Solar Street Lighting Market – Global Industry analysis and forecast (2023-2029) by Lighting Source, Product Type, Application and Region

The Global Solar Street Lighting Market size was valued at USD 4.80 Billion in 2023 and the total Solar Street Lighting revenue is expected to grow at a CAGR of 14.5% from 2023 to 2029, reaching nearly USD 12.38 Billion By 2029.
Solar Street Lighting Overview
The solar street lighting market is a dynamic sector that leverages solar energy to illuminate streets and public spaces. It represents a shift towards sustainable lighting solutions by harnessing the power of the sun through solar panels to generate electricity for street lights. These systems operate independently of the traditional grid, offering reliable and environmentally friendly alternatives. They are designed to efficiently store solar energy in batteries during the day and use it to light streets at night, contributing to reduced carbon emissions and energy savings.

Solar street lighting industry growth is driven by the demand for increasing awareness of environmental sustainability, government initiatives promoting renewable energy, and the rising demand for energy-efficient lighting solutions in urban and remote areas. In addition, continued support from the government with various subsidies, grants, tax incentives, and policies promoting renewable energy adoption, encouraging investment in solar street lighting projects and driving demand for the solar street lighting market. These factors are collectively driving the rapid growth of the solar street lighting market, and this growth is expected to continue in forecast period. As technology continues to advance and costs decline, solar street lighting is poised to become the dominant solution for street lighting globally, contributing to a more sustainable and energy-efficient future.

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Solar Street Lighting Market Dynamics:
Solar Street Lighting Market Illuminates The Path To Sustainability

The solar street lighting market represents a sustainable revolution in urban illumination. By tapping into the sun's renewable energy, these lighting systems offer a green alternative to traditional grid-powered street lights. Beyond the reduction in carbon emissions, they illuminate streets while cutting electricity usage, translating to significant energy and cost savings for cities. Maintenance becomes a breeze with fewer components and simplified wiring, leading to sustainable and budget-friendly solutions for municipalities. More than just eco-friendly, these lights enhance community safety, fostering a sense of security and togetherness. Government support through incentives and policies further drives the transition to these sustainable lighting options, emphasizing a long-term investment in a brighter, greener future. Technological innovations continuously refine solar panels and batteries, pushing the market toward even more efficient and eco-conscious lighting solutions. Embracing solar street lighting is not just a local choice; it's a global step toward a sustainable, illuminated world for generations to come.

Solar Street Lighting Market Illuminates Cities with Unprecedented Efficiency Gains

The solar street lighting market is experiencing a groundbreaking surge in efficiency, revolutionizing the way streets are powered. With continuous advancements in technology, these systems have become remarkably more efficient than their predecessors. Enhanced solar panels and cutting-edge batteries are amplifying the performance and reliability of these lights, ensuring they operate at peak efficiency, even in challenging conditions. This increased efficiency means more robust illumination using less solar energy, extending lighting hours, and enhancing reliability throughout the night driving the solar street lighting market. These advancements not only drive down operational costs but also contribute significantly to sustainable energy consumption, making cities smarter and greener.
Solar Street Lighting Market Trends:




Smart Lighting Solutions
Integration of smart technologies like sensors and IoT for adaptive lighting, remote monitoring, and energy optimization.


Advanced Batteries
Development of high-capacity and long batteries improving energy storage and usage efficiency.


Efficient Solar Panels
Continuous Improvements in solar panel efficiency, enhancing energy conversion rates for better performance


Recyclable Materials
Emphasis on using recyclable and environmentally friendly materials in manufacturing solar street lighting components


Public-Private Partnerships
Collaborations between governments, private sector, and NGOs driving widespread adoption and implementation of solar street lighting projects


Rural and Remote Deployment
Increasing adoption in rural and remote areas with off-grid applications, providing reliable lighting where traditional grid connections are unavailable



