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Solar Street Lighting - Global Market Trajectory & Analytics

  • ID: 5030429
  • Report
  • January 2021
  • Region: Global
  • 303 pages
  • Global Industry Analysts, Inc
Fresh from the COVID-19 Experience, the World Will Step Up Environmental Governance & Building Energy Efficient Cities Will be the Starting Point. Solar Street Lighting to Reach US$ 14 Billion.

The global market for Solar Street Lighting is projected to reach US$ 14 Billion by the year 2027, trailing a post COVID-19 CAGR of 14.7% over the analysis period 2020 through 2027. The said growth will be led by the confluence of several favorable factors like the shift towards clean energy, government initiatives and massive adoption of these systems. Solar street lighting systems rely on solar photovoltaic panels for capturing and storing solar energy, and are widely considered for outdoor lighting. Ambitious programs to promote sustainable development and curtail greenhouse gas emissions coupled with government subsidies and focus on clean power are stimulating the market growth. The pressing need to lower energy consumption and large-scale installation of solar street lighting systems by residential and commercial users are encouraging market growth. The adoption of these systems is favored by declining costs of solar panels and batteries, stringent regulations and environmental concerns. In addition to targeting integration of renewable energy into the grid, various countries are betting on solar street lighting to serve remote areas that are difficult to be covered by traditional options. These systems are garnering significant attention owing to their extended service life, ecological operations, high energy efficiency and low emissions. Emerging economies in Asia-Pacific and Africa are making serious efforts to tap solar energy and pushing solar networks. Increasing investment in advanced infrastructure such as highways and roads to accommodate rising vehicular traffic is expected to present lucrative opportunities to market participants. Declining costs of solar lighting systems have made them an attractive alternative to conventional options that are known for heavy carbon footprint along with expensive operating and maintenance costs. In addition, lighting accounts for 19% of global energy and 25-30% of household energy consumption.

The use of solar energy along with efficient lighting options like LEDs and CFLs is slated to help countries in restraining energy-related costs without burdening the environment with carbon emissions. LED-powered solar street lighting is emerging as an intriguing option for supporting the outdoor infrastructure due to outstanding properties of LED technology, such as energy saving, high efficiency, easy maintenance and environmental protection. Representing a cold light source, LED solar street light is free from carbon emissions and other polluting substances. As LEDs are driven by DC, these devices don't require stroboscopic, ultraviolet or infrared components, making them a sustainable solution. LED lights convert electricity into light and hold a notable conversion rate of 90%. These lighting devices reduce energy loss and push energy efficiency, enabling users to save on utility costs. The increasing adoption of LED lights for solar street lighting systems is expected to result in a significant reduction in carbon emissions while leading to energy savings. LED lights also score high in terms of aesthetics and satiate consumer desire for appealing designs. The increasing investment in smart city projects is bound to propel the demand for solar street lighting systems that hold potential to help governments in achieving their sustainability targets, mitigating climate change and controlling carbon emissions.

Standalone solar street lighting systems are predicted to register the fastest growth rate. Rather than using grid supply, these systems rely on batteries for storage of solar energy, and offer a cost-effective solution for solar street lighting. Standalone solar street lightning offers a suitable option for areas that are not served by power grid. These systems are capable of storing and collecting solar energy that is converted into electricity as per the requirement. These benefits establish standalone systems an appropriate solution to remote areas. The segment is likely to gain from increasing adoption across off-grid locations and high cost of conventional street lighting infrastructure. Developing countries, including Bangladesh, Indonesia, Tanzania, India, Cambodia, Kenya, and Ethiopia, are increasingly investing in standalone systems. The Jawaharlal Nehru National Solar Mission and the Ministry of New and Renewable Energy in India, the Brazilian Development Bank, and the Institute for Planning and Promotion of Energy Solutions in Columbia are making aggressive efforts to advance off-grid solar street lighting infrastructure. These efforts are also supported by leading international organizations. The World Bank and International Finance Corporation are working continuously to promote standalone solar lighting across Africa. These initiatives are poised to considerably benefit the off-grid solar street lighting segment in the coming years.

