Solar Street Lighting Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Product Type (Standalone and Grid-Connected), By Lighting Source (LED and CFL), By Application (Residential, Commercial, Industrial), By End-User (Government, Private Sector, Residential Communities), By Technological Component (Traditional and Smart), By Power Rating (Low, Medium, High), By Industry Vertical (Transportation, Real Estate, Healthcare), By Environmental Condition (Desert, Coastal), By Customization Level (Standard, Customized), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The global solar street lighting market was valued at USD 4,792.6 Million in 2022 and is anticipated to reach a value of USD 13,385.9 Million by 2030 expanding at a CAGR of 13.8% between 2023 and 2030.

Solar street lights are regular lights that get their power from solar panels that are either integrated into the pole or fixed atop it. When the sun sets, the rechargeable batteries that are connected to these solar panels power the LED or fluorescent light. The majority of these lights have sensors that use the voltage from the solar panel to monitor the outdoor light and turn it on and off automatically. While most solar streetlights are meant to run all night, some may be able to run for multiple nights in the event of low light or bad weather. The growing need for energy-efficient lighting solutions is driving a significant growth in the market for solar LED street lighting. The demand for environmentally friendly and sustainable energy solutions, growing public awareness of energy conservation, and an increase in government programs to support the use of renewable energy sources are the main factors driving the market.

Solar Street Lighting Market Major Driving Forces

Growing Popularity of Smart Street Lights: The market for solar street lighting is primarily driven by the rising demand for smart street lights, which are becoming more and more popular for their energy-efficient features, low maintenance and operation costs, and quick fault detection owing to real-time control decisions made by a centralized controller or device. In order to track and conserve electricity, these smart street devices have been extensively utilized in smart city projects. These devices are anticipated to be in considerable demand in the upcoming years.

Decline in Prices: The market for solar street lighting is being driven by the reduction in cost of solar lighting solutions. The components of solar technologies such as PV panels, bypass diode, battery technology, inverter, and others are getting cheaper and cheaper due to advancements in technology, thereby driving the market.

Rise in Smart Cities: One of the main factors propelling the global market expansion for solar street lighting is the rise in smart cities. Many smart city development projects have been finished, and many more are in progress in nations including the United States, China, India, South Korea, and others. As a result, there is a growing global demand for LED lighting to improve urban landscapes and boost energy efficiency.

Application for Remote and Off-Grid Locations: Solar street lights are especially well-suited for off-grid or remote areas where expanding the electrical grid might be prohibitively expensive or impractical. The adoption of solar street lighting in these areas has been fueled by its independence from conventional power sources.

Solar Street Lighting Market Key Opportunities

Growing Need for Energy-Efficient Lighting Solutions: The market for solar LED street lighting has a lot of potential due to the rising demand for energy-efficient lighting solutions in emerging economies. It is anticipated that demand for environmentally friendly and energy-efficient lighting solutions will rise as these economies continue to grow.

Technological Developments: The market for solar LED street lighting is anticipated to gain from these developments as well. Upgrades to solar LED street lighting systems can result in increased efficiency and cost savings through advancements in solar panels, batteries, and fixtures.

Cooperation: To create creative and affordable solar LED street lighting solutions, suppliers and makers are working together. This promotes the use of solar LED street lighting and minimizes the initial installation costs.

Solar Street Lighting Market Key Trends

·         The advanced features of smart solar street lights, like energy efficiency, remote monitoring, and adaptive lighting control, are contributing to their growing popularity.

·         When it comes to off-grid solar street lighting, isolated locations with little or no access to the electrical grid are especially appealing.

·         The market for solar street lighting is expanding due to the ongoing advancements in LED technology. Compared to conventional lighting sources, LED luminaires provide greater color rendering, longer lifespans, and higher energy efficiency.

·         The use of solar street lighting is being encouraged by governments all over the world through a number of programs, such as tax breaks, preferential procurement laws, and subsidies.

·         Beyond traditional street lighting, solar street lighting technology is finding use in parking lots, pathway, and security lighting, among other areas.

Region-wise Market Insights

Asia Pacific accounted for the largest market share at 48.2% in 2022 moreover, Asia Pacific is also expected to register the fastest growth, expanding at a CAGR of 14.4% between 2023 and 2030.

Due to the rising number of smart city projects that incorporate solar street lighting for energy efficiency and more effective urban planning, North America is anticipated to hold the dominant share of the market for solar street lighting. For the purpose of lowering carbon emissions and achieving sustainability objectives, European nations have been aggressively pushing for renewable energy sources. Regulations, incentives, and subsidies of various kinds encourage the use of solar street lighting. In European cities, infrastructure development initiatives and urbanization have increased the demand for sustainable and energy-efficient lighting solutions. Smart city initiatives frequently incorporate solar streetlights. The market is expected to grow in Asia Pacific due to the region's increased urbanization and infrastructure development in nations such as China, Japan, and India. The growing demand for solar street lighting in urban areas, suburbs, and parks to improve safety and reduce energy consumption. Growth in the market is aided by increased government efforts to encourage the use of solar energy through policies and subsidies. reach, making it easier for consumers to access a wide range of solar street lighting options.

Market Competition Landscape

There are only a few major companies in the fragmented global market for solar street lighting. To obtain a competitive advantage, the market's top players are spending money on mergers and acquisitions as well as the development of new products. The following companies are highlighted in Transparency Market Research's report on the global solar street lighting market:

·         Philips Lighting (now Signify)

·         Osram GmbH

·         Solar Street Lights USA

·         Solex Energy Limited

·         Hubbell Lighting

·         Bridgelux, Inc.

·         JinkoSolar Holding Co., Ltd.

·         Bajaj Electricals Limited

·         Solar Electric Power Company (SEPCO)

·         Eco-Sources Solar Technology Co., Ltd.

·         Cree, Inc.

·         Gama Sonic

·         Schneider Electric

·         Sunna Design

·         Crompton Greaves Consumer Electricals Limited

·         Leadsun (Jiawei)

·         SolarOne Solutions

·         SOKOYO Solar Group

·         Orion Solar

·         Echelon Corporation

In the solar street lighting industry, Philips Lighting—which is currently doing business as Signify—has been a major and significant player. Philips Lighting (Signify), by virtue of its vast experience in the lighting sector, has been instrumental in pushing the use of solar-powered lighting solutions for outdoor applications, such as street lighting. Indian company Bajaj Electricals is well-known for designing and producing solar-powered street lights, which support environmentally friendly and economically viable urban and rural lighting solutions. Their products in this area probably include LED lights for night-time illumination, energy storage systems for effective power management, and solar street lights with photovoltaic panels to capture solar energy during the day.