Solar Street Lighting Market Will Reach $10.8 Billion by 2023 and Is Growing at a CAGR of 21.2% During 2018 - 2023

Solar street lighting market is estimated to reach $10.8 Billion market size by 2023. High demand for efficient and renewable source of lighting for streets and increasing government support worldwide are the major factors responsible for significant growth in the solar street lighting market, which is 21.2% CAGR forecast to 2023.

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Standalone type held larger share of solar street lighting market as compared to the on-grid type. The designers of these lights have been searching for more efficient and heat resistant design solutions for these lights. Rapid transformations taking place in the solar street lighting market have made these lights more user-friendly. Several design modifications have led to improvement in the working of standalone models, consequently making them popular among buyers. Among the various application areas of solar street lighting market, commercial application has been the largest contributor. Whereas among the lighting types,LED lighting witnessed a significant growth rate.

Asia-Pacific has been the largest solar street lighting market, whereas MEA is expected to witness the fastest growth among all the regions. The fastest growth in MEA market can be attributed to increasing government support, constantly increasing energy costs,rise in demand of electricity, surging demand for renewable lighting sources, and increasing awareness amongst citizens about benefits associated with the use of solar street lighting over traditional lighting sources.

The surging urbanization in developing countries has been leading to the rise in demand for energy, and governments of various countries are supporting eco-friendly methods of producing energy. This is consequently driving the demand for solar street lights globally. The technology in solar street lights are continuously improving over the years, and are expected to make further advancements with supportive government regulations and product innovation.

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The global solar street lighting market is fragmented with small number of large players and large number of small regional players. Carmanah Technologies Corp. was the global market leader in this industry. Some of the other major companies operating in this market includes Koninklijke Philips N.V., Sunna Design, Omega Solar, Su-Kam Power Systems Ltd., Urja Global Ltd and Sokoyo Solar Group.

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