WILMINGTON, DE, UNITED STATES,22nd October 2024-– Allied Market Research published a report, titled, the solar street lighting market was valued at $4.1 billion in 2023, and is estimated to reach $11.1 billion by 2033, growing at a CAGR of 10.5% from 2024 to 2033.
𝗣𝗿𝗶𝗺𝗲 𝗱𝗲𝘁𝗲𝗿𝗺𝗶𝗻𝗮𝗻𝘁𝘀 𝗼𝗳 𝗴𝗿𝗼𝘄𝘁𝗵
The expansion of urban infrastructure and the rise of smart city initiatives are important drivers of the solar street lighting market. As cities grow and develop, there is a need for new and upgraded street lighting systems that are both efficient and sustainable. Solar street lighting offers a practical solution for illuminating new urban areas and revitalizing existing infrastructure.
Smart city projects, which aim to integrate advanced technologies into urban environments for improved management and services, often include solar street lighting as a key component. Solar streetlights can be part of broader smart infrastructure networks that incorporate sensors, data analytics, and connectivity to enhance urban services. For example, solar streetlights with integrated sensors can monitor traffic, weather conditions, and air quality, providing valuable data for city planners and improving overall urban management.
The adoption of solar street lighting in smart city initiatives supports the development of intelligent, sustainable, and connected urban environments. Solar streetlights can be connected to centralized management systems that monitor performance, detect faults, and optimize energy usage. This integration with smart technologies aligns with the goals of creating efficient, resilient, and forward-thinking cities. However, high initial costs and financial constraints may hinder the growth of the solar street lighting market during the forecast period.
𝗧𝗵𝗲 𝘀𝘁𝗮𝗻𝗱𝗮𝗹𝗼𝗻𝗲 𝘀𝗲𝗴𝗺𝗲𝗻𝘁 𝘁𝗼 𝗺𝗮𝗶𝗻𝘁𝗮𝗶𝗻 𝗶𝘁𝘀 𝗹𝗲𝗮𝗱 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗱𝘂𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗳𝗼𝗿𝗲𝗰𝗮𝘀𝘁 𝗽𝗲𝗿𝗶𝗼𝗱.
By type, the demand for standalone solar street lighting is increasing due to its cost-effectiveness, ease of installation, and environmental benefits. These systems operate independently from the electrical grid, eliminating the need for costly infrastructure and reducing ongoing energy expenses. Their simple installation process makes them ideal for remote or off-grid locations where extending the power grid is impractical or expensive. Additionally, standalone solar streetlights offer a sustainable lighting solution by harnessing renewable solar energy and producing minimal environmental impact. As municipalities and organizations seek to enhance public spaces with efficient, green technology, standalone solar streetlights emerge as a viable choice for affordable and reliable street illumination.
𝗧𝗵𝗲 𝗰𝗼𝗺𝗺𝗲𝗿𝗰𝗶𝗮𝗹 𝘀𝗲𝗴𝗺𝗲𝗻𝘁 𝘁𝗼 𝗺𝗮𝗶𝗻𝘁𝗮𝗶𝗻 𝗶𝘁𝘀 𝗹𝗲𝗮𝗱 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗱𝘂𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗳𝗼𝗿𝗲𝗰𝗮𝘀𝘁 𝗽𝗲𝗿𝗶𝗼𝗱.
By application, the demand for solar street lighting in commercial applications is rising due to its cost-efficiency, sustainability, and enhanced security features. Solar streetlights offer significant long-term savings on electricity bills and maintenance costs, making them an attractive option for businesses seeking to reduce operational expenses. They also support sustainable practices by utilizing renewable energy and reducing carbon footprints, which aligns with corporate social responsibility goals. Additionally, the reliability of solar streetlights, with features such as motion sensors and smart controls, enhances security and visibility in commercial spaces such as parking lots, retail centers, and office complexes. These benefits collectively drive the increasing adoption of solar street lighting solutions in commercial settings.
𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀
The global solar street lighting market is experiencing significant regional growth, with variations driven by local policies, energy needs, and infrastructure conditions.
➤𝗔𝘀𝗶𝗮-𝗣𝗮𝗰𝗶𝗳𝗶𝗰 leads the market with a projected share of 37.8% in 2024. The presence of strong manufacturing hubs, especially in China and India, has boosted production efficiency and affordability. Government incentives, subsidies, and rural electrification initiatives are also encouraging widespread adoption across both urban and rural regions.
➤𝐌𝐢𝐝𝐝𝐥𝐞 𝐄𝐚𝐬𝐭 𝐚𝐧𝐝 𝐀𝐟𝐫𝐢𝐜𝐚 is the fastest-growing market segment. Many areas in these regions lack reliable grid access, making solar lighting systems a practical solution. Government-backed programs, combined with international financial support and pay-as-you-go business models, are accelerating deployment in rural and underdeveloped areas.
➤In 𝗡𝗼𝗿𝘁𝗵 𝗔𝗺𝗲𝗿𝗶𝗰𝗮 𝗮𝗻𝗱 𝗘𝘂𝗿𝗼𝗽𝗲, solar street lighting is driven by sustainable development goals and rising energy costs. These regions account for around 25% and 22% of the market, respectively, focusing on deploying these solutions along highways, cities, and industrial areas to lower carbon emissions and energy bill.
Despite its rapid growth, the market faces challenges, such as the high upfront investment required for solar installations and weather dependencies. However, technological advancements—like better energy storage solutions and IoT-enabled smart lighting systems—are expected to further enhance the performance and adoption of solar street lights across all regions.
𝗟𝗲𝗮𝗱𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗣𝗹𝗮𝘆𝗲𝗿𝘀: –
• Shenzhen Luxman Light Co., Ltd.
• Shenzhen Clode Optoelectronic Co., Ltd.
• Fonroche Lighting America, Inc.
• Shenzhen Moonlight Technology Co., Ltd.
• Gemma Lighting
• Wolta Power System
• Amrut Energy Pvt. Ltd.
• Guangzhou Anern Energy Technology Co., Ltd.
• Hangzhou Hpwinner Opto Corporation.
• Shenzhen KYD Light Co., Ltd.
The report provides a detailed analysis of these key players in the global solar street lighting market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.