Overcoming Challenges Key To Sustainable Illumination Revolution

The solar street lighting market holds incredible promise, but it faces several hurdles that hamper its widespread adoption. One major challenge is the upfront cost, making some hesitant due to the higher investment compared to traditional grid-powered lights. Another ongoing battle involves ensuring top-notch technology performance, especially maintaining battery reliability and efficiency when sunlight is rare. Urban complexities like shading and limited space for solar panels, alongside challenges in deploying systems in remote areas, create further barricades. Misconceptions about reliability and limited awareness about the long-term benefits hinder progress. Complex regulations and differing incentives across regions add layers of difficulty. To overcome these, continual innovation, tech upgrades, clear rules, awareness campaigns, and collaboration overcomes the challenges.
Solar Street Lighting Market Segment Analysis:
Based on the Luminaries, the Light Emitting Diodes segment held the largest market share of 95% and dominated the global Solar Street Lighting Market in 2023. Their superior performance compared to other technologies has driven their widespread adoption driving the segment growth. The increasing demand for solar street lighting thanks to its sustainability, energy efficiency, environmental benefits, supportive government policies, and continuous technological advancements, led to growing factors for the solar street lighting market. The technological advancements in light emitting diode technology, lead to higher efficiency, longer lifespan, and smart features. They are commonly used in various applications, including urban streets, highways, rural roads, parks, residential areas, and industrial zones. This growth is attributed to the light emitting diodes not only reliable but have higher efficiency high energy and longer lifespans, smart features, and low maintenance needs. Additionally, growing awareness of the benefits of LED street lighting among municipalities and businesses is expected to drive the global solar street lighting market.



Government initiatives play a pivotal role in supporting this transition. Various governments worldwide are implementing policies and incentives, such as tax breaks, rebates, and research and development funding, to encourage the widespread adoption of solar street lighting. For instance,

1. China has various subsidy programs at the national and local levels that incentivize the adoption of solar energy, including solar lighting installations, offering financial support and subsidies to encourage widespread use.

2. The United States ITC offers a federal tax credit to both residential and commercial entities investing in solar energy systems, including solar street lighting, reducing the cost of installation.

3. The EEG in Germany promotes renewable energy sources, including solar, by providing feed-in tariffs and incentives for solar energy generation, which indirectly supports solar street lighting projects.

These government initiatives are helping to accelerate the adoption of Solar Street lighting and make them more affordable and accessible. This is leading to increased investment in Solar Street Lighting, which is driving innovation and further reducing costs. As a result, the Solar Street Lighting market is expected to grow rapidly in the coming years.
Solar Street Lighting Market Regional Insights:
The Asia Pacific is the largest region for the Solar Street lighting market, accounting for over 50% of the global market in 2023. This is due to the region's strong growth in renewable energy and its commitment to the cost-effectiveness of solar street lighting solutions. China is the largest Solar Street Lighting market in the Asia Pacific, followed by India, Japan, and South Korea. China is a dominant Solar Street lighting market player, with a focus on energy efficiency for reducing carbon emissions, making solar street lighting a strategic solution. The country’s commitment to reducing air pollution and greenhouse gas emissions, increasing government support including national subsidies, feed-in-tariffs, and tax exemptions promoting the development and adoption of solar street lighting technology. India is experiencing robust growth driven by supportive government policies such as the Street Lighting National Programme (SLNP) and Atal Jyoti Yojna (AJY), increasing urbanization, and growing environmental benefits. Japan is implementing advanced technologies and is leading the way in developing smart and connected solar street lighting. South Korea is actively investing in smart city initiatives, driving the solar street light market growth, with rapid urbanization and government support.



North America has seen a significant growth potential in the Solar Street lighting market with growing environmental awareness, supportive government policies, technological advancements, and increasing private sector involvement has been driving the solar street lighting market. Several states, like the United States, Canada, and, Mexico contribute positively to the growth and development of the solar street lighting market through their unique policies, such as federal incentives, and state and local initiatives, driving solar street lighting market adoption.