Select Competitors (Total 69 Featured):
  • Acuity Brands, Inc.
  • Bajaj Electricals Ltd.
  • Bridgelux, Inc.
  • Cooper Lighting, LLC
  • Dragons Breath Solar Ltd.
  • Jiangsu SOKOYO Solar Lighting Co., Ltd.
  • Signify Holding BV
  • Solektra International
  • Sunna Design SA
  • Urja Global Ltd.

The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Impact of Covid-19 and a Looming Global Recession
  • COVID-19 Pandemic Chokes Supply from China
  • With COVID-19 Pandemic Crushing the Sentiment in the World Construction Sector, Solar Street Lighting Market Set to Exhibit Substantial Decline in 2020
  • EXHIBIT 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • A Prelude to Solar Street Lighting Market
  • Global Solar Street Lighting Market to Move Ahead at Lightning Speed Post COVID-19
  • LED Remains at the Forefront of Solar Street Lighting Revolution
  • Residential Application Segment Leads the Smart Street Lighting Market
  • Asia-Pacific Market for Solar Street Lighting to Witness Fastest Growth
  • Europe and the US to Present Lucrative Growth Opportunities
  • Market Players Gain from New Solar Street Lighting Contracts
  • Emerging Trends Warranting Attention from Solar Street Lighting Vendors
2. FOCUS ON SELECT PLAYERS
  • Recent Market Activity
3. MARKET TRENDS & DRIVERS
  • Sustained Rise in Global Electricity Demand Creates Conducive Scenario for Wider Uptake of Solar Street Lighting
  • EXHIBIT 2: Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • EXHIBIT 3: Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
  • EXHIBIT 4: Global Energy Consumption (Billion toe) by Country/Region (1995, 2017 and 2040): Breakdown for USA, China, India, Russia, Brazil, EU, Middle East and Rest of World
  • Solar Street Lighting Market Stands to Gain from Growing Focus on Renewable Energy Sources amidst Rising Concerns over Fossil Fuel Usage
  • EXHIBIT 5: Targets for Electricity Production from Renewable Energy Sources in Select Countries
  • EXHIBIT 6: Leading Countries with Renewable Energy as % of total Energy
  • EXHIBIT 7: Global CO2 Emissions (2015. 2020, 2040 & 2050): Percentage Breakdown of Volume Emissions by Fuel Type
  • Solar Energy Emerges as a Reliable Renewable
  • EXHIBIT 8: Top 10 Countries Worldwide by Annual PV Installed Capacity (2019)
  • EXHIBIT 9: Top 10 Countries Worldwide by Cumulative PV Installed Capacity in in GW (2019)
  • Government Participation in Boosting Solar Energy Uptake Elevates Momentum in Solar Street Lighting Market
  • Domestic Targets for Greenhouse Gas Emissions of Select Regions/Countries
  • Future Prospects Remain Favorable Amid Growing Population & Urbanization Drive
  • EXHIBIT 10: World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • Continued Rise in Vehicular Traffic to Drive the Demand for Smart Street Lighting
  • EXHIBIT 11: Cities with the Biggest Traffic Jams in Terms of Commuter Hours Spent: 2019
  • Increasing Number of Smart Cities to Drive the Growth of Solar Street Lighting
  • EXHIBIT 12: Global Market for Smart City Technologies in US$ Million for the Years 2019 and 2025
  • Appealing Benefits & Influx of New Solutions Enable Smart Solar Street Lighting to Post Impressive Gains
  • Technological Advancements Crucial to Sustain Market Growth
  • Technological Advancements in Solar LED Street Lights
  • IoT Adoption Encourages the Spread of Smart Solar Street Light
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • GEOGRAPHIC MARKET ANALYSIS
  • UNITED STATES
  • CANADA
  • JAPAN
  • CHINA
  • EUROPE
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • AUSTRALIA
  • INDIA
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
IV. COMPETITION
  • Total Companies Profiled: 119
Note: Product cover images may vary from those shown
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