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- Fresh from the COVID-19 Experience, the World Will Step Up Environmental Governance & Building Energy Efficient Cities Will be the Starting Point. Solar Street Lighting to Reach US$14 Billion.
- The global market for Solar Street Lighting is projected to reach US$14 Billion by the year 2027, trailing a post COVID-19 CAGR of 14.7% over the analysis period 2020 through 2027. The said growth will be led by the confluence of several favorable factors like the shift towards clean energy, government initiatives and massive adoption of these systems. Solar street lighting systems rely on solar photovoltaic panels for capturing and storing solar energy, and are widely considered for outdoor lighting. Ambitious programs to promote sustainable development and curtail greenhouse gas emissions coupled with government subsidies and focus on clean power are stimulating the market growth. The pressing need to lower energy consumption and large-scale installation of solar street lighting systems by residential and commercial users are encouraging market growth. The adoption of these systems is favored by declining costs of solar panels and batteries, stringent regulations and environmental concerns. In addition to targeting integration of renewable energy into the grid, various countries are betting on solar street lighting to serve remote areas that are difficult to be covered by traditional options. These systems are garnering significant attention owing to their extended service life, ecological operations, high energy efficiency and low emissions. Emerging economies in Asia-Pacific and Africa are making serious efforts to tap solar energy and pushing solar networks. Increasing investment in advanced infrastructure such as highways and roads to accommodate rising vehicular traffic is expected to present lucrative opportunities to market participants. Declining costs of solar lighting systems have made them an attractive alternative to conventional options that are known for heavy carbon footprint along with expensive operating and maintenance costs. In addition, lighting accounts for 19% of global energy and 25-30% of household energy consumption.
- The use of solar energy along with efficient lighting options like LEDs and CFLs is slated to help countries in restraining energy-related costs without burdening the environment with carbon emissions. LED-powered solar street lighting is emerging as an intriguing option for supporting the outdoor infrastructure due to outstanding properties of LED technology, such as energy saving, high efficiency, easy maintenance and environmental protection. Representing a cold light source, LED solar street light is free from carbon emissions and other polluting substances. As LEDs are driven by DC, these devices don’t require stroboscopic, ultraviolet or infrared components, making them a sustainable solution. LED lights convert electricity into light and hold a notable conversion rate of 90%. These lighting devices reduce energy loss and push energy efficiency, enabling users to save on utility costs. The increasing adoption of LED lights for solar street lighting systems is expected to result in a significant reduction in carbon emissions while leading to energy savings. LED lights also score high in terms of aesthetics and satiate consumer desire for appealing designs. The increasing investment in smart city projects is bound to propel the demand for solar street lighting systems that hold potential to help governments in achieving their sustainability targets, mitigating climate change and controlling carbon emissions.
- Standalone solar street lighting systems are predicted to register the fastest growth rate. Rather than using grid supply, these systems rely on batteries for storage of solar energy, and offer a cost-effective solution for solar street lighting. Standalone solar street lightning offers a suitable option for areas that are not served by power grid. These systems are capable of storing and collecting solar energy that is converted into electricity as per the requirement. These benefits establish standalone systems an appropriate solution to remote areas. The segment is likely to gain from increasing adoption across off-grid locations and high cost of conventional street lighting infrastructure. Developing countries, including Bangladesh, Indonesia, Tanzania, India, Cambodia, Kenya, and Ethiopia, are increasingly investing in standalone systems. The Jawaharlal Nehru National Solar Mission and the Ministry of New and Renewable Energy in India, the Brazilian Development Bank, and the Institute for Planning and Promotion of Energy Solutions in Columbia are making aggressive efforts to advance off-grid solar street lighting infrastructure. These efforts are also supported by leading international organizations. The World Bank and International Finance Corporation are working continuously to promote standalone solar lighting across Africa. These initiatives are poised to considerably benefit the off-grid solar street lighting segment in the coming years.
Select Competitors (Total 69 Featured) -
- Acuity Brands, Inc.
- Bajaj Electricals Ltd.
- Bridgelux, Inc.
- Cooper Lighting, LLC
- Dragons Breath Solar Ltd.
- Jiangsu SOKOYO Solar Lighting Co., Ltd.
- Signify Holding BV
- Solektra International
- Sunna Design SA
- Urja Global Ltd.