Companies’ Programs For Solar Street Lighting Energy



Company
Program
Description


Signify
Financing Programs
Signify offers a solar street lighting as a service “ program, where customers pay a monthly fee instead of upfront costs


Eaton Corporation
Financing Programs
Provides financing options through its “Eaton Financial Solutions” program


Honeywell International
Maintenance Programs
It Provides preventive and corrective maintenance services for its smart street lighting systems



Solar Street Lighting Market Competitive Landscapes:

The Global Solar Street Lighting market is expected to be highly competitive active presence of numerous market players. Major companies are striving to introduce sustainable and energy-efficient solutions, and cost-reduction processes, promoting overall market growth. In addition, Several Solar Street Lighting manufacturers are focused on enhancing and expanding their core business through the launch of additional efficient products to keep up with conventional Solar Street Lighting sales. Key players are adopting various business strategies, including technical partnerships and mergers and acquisitions (M&A) to remain competitive in the Solar Street Lighting market. For instance,

 In 2023, Signify acquired a majority stake in US-based smart solar lighting company Sunverge Energy. This strengthens Signify’s position in the smart street lighting market and provides access to Sunverge’s energy storage solutions.

 Eaton Corporation acquired GreenWay Energies, a leading manufacturer of LED solar streetlights in 2023. This acquisition expands Eaton’s solar lighting portfolio and strengthens its presence in the North American market.

 SolarEdge Technologies partnered with Tigo Energy to develop a new integrated solution for solar street lighting systems in 2023. This partnership combines SolarEdge’s power optimization technology with Tigo’s string monitoring technology, offering improved performance and reliability.

 Schneider Electric acquired a 50% stake in Chinese solar street lighting manufacturer Foshan Topbright Optoelectronics Co., Ltd in 2022. This partnership aims to accelerate Schneider’s growth in the Chinese market and leverage Topbright’s expertise in solar lighting technology.

These strategic endeavors underscore the Solar Street Lighting industry's commitment to diversifying product lines, innovating within segments, and adopting strategic partnerships to compete effectively in the market landscape. As consumer preferences evolve, these proactive strategies position Solar Street Lighting manufacturers for sustained growth and competitiveness in the energy market.
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Solar Street Lighting Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 4.56 Bn.


Forecast Period 2023 to 2029 CAGR:
27.01%
Market Size in 2029:
US $ 24.35 Bn.


 Segments Covered:
by Luminaries
LED
CFL


by Type
Standalone
Grid Connected


by Application
Industrial
Residential
Commercial



Solar Street Lighting Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Solar Street Lighting Market Key Players:
1. Philips Lighting Holding B.V.
2. Bajaj Electricals And Zumtobel AG
3. VerySol GmbH
4. Bridgelux Inc
5. Urja Global Ltd.
6. SOKOYO Solar Group
7. Omega Solar
8. Dragons Breath Solar
9. Solar Street Lights USA
10. Solektra International LLC
11. Sunna Design
12. Sol Inc.
13. Signify Holding
14. SolarOne Solutions Inc.
15. Hitechled
16. Su-Kam Power Systems Ltd
17. Yingli Solar
18. Greenshine New Energy
19. Eaton Corporation Inc
20. Solar Electric Power Company
21. Clear Blue Technologies Inc
22. SunMaster Solar Lighting Co., Ltd
23. Solar Lighting International, Inc
24. FlexSol Solutions B.V
25. Azuri Technologies Ltd
26. Nokero

FAQs:
1. What are the growth drivers for the market?
Ans. The increasing demand for sustainable solutions, energy efficiency, and cost savings, technological advancement, government initiatives, policies, etc. are expected to be the major drivers for the Solar Street Lighting market.

2. What is the major restraint on the market growth?
Ans. Cost barriers and urban obstacles are expected to be the major restraining factors for the Solar Street Lighting market growth.

3. Which region is expected to lead the globalmarket during the forecast period?
Ans. Asia-Pacific is expected to lead the global market during the forecast period.

4. What is the projected market size & and growth rate of the Market?
Ans. The Solar Street Lighting Market size was valued at USD 4.80 Billion in 2023 and the total Solar Street Lighting revenue is expected to grow at a CAGR of 14.5% from 2023 to 2029, reaching nearly USD 12.38 Billion.

5. What segments are covered in the Market report?
Ans. The segments covered in the market report are Type, luminaries, application, and Region.