What are the Factors Contributing in Solar Street Lighting Market Growth? | Key Players are Philips Lighting, Sunna Design, Omega Solar, Su-Kam Power Systems Limited & SOKOYO Solar Evolution

Global Solar street lighting market is estimated to reach $10,805.3 million 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 global solar street lighting market, which is forecasted for 21.2% CAGR during 2017 – 2023.

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As per the findings of the research, 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.

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.

Due to the presence of harsh climatic conditions in MEA, the standalone lightings were more preferred and formed larger market as compared to on-grid. The World Bank and International Finance Corporation are collectively making efforts for upliftment of several countries in MEA by providing funds for developing the lighting and power industries and setting up solar street lights in these countries.

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 of 40.6% during 2013 – 2016.

Asia-Pacific has been the largest solar street lighting market, whereas MEA is expected to witness the fastest growth among all the regions.

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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.

Solar Street Lighting Segmentation

By Lighting Type

• CFL
• LED

By Product Type

• Standalone
• On-grid

By Application

• Residential
• Commercial
• Industrial

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This release was published on openPR.