According to Transparency Market Research (TMR), the global solar street lighting market is expected to exhibit a robust CAGR of 23.4% between 2017 and 2025. The market was valued at less than US$3.5 bn in 2016, but is likely to rise to more than US$22 bn over the 2017-2025 forecast period.
Developing Countries in Asia Pacific, Africa Vital for Solar Street Lighting Market
Geographically, the global solar street lighting market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. While developed countries in North America and Europe are also likely to play a key role in the development of the global solar street lighting market due to the widespread demand for replacement of conventional street lighting systems, developing countries in Asia Pacific and Africa are the key consumers in the solar street lighting market. The widespread unmet demand for large-scale lighting systems in dynamic economies such as India and China is vital for the Asia Pacific solar street lighting market, with India topping the global solar street lighting market charts in 2016.
Rising African powers such as South Africa, Kenya, Nigeria, and Ghana are likely to contribute significantly to the global solar street lighting market in the coming years. The high volume of unmet demand in these countries has led to the conception of several research efforts aimed at improving on-site energy generation capabilities, of which the solar street lighting market has been a vital part. The rising government support as well as research initiatives aimed at underdeveloped countries in Africa is thus likely to remain a key driver for the global solar street lighting market.
Commercial Applications Dominate Demand from Solar Street Lighting Market
By application, the global solar street lighting market is segmented into commercial, residential, and industrial applications. Due to the rising government support to the use of solar street lighting in public spaces, the commercial application segment of the global solar street lighting market is likely to remain the leading contributor to the solar street lighting market in the coming years. The rising use of solar lighting in parking lots, subways, and perimeter security lighting is thus a major driver for the global solar street lighting market.
Solar street lighting has become popular primarily due to the reduction in energy expenditure enabled by its renewable source of energy. This has become a key concern due to the rising costs of energy generation and mounting problems created by the scarcity of exhaustible energy sources. Apart from this, the low maintenance costs of solar lighting have become an important driver for the global solar street lighting market.
The information in this preview comes from a TMR report titled ‘Solar Street Lighting Market (Application – Residential, Commercial, and Industrial; Lighting Source – Compact Fluorescent Lamps (CFL) and Light Emitting Diode (LED)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.’