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Do you know the Solar Street Light Global Industry Trends and Growth Forecast to 2030?

Time:2021-2-19Posted:VTC Power Co.,Ltd

The global solar street lighting market size is valued at $5.7 billion with sales of 1,545.9 thousand lighting units in 2019 and projected to witness a CAGR of 9.4% during the forecast period (2020–2030). The declining price of solar street lighting solutions and increasing number of smart cities are the major growth driving factors. Moreover, increasing urbanization in developing regions is creating ample opportunities for the solar street lighting industry to grow.

The impact of the global outbreak of COVID-19 on the solar street lights market can be viewed as another key factor hindering the industry growth. The pandemic has forced a slowdown in the supply chain, which has further delayed the deployment of solar street lights.

Standalone Solar Street Light System Is Fastest-Growing Structure Type Category
In 2019, the standalone category on the basis of structure type witnessed the fastest growth in the solar street lighting market, and is expected to maintain its pace over the forecast period. Moreover, standalone solar street lights are do not connected with the grid for the power supply. These systems contain the battery that is used to store the solar energy. In terms of price, the standalone solar street light is more cost-efficient than standalone type.

Solar Panel is Largest Share in the Component Category
The solar panel category, based on component, led the solar street lighting market in 2019, and is projected to maintain its highest share in the market, during the forecast period. This can be attributed to the fact that solar panels are the most important component of a solar lighting system and are relatively expensive as compared to other components, generating the highest revenue in the market. The solar panel provides electricity to charge the battery during the daytime, which illuminates the lamps attached to it in absence or less presence of light.

Highway & Roadway Is Largest and Fastest-Growing Application Category
The highway and roadway category held the largest solar street lighting market share in 2019, owing to wide application of lighting products in highways & roadways. The category is further expected to grow fastest in the market during the forecast period. This can be ascribed to increasing government focus toward high-class infrastructure developments, which is further pushing the demand for outdoor lighting.

Geographical Outlook
Asia-Pacific held the Largest Regional Market Owing to the Deployment of Large Number of Solar Street Lighting Systems
During the historical period (2014–2019), APAC held the largest share in the global solar street lighting industry, due to increasing infrastructure projects and government initiatives in China, India, Japan, Australia, and South Korea for the deployment of solar lighting systems. According to the International Energy Agency (IEA), China was the largest market in the APAC region in 2019 for the implementation of solar lighting system solutions and accounted for 42.8% share in total global solar photovoltaic (PV) capacity. The APAC region is also expected to maintain its dominance in terms of market share in the industry during the forecast period.

Asia-Pacific – the Fastest Regional Market due to Development of Smart Cities
Another major factor responsible for driving the industry in the region is the sustained growth in urbanization in the developing countries, which has led to a steep rise in the demand for energy. This growth is coupled with the presence of some key players in APAC countries, such as Jinhua SunMaster Solar Lighting Co. Ltd., Samsung Electronics Co. Ltd., and Urja Global Ltd., and their engagement in strategic development activities to attain significant market position.

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