The solar street lighting market consist of standalone integrated fixtures installed along roadways, sidewalks and within public parks and neighborhood lighting applications that utilize integrated solar photovoltaic panels and a rechargeable battery to operate LED fixtures during nighttime hours without being connected to the electrical grid. Solar street lighting fixtures offer a low maintenance alternative to traditional grid-powered street lighting while reducing overhead costs associated with laying electrical wiring and infrastructure. Key advantages include low installation costs due to simpler wiring requirements, lower operational expenditures compared to traditional streetlights with power drawn from the grid, minimal to no wiring infrastructure needed and a greener alternative by drawing power from renewable solar energy.
The global solar street lighting market is estimated to be valued at US$ 13.66 billion in 2024 and is expected to exhibit a CAGR of 15.8% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the solar street lighting market are VerySol Inc., Solar Street Lights USA, Dragons Breath Solar, Urja Ltd., Solektra International LLC, Bridgelux Inc., SOKOYO Solar Group, Sunna Design, Sol Inc., Signify Holding, Omega Solar, SolarOne Solutions Inc., Hitechled, Fevino Industries LLP, Systellar, Wolta Power System, SunMaster, Wipro Lighting, Swami Energy, and Sunrise Solar
Solar Street Lighting Market Size include growing infrastructure development and construction of new roadways and public spaces in developing economies requiring street lighting fixtures along with a transition towards greener building solutions. Advancements in LED and battery technologies have significantly improved performance and operational lifetimes of solar street lighting fixtures making them more viable compared to traditional options.
Market drivers
One of the key drivers for the solar street lighting market is the lower total cost of ownership compared to grid connected street lighting systems. Solar street lights eliminate overhead utility bills incurred from grid supplied power and have much lower installation and maintenance costs due to simple plug-and-play fixtures not requiring trenching or cabling infrastructure. This makes solar street lighting an attractive proposition for municipal and commercial applications. Public-private partnerships with energy service companies (ESCOs) are also driving expanded rollouts where the upfront capital cost is shouldered by ESCOs in turn for multi-year contracts from city administrations.
Current challenges in Solar Street Lighting Market
The high initial costs involved in the installation of solar street lights poses a major challenge for widespread adoption. Transportation and mounting of solar panels and other lighting equipment also adds to the expenditure. Fluctuations in sunlight availability due to changing weather conditions can affect the performance and consistency of lighting. Heavy winds or snowfall may potentially damage the solar panels as well. Vandalism and theft of solar lighting equipment also undermine their adoption. However, with continuous technological advancements and economies of scale, the upfront costs are expected to decline over time.
SWOT Analysis
Strength: Renewable source of energy; Environment friendly solution; Low maintenance costs; Off-grid areas can also be covered.
Weakness: High initial investment; Dependency on weather conditions; Storage issues during off seasons.
Opportunity: Global drive towards renewable energy; Growing rural electrification; Potential for rural economies; Remote monitoring improves efficiency.
Threats: Fluctuations in polysilicon prices affect total costs; Low adoption due to high costs currently; Competition from conventional lighting solutions.
North America currently holds the largest share in the global solar street lighting market in terms of value, backed by rapid installation of these systems across cities and villages. Supportive government policies through incentives and initiatives in the US and Canada are driving significant market growth. The Asia Pacific region is expected to witness the fastest growth in the solar street lighting market over the coming years. This can be attributed to ongoing rural electrification projects and growing investments to enhance energy access through decentralized renewable solutions especially in India, Bangladesh, Indonesia and Vietnam.
China currently dominates the global solar street lighting production and exports these products to markets across the world. In terms of demand as well, Indian subcontinent including India, Bangladesh and Sri Lanka collectively account for the largest consumer base for solar street lights owing to their huge rural populations lacking grid connectivity.
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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