Solar Street Lighting Market Will Rise at a lackluster CAGR of 23.4%, illuminated by new report

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Solar street light (SSL) are extensively being used for outdoor street lighting as their primary source of energy is solar power. With no dependence on conventional sources of energy, these lighting mediums operated on stand-alone mode, eliminating the need for a general grid of any power requirements. The standalone solar photovoltaic street lighting system comprises of a re-chargeable lead acid battery for storage, PV (photovoltaic) modules for charging the battery, light source (compact fluorescent lamps (CFL), and light emitting diodes (LED), suitable electronics for the operation of the tamp, and safe charging and discharging of the battery and mechanical hardware for fixing these sub systems.

The key advantage of these lighting systems is that they available either with automatic dusk to dawn operation or with a pre-set timer. Tubular batteries provided with the solar street lighting systems require exceptionally low maintenance and are known to have a long life. In light of these advantages, the global solar street lighting market is likely to be worth US$22.30 bn by the end of 2025 from US$3.47 bn in 2016. During the forecast period of 2017 and 2025, the global solar street lighting market is expected to progress at a CAGR of 23.4%.

Demand for Greener Solutions Puts Commercial Segment at Forefront

The applications of solar street lighting solutions are seen in areas such as residential, commercial, and industrial. Of these, the commercial segment is projected to lead the global market due to rising initiatives by governments and civic authorities to using solar lighting. Currently, solar street lighting solutions are being used on streets, roadways, and various other commercial establishments. Analysts expect that the commercial segment of the global solar lighting market is likely to acquire a share of 68.2% by the end of 2025. The growing demand for solar lighting in areas such as parking lots, pathways, subways, perimeter security lighting, and public area lighting have also augmented the growth of this segment. The rising awareness amongst global citizens about the burden of using traditional lighting sources has significantly made them transition to greener solutions.

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Asia Pacific Emerges as Key Region in Global Solar Street Lighting Market

Asia Pacific was the largest market for solar street lighting globally, accounting for 44.3% share in 2016. India was the leader in terms of revenue, closely followed by China, in 2016. On the other hand, the Middle East and Africa was the second-largest market for solar street lighting in the same year. Kenya, South Africa, Ghana, and Nigeria spearhead the solar street lighting market in Africa with need for clean and reliable source of off-grid electricity. Europe stood third with Germany and the U.K leading the demand as the region makes a serious shift towards greener solutions.

Analysts expect that is likely to witness significant growth in the near future and would surpass the growth rate of Asia Pacific market by 2020. This expected growth is the result of numerous initiatives such as subsidies, campaigns, and different programs introduced by the World Bank and International Finance Corporation to promote solar street lighting products.

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