As per the findings of the research, standalone type held larger share of solar street lighting market as compared to the on-grid type. The designers of these lights have been searching for more efficient and heat resistant design solutions for these lights. Rapid transformations taking place in the solar street lighting market have made these lights more user-friendly. Several design modifications have led to improvement in the working of standalone models, consequently making them more popular among buyers.
Among the various application areas of solar street lighting market, commercial application has been the largest contributor. whereas among the lighting types, LED lighting witnessed a significant growth rate of 40.6% during 2013 - 2016. In terms of volume sales, the global solar street lighting market will witness fastest growth in residential applications.
Asia-Pacific has been the largest solar street lighting market, whereas MEA is expected to witness the fastest growth among all the regions. The fastest growth in MEA market can be attributed to increasing government support, constantly increasing energy costs, rise in demand of electricity, surging demand for renewable lighting sources, and increasing awareness amongst citizens about benefits associated with the use of solar street lighting over traditional lighting sources.
Due to the presence of harsh climatic conditions in MEA, the standalone lightings were more preferred and formed larger market as compared to on-grid. The World Bank and International Finance Corporation are collectively making efforts for upliftment of several countries in MEA by providing funds for developing the lighting and power industries and setting up solar street lights in these countries.
The surging urbanization in developing countries has been leading to the rise in demand for energy, and governments of various countries are supporting eco-friendly methods of producing energy. This is consequently driving the demand for solar street lights globally. The technology in solar street lights are continuously improving over the years, and are expected to make further advancements with supportive government regulations and product innovation.
Some of the other major companies operating in this market includes Koninklijke Philips N.V., Sunna Design, Omega Solar, Su-Kam Power Systems Ltd., Urja Global Ltd and Sokoyo Solar Group.
Market Dynamics
Trends
- Launch of smart cities projects
- Growing demand of cellular-connected solar street lights
- Decline in price of solar lighting units
Drivers
- Stringent government regulation and support
- Constantly increasing energy costs
- Decreasing solar component cost
- Impact analysis of drivers on market forecast
Restraints
- Absence of global LED standardization
- Competition due to counterfeit products
- High initial capital and installation costs
- Impact analysis of restraints on market forecast
Opportunities
- Increasing urbanization in developing regions
- Technical innovation increasing the penetration of solar street lighting market
Key Topics Covered:
1. Research Background
2. Research Methodology
3. Executive Summary
4. Introduction
5. Market Size and Forecast by Lighting Type
6. Market Size and Forecast by Product Type
7. Market Size and Forecast by Application
8. Market Size and Forecast by Geography
9. Competitive Landscape
10. Company Profiles
- Carmanah Technologies Corp.
- Dragons Breath Solar
- Koninklijke Philips N.V.
- Omega Solar
- Sokoyo Solar Group
- Solar Street Lights USA
- Solektra International
- Su-Kam Power Systems Ltd.
- Sunna Design
- Urja Global Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/wrjphw/global_solar?w=5
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