Global Solar Street Lighting Market: Subsidies Offered by Governments Bolsters Growth, observes TMR

Standalone Segment to Assume Lead in Global Solar Street Lighting Market

According to the research report, the global solar street lighting market was worth US$3.47 bn in 2016 and is expected to reach a valuation of US$22.30 bn by the end of 2025. During the forecast period of 2017 and 2025, the global market is expected to progress at a CAGR of 23.4%. The demand for standalone solar street lighting is expected to surpass the on grid type of solar lighting. By the end of 2025, the standalone segment is expected to hold a share of 75.7% in the global market. From a geographic point of view, Asia Pacific solar street lighting market is expected to cherish a market share of 44.2% by the end of 2025.

Pressure to Reduce Carbon Emissions Augments Demand for Solar Street Lighting

The increasing pressure on the global citizens, governments, and countries to reduce the carbon emissions and dependence on conventional sources of energy has titled their interest toward solar energy. Derived from the sun, an inexhaustible source of energy, solar power is being increasingly used in various fields and sectors. Most importantly, governments are recognizing the benefits of using solar street lighting in cities and highways as the demand for lighting continues to be on the rise. The fact that solar street lighting is quite cost-effective in comparison with conventional sources is also driving the global solar street lighting market. Factors such as clean energy sources and endless supply of main component are expected to keep the market in high spirits during the forecast period.

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The significant drop in the prices of solar lighting products has also prompted end users to opt for multifunctional, solar home solutions. Furthermore, support given by governments to end users such as subsidies, interest-free loans, and tax holidays to promote off-grid solar lighting products is expected to help the market tremendously. This has also brought down the manufacturing cost of solar lighting significantly, which has augmented the growth of the global market.

High Initial Costs Discourage End Users

On the downside, the global solar street lighting market is negatively impacted by the high initial investment of installation. These lighting systems include components such as poles, batteries, solar panels, lights, bulbs, and control systems. The high cost of these components has significantly marred market growth. The other issue hindering market growth is the conversion of conventional street lights into solar street lights as the solar lighting cannot be retrofitted. The complete change of system requires high expenditure, which is dissuading several civic authorities.

This review is based on Transparency Market Research’s 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.”

This report segments the global solar street lighting market as follows:

Solar Street Lighting Market: By Type

• Standalone
• On Grid

Solar Street Lighting Market: By Application

• Residential
• Commercial
• Industrial

Solar Street Lighting Market: By Lighting Source

• Compact Fluorescent Lamps (CFL)
• Light Emitting Diode (LED)