Solar Street Lighting Market Banks on Adoption of Greener and Standalone Solutions to Clutch 23% CAGR

The global solar street lighting market has gained a whole lot of traction since the advent of the scientific innovation, mainly due to its zero reliance on conventional energy sources and a general grid for any measure of power requirements. International authorities are taking to the implementation of greener solutions such as solar street lighting for tackling electricity problems whilst staying economical on expenditure.

The United Nations High Commissioner for Refugees (UNHCR) has brightened the hopes of refugees in Azraq, Jordan by constructingd

the world’s first solar farm in a refugee setting with the help of funding partner, the IKEA Foundation, and its Brighter Lives for Refugees campaign.

Lack of power coupled with harsh weathers in the desert had made everyday living worse for the refugees, especially for children and women–be it related to activities such as visiting safely to the washroom or studying at night, washing clothes, and cooking. Solar lanterns and street lights provided in one of the villages did not suffice the lighting needs of refugees. However, the solar farm has been expected to address all these challenges and also promote cost and energy savings, employment for refugees, and reduce carbon dioxide emission.

A leading market research firm, Transparency Market Research, foresees the global solar street lighting market to advance at a tremendous CAGR of over 23.0% to touch more than a US$22.0 bn by 2025. In 2016, the global solar street lighting market had earned around a US$3.47 bn.

How will Commercial Sector Outstep Other End Users?

Industry players could focus on the commercial vertical of end use in the world solar street lighting market on the back of growing initiatives taken by civic authorities and governments worldwide on the part of solar lighting. Commercial establishments such as roadways and streets commonly engage solar street lighting solutions, much to the advantage of market players. The transition from traditional lighting systems to greener solutions is anticipated to augur well for the world solar street lighting market.

The growth of the commercial market could also be attributed to the multiplying need for public area lighting, perimeter security lighting, and solar lighting in subways, pathways, and parking lots. Although the commercial solar street lighting market could face competition from other markets such as industrial and residential, it is prognosticated to secure beyond 68.0% of the total share by the concluding forecast year.

Which Regional Market is Most Lucrative in Future?

Roofing a plentitude of developing nations, Asia Pacific is prophesied to reveal a dire hunger for cost-effective, novel, and greener energy solutions which could significantly up the demand in the international solar street lighting market. The growth in the emerging region is forecasted to be bolstered by several initiatives executed by the International Finance Corporation and World Bank in the form of various programs, campaigns, and subsidies to encourage the adoption of solar street lighting products. Closely shadowed by China, India was analyzed by market experts to lead the ship in 2016. Consequently, Asia Pacific had accounted for a king’s share of over 44.0% in the international solar street lighting market during the same year.

In terms of competition, participants could be against the top guns in the international solar street lighting market, such as Dragons Breath Solar, Omega Solar, Bridgelux, Inc., Philips Lighting Holding B.V., and VerySol GmbH.


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