The rising demand for energy in across the world is propelling the growth of the global solar street lighting market, says Fortune Business Insights in a report, titled “Solar Street Lighting” Market Size, Share and Global Trend by Product Type (CFL, LED), By Connection Type (Standalone, Grid Connected), By End User (Commercial, Residential, Industrial), And Geography Forecast till 2028.” The rising preference shift towards green energy is contributing positively towards the solar street lighting market.
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Some of the major companies that are present in the global solar street lighting market are
- Philips Lighting Holding B.V
- SOKOYO Solar Group
- Dragons Breath Solar
- VerySol Inc.
- Sunna Design
- Urja Global Ltd.
- Bridgelux Inc.
- Solar Street Lights USA
- Sol Inc
- Omega Solar
- Solektra International LLC
- Yingli Solar
- Greenshine New Energy.
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Government Initiatives to Promote Market Growth
The global solar street lighting market is segmented into LED and CFL on the basis of product type. The propitious aspects of LED solar lighting such as less energy consumption, more reliability, cost-effectiveness, and efficient lighting are facilitating the growth of the global solar street lighting market. The global solar street lighting market on the basis of the connection type is segmented into standalone and grid. Standalone street lighting is mostly used at any location whereas grid lines are not within the reach limit. This factor is supporting the increasing use of standalone systems in remote areas, thus boosting the solar street light industry. The global solar street lighting market on the basis of end-user is segmented into commercial, residential and industrial. Rapidly growing urbanization along with government loans and subsidies is supporting the growth of the global solar lighting market. In addition, increasing demand for energy and shifting preference towards green energy sources is driving the global street light industry. However, the high installation cost of solar panels is one of the factors restraining the growth of the global solar street lighting market.
Key Market Driver – Drift toward renewable sources of energy due to environmental considerations
Key Market Restraint – High initial cost associated with the installation of solar panels
Europe to Contribute Significantly to the Global Market
Geographically, the global solar street lighting market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to witness high growth due to strict carbon emission regulations and government initiatives towards green energy sources which in turn is boosting the market in the region. Europe is predicted to dominate the global solar street lighting market owing to advanced technology and an efficient distribution network. Other countries in Europe such as Italy, the UK, and Spain are also witnessing significant growth. In the Asia Pacific, rapid urbanization, drift towards green energy and government initiatives for solar installations are supporting the growth of solar street lighting market. China and India are the key markets in this region. South Africa has been the most successful country in the production of solar energy in the Middle East region. Thus this factor is expected to support the expansion of the solar light industry in the region.
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Key Segmental Overview:
1. By Product Type
2. By Connection Type
- Grid Connected
3. By End-User
4. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Netherlands, Norway, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina, Venezuela, Chile and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, Nigeria and Rest of Middle East & Africa)
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Major Table of Content For Solar Street Lighting Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Solar Street Lighting Market Analysis, Insights and Forecast, 2028
- North America Solar Street Lighting Market Analysis, Insights and Forecast, 2028
- Europe Solar Street Lighting Market Analysis, Insights and Forecast, 2028
- Asia Pacific Solar Street Lighting Market Analysis, Insights and Forecast, 2028
- The Middle East and Africa Solar Street Lighting Market Analysis, Insights and Forecast, 2028
- Latin America Solar Street Lighting Market Analysis, Insights and Forecast, 2028
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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