Solar Street Lighting Market: Current Analysis and Forecast (2021-2027)

Report Description

Solar Street Lighting Market was valued at US$ 9 billion in 2020 and is expected to grow at a CAGR of 19% over the forecast period (2021-2027). Solar street lights are present on street edges just like the traditional street lights but are powered by photovoltaic panels which is usually integrated in the light pole as well. The photovoltaic cells are connected to LED or fluorescent cells and contain a rechargeable battery. Most solar panels can automatically turn on and off using an outdoor light sensor. Solar street lights charge using the solar energy during the day and turn on during the night. The batteries are designed to last the entire night. Some solar panels can last for more than one night after a single charge, these are used in less sunny places. In windy regions the solar panels are equipped with flat panels that helps them cope with the wind.

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Key factors influencing the market growth include growing industrialization around the world, the demand for energy and infrastructure is increasing. With the help of solar street lighting this demand can be fulfilled. Solar street lights can help light up remote aeras without the need for grid connection. Additionally, once installed, solar lights are highly cost efficient and thus affordable by people in the rural areas. Furthermore, the idea of renewable resources is also being adopted by many countries and this is also helping in increasing the popularity of solar street lighting technologies. Government encouragement is also increasing the adoption of solar street lighting. For example, in India, the government provides 90% subsidy for the lights that cost about US$ 350 and the rest US$ 35 is contributed by the residents.

Cost of Traditional vs. Solar Street Lights (US$), 2021

VerySol Inc., Solar Street Lights USA, Dragons Breath Solar, Urja Global Ltd., Solektra International LLC, ABB Ltd., SOKOYO Solar Group, Sunna Design, Sol Inc., and Philips Lighting Holding B.V. are some of the prominent players operating in the Solar Street Lighting market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Type, On Grid segment holds the major share”

Based on type, the solar street lighting market is segmented into Standalone and On Grid. Amongst type, the on-grid segment of the solar street lighting market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027. This is due to the net metering and feed in tariff (FIT) implied by governments, which are only possible with on grid lightings. Additionally, transmission loss reduction and combination of smart grid technologies which will furnish business growth.

“Amongst End-User, Industrial Segment holds the major share”

Based on end-user, the solar street lighting market is segmented into Residential, Commercial, and Industrial. The industrial segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F. This is attributed to the advancements of the smart control network enterprises and the rise in on-site electricity generation is also enhancing the industry growth. Additionally, developments in sustainable manufacturing and increasing need for energy optimization are complementing business growth.

“Asia Pacific represents one of the largest markets of Solar Street Lighting market”

For a better understanding of the market dynamics of the Solar Street Lighting market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. Asia Pacific dominated the market and grabbed around XX% market share owing to increasing demand for electricity in the rural areas around the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Solar Street Lighting market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Solar Street Lighting market were the three major steps undertaken to create and analyze the adoption of Solar Street Lighting in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Solar Street Lighting market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Solar Street Lighting through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Solar Street Lighting market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, component, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of renewable energy in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Solar Street Lighting. Further, we conducted factor analysis using dependent and independent variables such as increasing support from the government to install solar lighting and its lower maintenance cost. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Solar Street Lighting sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Solar Street Lighting market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Solar Street Lighting across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Solar Street Lighting market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Solar Street Lighting market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Solar Street Lighting market.

The main objective of the Solar Street Lighting Market Study

The current & future market trends of Solar Street Lighting were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Solar Street Lighting in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and their subtypes
• Define and analysis of the regulatory framework for the Solar Street Lighting industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Solar Street Lighting market for the major region
• Major regions studied in the report include North America (the U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and the Rest of the World
• Company profiles of the Solar Street Lighting market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry