The Solar Street Lighting market is expected to grow with a significant CAGR in the coming years.
The demand for Solar Street Lighting is witnessing an uptick on account of rising use of renewable energy to produce electricity. The Solar Street Lighting market is expected to grow with a significant CAGR in the coming years. Key factors influencing this market growth include rising infrastructure and emergence of smart cities. Additionally, the declining price of solar panels is also influencing the market growth. Solar street lights are energy efficient, lower in long term costs and can be controlled in real time via central control units or devices. Their reduced energy consumption is leading to their increasing demand in coming years. The solar panel prices have undoubtedly decreased over the years. According to a report by National Renewable Energy Laboratory (NREL), costs of solar panels fell from US$ 10/W to US$ 2/W from 1980 to 2010. Additionally, between 2015 and 2019, the costs have dropped from US$ 0.70/W to US$ 0.35/W which is about 50% over 4 years. This decreasing cost is also expected to boost the solar street lighting market growth.
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The recent covid-19 pandemic in 2019 took the world by a storm. The pandemic brought the world to a standstill. All industries have suffered some form of loss due to the pandemic. In addition to this the pandemic has also cost many lives. Till date there have been 177,470,620 covid-19 cases in the world and 3,839,931 deaths. Most nations around the world were affected by the pandemic which not only took lives but also took away jobs. The pandemic caused a huge economic burden all around the world with most industries bearing some form of loss. The Solar Street Lighting industry also saw a slowdown during the pandemic as the industries were shut and production was affected.
According to UnivDatos Market Insights (UMI)’ research report “Solar Street Lighting Market Analysis, 2020”, the Solar Street Lighting market is projected to grow at a CAGR of XX% during 2021-27F. Lower installation cost and CO2 emissions is one of the prominent reasons which is driving the market of the Solar Street Lighting. For Instance: According to International Energy Outlook 2016, 25 quadrillion Btu of industrial energy will be generated from renewables as compared to 17.4 quadrillion Btu in 2012. Also, In a decade’s time, the cost of solar panel installation has gone from US$ 8.50/watt in 2009 to just US$ 2.81/watt in 2020.
Based on the Type, the market is fragmented into Standalone and On Grid. On Grid Segment accounted for the largest share in 2020 and is anticipated to register a lucrative CAGR during the forecast period. This is due to the net metering and feed in tariff (FIT) implied by governments, which are only possible with on grid lightings. Additionally, transmission loss reduction and combination of smart grid technologies which will furnish business growth.
Industrial Segment to Witness Robust growth
Based on end-user, the market is fragmented into Commercial, Industrial, and Residential. Industrial segment had the highest revenue and CAGR growth in the analyzed period. This is attributed to the advancements of the smart control network enterprises and the rise in on-site electricity generation is also enhancing the industry growth. Additionally, developments in sustainable manufacturing and increasing need for energy optimization are complementing business growth.
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Asia-Pacific to Grab Lion’s Share, and witnessed Explicit Growth
Based on the Region, Asia-Pacific dominated the Solar Street Lighting market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to increasing demand for electricity and renewables. For example, in India, the government provides 90% subsidy for the lights that cost about US$ 350 and the rest US$ 35 is contributed by the residents. Asia-Pacific is expected to skyrocket with a CAGR of XX% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Solar Street Lighting Market Analysis, 2020”.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Solar Street Lighting Market are 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., among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.
§ In July 2021, Zytech Solar is now a part of Energy Web, the world’s largest energy blockchain ecosystem.
§ In June 2021, the recommendations on energy access are part of a proposed global roadmap with concrete actions to achieve clean, affordable energy for all by 2030 and net zero emissions by 2050 launched by the United Nations.
“Solar Street Lighting Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Solar Street Lighting providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Type (Standalone, On Grid)
2. By Component (CFL, LED)
3. By End-User (Commercial, Industrial, Residential)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (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. etc.)
Key questions answered in the study:
1. What are the current and future trends of the Solar Street Lighting industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Solar Street Lighting industry?
5. What is the customer orientation, purchase behavior, and expectations from the Solar Street Lighting firms across various regions?
