Demand for Solar Street Lighting Systems Set to Skyrocket in Asia-Pacific in Near Future

The rapidly declining prices of solar lighting systems is one of the major factors fueling the sales of solar street lighting systems across the world. As per a National Renewable Energy Laboratory (NREL) report, there was a massive decline in the prices of solar panels, that is, from $10 / W to nearly $2 / W from 1980 to 2010. This represented a reduction of as much as 80% over the 30-year period.

Moreover, the prices further fell from $0.70 / W in 2015 to $0.35 / W in 2019, registering a decline of 50% during that period. The decline in the costs of these panels is positively impacting their sales across the world. Besides this factor, the rapid development of smart cities in various countries such as India, China, Saudi Arabia, South Korea, and the U.S. is also fueling the demand for solar street lighting systems across the world.

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China has invested heavily in these smart city development projects. The completion of these projects will propel the sales of solar street lighting systems, which will, in turn, fuel the expansion of the global solar street lighting market. Apart from this, solar street lighting systems are also being heavily used as reliable light sources in remote areas. Due to their lower operation and maintenance costs, these systems are being heavily used for providing proper lighting in remote areas.

Because of the above-mentioned factors, the demand for solar street lighting systems is surging sharply, thereby propelling the advancement of the solar street lighting market. As a result, the value of the market is predicted to grow from $5.7 billion in 2019 to $14.6 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 9.4% between 2020 and 2030. Depending on structure type, the market is divided into standalone, portable, and centralized categories.

Amongst these, the centralized category recorded the highest revenue share in the market during the last few years and this trend is predicted to continue in the coming years as well. This is credited to the growing deployment of centralized on-grid based solar street lighting systems, on account of their ability to provide seamless functionality. Depending on application, the solar street lighting market is classified into bridge, manufacturing site, highway & roadway, airport runway, parking lot, and park & playground.

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Out of these, the highway and roadway category is predicted to hold the highest revenue share in the market in the coming years. Globally, the solar street lighting market will exhibit lucrative growth in Asia-Pacific (APAC) in the future years, as per the estimates of the market research company, P&S Intelligence. This will be because of the increasing urbanization rate and the growing implementation of favorable initiatives regarding the usage of solar street lighting systems in the regional countries.

Hence, it is safe to say that the demand for solar street lighting systems will skyrocket all over the world in the coming years, primarily because of the falling prices of solar panels and the rapid development of smart cities in several countries.

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This release was published on openPR.