulations and is offering support, such as quota-based renewable portfolio standards (RPS) and feed-in tariff.

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Hence, various governments’ support and regulations, reducing solar component cost, and rapid emergence of smart cities are expected to augment the market growth during the forecast period.

Solar Street Lighting Segmentation

By Lighting Type

  • CFL
  • LED

By Product Type

  • Standalone
  • On-grid

By Application

  • Residential
  • Commercial
  • Industrial

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