Solar Street Lighting Market Analysis Covering Size, Share, Growth, Trends

This latest report by business intelligence provider Visiongain assesses that Solar Street Lighting Market spending will reach US$ 29.30 billion by the middle of 2030. The worldwide Solar Street Lighting Market is anticipated to grow at a CAGR of 21.4 ##fold over the 2020 and 2030 prediction era. Globally, the development of smart cities has been a main driver of market growth. Solar street lighting are the forms of light that are used prominently for outdoor lighting and use solar power as their primary energy source.

Photovoltaic panels that are installed on an embedded platform power these lamps. With the increase in supply for ongoing energy in both emerging and advanced areas, the possibility of the market for street lighting is growing. Other elements such as technological developments in street lighting design have resulted in reduced solar lighting parts, making them an appropriate solution to traditional street lighting.

The industry for solar street lighting is increasing with authorities of different areas promoting the construction of renewable street lighting. This aspect, as well as cost efficiency and solar heating devices ' environmentally friendliness, drives the industry. Other variables such as the high maintenance needed for the cost of solar lighting devices, together with the big original capital needed, restrict the general market growth.

It is therefore critical that you have your timescales correct and your forecasting plans ready. This report will ensure that you do. Visiongain's report will ensure that you keep informed and ahead of your competitors. Gain that competitive advantage.

Market Introduction

Market Overview and Trends

Growing supply for cellular-connected lamps is the main tendency in the global market for digital street lighting. Governments in several emerging nations are implementing cellular-connected solar-powered street lighting, as they are highly cost-effective and readily monitored. Solar street lights can be remotely controlled from an Internet of Things (IoT)-enabled device when connected to a mobile network.

The falling price of solar lighting solutions is another trend seen in the market for solar street lighting. According to a National Renewable Energy Laboratory report, the cost of using solar photovoltaic (PV) cells for power generation dropped by 60%. The price in 2009 was about $7.06 per watt, falling in 2016 to $2.93 per watt. The price of installing domestic thermal photovoltaic batteries reduced from 6.0 percent to 7.0 percent per year between 1998 and 2013 and 12.0 percent during 2012-2013. Because solar photovoltaic cells are an inextricable component of renewable street lighting, the price of these lamps is anticipated to decrease.

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While income loans and other subsidies provided by authorities in different advanced nations, such as the U.S. that backed the sector, may expire in the coming years, it will not have a adverse impact. This is because investors in the market exist in a large number, and the World Bank continues to extend strong support to developing countries, especially developing countries such as Nigeria, which would help in taking the worldwide market forward.

Market Dynamics:

Factors Influencing the Market Growth:

Low Maintenance Cost of Solar Street Lightings Propel the Growth

The increasing supply for clean energy is a significant trigger for the building industry for global solar roads. Easy installation, low maintenance costs and no damaging radiation during lamp manufacturing are some of the more variables that influence the development of the worldwide industry for street lighting panels.

One of the most significant variables supporting the development of the global solar street lighting industry is the significant reduction of pollution through the use of solar energy to generate electricity. In addition, the working of street lighting even when the sun is not available or on a rainy day is another variable fueling the development of the global solar street lighting industry in the 2020 to 2030 forecast period.

Strict carbon emission laws and favourable public aid for renewable energy sources are the main considerations behind the development of the worldwide industry for lcd street lighting. Many countries ' governments, including China, India, and the United States, have stringent regulations and schemes, such as feed-in tariffs and quota-based renewable portfolio standards (RPSs).

Moreover, initiatives are being taken by several nations to promote the use of renewable energy sources such as wind and sunlight. A goal to reduce environmental carbon footprint, which is increasing due to the use of non-renewable energy sources, has been set, thereby making the adherence to the regulations more stringent.

Governments offer economic assistance in the type of grants in various nations to promote the use of solar energy technologies. Numerous World Bank and International Finance Corporation launched initiatives, plans and programs to support the use of solar power contribute to the development of the street lighting industry. The World Bank has offered support to different countries to increase the use of renewable energy instead of conventional energy, ultimately to reduce carbon emissions and to curb the resulting pollution. For instance, the World Bank endorsed $100 million in financing for large-scale wind projects in India in March 2017.

Read on to discover how you can exploit the future business opportunities emerging in this sector. Visiongain's new study tells you and tells you NOW. The 210-pages report provides clear, detailed insight into the global Solar Street Lighting market. Discover the key drivers and challenges affecting the market.

Factors Restraining the Market Growth:

One of the main variables hampering the development of the street lighting industry is the absence of LED standardization operation worldwide. Governments have enacted stringent legislation in several countries to encourage the use of energy-efficient techniques, but without standardizing item requirements. LED renewable street lighting requirements therefore differ across nations.

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This also generates a barrier for providers as they must comply with the norms in nations where they plan to distribute the lamps. Another element hindering the development of the industry for electric street lighting is rigid contest due to the introduction of counterfeit products. In some parts of the world, although the demand for solar street lighting products is high, their low availability has led to the intrusion of inferior-quality products that cost lower. The penetration of counterfeit products has further led to increased competition in the market.

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