SOLAR STREET LIGHTING HOLDS HUGE POTENTIAL TO DECREASE CO2 EMISSIONS GLOBALLY. ASIA-PACIFIC TO WITNESS THE HIGHEST GROWTH
Solar Street Lighting Market is expected to exceed the market valuation of more than US$ XX billion by 2027 expanding at a reasonable CAGR of around XX% during the forecast period (2021-2027). Solar street lights life depends on its batteries; thus, the battery being used should have a good lifespan and be long lasting. However, poor battery quality is usually never the case of premature battery death. It is usually caused due to poor design, energy regulation and system sizing. If the design and energy management of the solar lighting system is well programmed with sufficient solar array wattage and battery capacity, solar street lights will run reliably for years. There are three types of batteries that are used in solar lights (Lead acid, LiFePO4, NiMH), and each has their own benefits and drawbacks. One major criterion to assess batteries is their depth of discharge (DOD), which refers to the percentage of battery’s capacity that is consumed during its use i.e., if the solar light runs all night and one quarter of its battery is consumed, its DOD will be 25%. For example, after working all night, NiMH battery has only 10% battery left in the morning and thus its DOD is 90%.
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The popularity of solar lights has surged at an incredible rate in the last 5 years. This is due to the rising energy costs and declining solar panel costs. Additionally, green technologies are advancing and being highly promoted. Traditional street lighting is any electrical light used for street lighting which usually uses metal-halide or high-pressure sodium technology for lights. The average cost of one light including pole, base, lighting fixture etc. is US$ 2,000 on average. On the other hand, solar street lights are connected to a silicon-based solar panel which garners electricity using photovoltaic effect converting light into voltage for light). These lights do not need a grid and can be installed in remote locations. These have an initial cost of US$ 3,000 on average including all the components. However, when comparing with the electricity bill and additional maintenance costs, the solar street light is much cheaper in the long run. During 5 years’ time it is half the cost of traditional street lights.
The recent covid-19 pandemic in 2019 took the world by a storm. The pandemic brought the world to a standstill. All industries have suffered some form of loss due to the pandemic. In addition to this the pandemic has also cost many lives. Till date there have been 177,470,620 covid-19 cases in the world and 3,839,931 deaths. Most nations around the world were affected by the pandemic which not only took lives but also took away jobs. The pandemic caused a huge economic burden all around the world with most industries bearing some form of loss. The Solar Street Lighting industry also saw a slowdown during the pandemic as the industries were shut and production was affected.
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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. Around 1 billion people are still living in communities without electricity, standalone solar street lighting can help in these places. Additionally, with the help of on grid solar lighting, 6.5 billion people connected to electricity around the world can be connected to solar street lighting technology.
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. According to International Energy Outlook 2016, 25 quadrillion Btu of industrial energy will be generated from renewables as compared to 17.4 quadrillion Btu in 2012. This means an average annual increase in 1.3%.
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Additionally, the report provides detailed initiatives that are being taken in the field of Solar Street Lighting, globally. The report provides a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. Asia Pacific dominated the market in 2020, with XX% share. 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 make Solar Street Lighting as cost-effective and as widely available as possible.
Solar Street Lighting Market Segmentation
Market Insight, by Type
- On Grid
Market Insight, by Component
Market Insight, by End-User
Market Insight, by Region
- North America Solar Street Lighting Market
- United States
- Rest of North America
- Europe Solar Street Lighting Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Solar Street Lighting Market
- Rest of Asia-Pacific
- Rest of World Solar Street Lighting Market
Top Company Profiles
- VerySol Inc.
- Solar Street Lights USA
- Dragons Breath Solar
- Urja Global Ltd.
- Solektra International LLC
- ABB Ltd.
- SOKOYO Solar Group
- Sunna Design
- Sol Inc.
- Philips Lighting Holding B.V.