Solar Street Lighting Market
Solar Street Lighting Market was valued US$ 2.8 Bn in 2017 and is estimated to reach US$ 18.23 Bn by 2026 at a CAGR of about 23.34% in the forecast period of 2018-2026. Solar Street Lighting Market size will witness strong growth because of global commitment towards climate change mitigation along with aggressive government reforms toward sustainable development. Increasing public and private funding through numerous investments, schemes coupled with the introduction of long-term government programs to electrify off-grid areas will positively influence the market. For instance, in 2017, ENGIE in partnership with Electric Vine Industries announced an investment of over USD 200 million for the deployment of solar microgrids across Indonesia.
Rising demand for sustainable energy along with the growth potential of solar technologies will foster the Solar Street Lighting Market growth. Declining component cost because of financial leveraging, growing manufacturing facilities and improving economies of scale will stimulate the industry growth as well. Further, the technological advancement in product design and declining battery costs have significantly reduced the off-grid solar lighting component prices, making them a desirable alternative for municipalities and households.
Solar Street Lighting Market is majorly segmented by the product, luminaries, application and region wise. Based on the product segment, standalone is expected to dominate the global Solar Street Lighting Market in 2017. The stand-alone solar street lighting market will witness a significant growth because of growing product adoption across off-grid or remote areas. High costs associated with street light infrastructure across remote areas makes these products an attractive alternative resulting in its usage and applications. Rising adoption of pico-solar systems is subject to favourable regulatory reforms for expansion of isolated solar networks that will further boost the product penetration of solar street lighting.
Under applications segment, residential solar street lighting held the highest market share in 2017. Increasing residential societies along with the low-maintenance cost of these systems will foster the market growth of Solar Street Lighting Market. Rapid urbanization along with government-assisted lighting programs will further drive the market landscape.
North America held the highest Solar Street Lighting Market share in 2017 and is expected have high growth rate as well in the current forecast period of 2018-2026, with the U.S. being a major contributor to the overall market. Growing demand for optimized energy management coupled with rising solar energy installations will boost the overall industry growth. According to the U.S. Department of Energy, solar jobs have escalated by 123% in North America, since November 2010 showing the growth opportunities for Solar Street Lighting Market.
Key player across the solar street lighting industry are Anhui Longvolt, Bisol, Greenshine New Energy, Solar Lighting International, and Solar G. Introduction of new products, innovative renewable energy business financing schemes and improvements in distribution channels are some of the key strategic initiatives undertaken by the prominent industry participants. The companies are also focusing on product enhancement and expanding geographical presence to maintain a competitive edge.
Solar Street Lighting Market is majorly segmented by the product, luminaries, application and region wise. Based on the product segment, standalone is expected to dominate the global Solar Street Lighting Market in 2017. The stand-alone solar street lighting market will witness a significant growth because of growing product adoption across off-grid or remote areas. High costs associated with street light infrastructure across remote areas makes these products an attractive alternative resulting in its usage and applications. Rising adoption of pico-solar systems is subject to favourable regulatory reforms for expansion of isolated solar networks that will further boost the product penetration of solar street lighting.
Under applications segment, residential solar street lighting held the highest market share in 2017. Increasing residential societies along with the low-maintenance cost of these systems will foster the market growth of Solar Street Lighting Market. Rapid urbanization along with government-assisted lighting programs will further drive the market landscape.
North America held the highest Solar Street Lighting Market share in 2017 and is expected have high growth rate as well in the current forecast period of 2018-2026, with the U.S. being a major contributor to the overall market. Growing demand for optimized energy management coupled with rising solar energy installations will boost the overall industry growth. According to the U.S. Department of Energy, solar jobs have escalated by 123% in North America, since November 2010 showing the growth opportunities for Solar Street Lighting Market.
Key player across the solar street lighting industry are Anhui Longvolt, Bisol, Greenshine New Energy, Solar Lighting International, and Solar G. Introduction of new products, innovative renewable energy business financing schemes and improvements in distribution channels are some of the key strategic initiatives undertaken by the prominent industry participants. The companies are also focusing on product enhancement and expanding geographical presence to maintain a competitive edge.
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Submitted By Market Research Company (Maximize Market Research
PVT.LTD)
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