Solar Street Lighting Market Set to Reach US$ 27.95 Billion by 2029, Driven by Technological Advancements and Government Initiatives

In a significant development, the Global Solar Street Lighting Market is poised to reach a staggering US$ 27.95 billion by 2029, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 19.95% during the forecast period. The recently released market report provides a comprehensive analysis of the market dynamics, key players, and the impact of the COVID-19 pandemic on industry leaders.

Detailed News:

The solar street lighting market, segmented by product, lighting source, application, and region, is experiencing substantial growth, fueled by a variety of factors. The key drivers include the reduction in LED prices, government initiatives to create smarter cities, and a concerted effort to reduce carbon emissions. Solar street lighting presents an environmentally friendly and clean energy solution, offering not only energy savings but also a pollution-free alternative.

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Solar Street Lighting Market Scope:

Solar Street Lighting market is rapidly growing during the forecast period so the MMR report is carved using history, consumer habits, & market volatility.

Solar Street Lighting market report delivers an in-depth analysis of the market structure along with estimations of the various segments & their sub-segments.

The report explores the Solar Street Lighting market segments by Type, Specialty, Application, End-Users and Region. As the Solar Street Lighting market is growing rapidly for that we integrated data from market participants & regions may consist of (North America, Asia Pacific, Europe, Middle East & Africa, and South America).

Research is conducted using tools that are used to analyze the threats and opportunities in the forecasted period by SWOT and PORTER’S five forces to understand the underlying factors affecting the industry.

Solar Street Lighting Market Segmentation:

by Lighting Source

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

The market for standalone solar street lighting will expand rapidly due to the rising use of these products in remote or off-grid locations. Remote locations' high street light infrastructure costs make best choice an appealing substitute. The implementation of government initiatives like net metering and feed-in tariffs (FIT) will increase product penetration even more. The growth of businesses in the grid-connected segment is positively impacted by the expansion of micro-grid networks for large-scale renewable integration.

by Product Type

Standalone
Grid Connected

In 2022, the CFL segment held a dominant 60% market share. By 2029, the LED market is anticipated to overtake the CFL market to take the top spot.The growing number of government and local government initiatives to use solar lighting is expected to propel the commercial segment to the top of the global market. Nowadays, streets, highways, and a variety of other commercial buildings use solar street lighting systems. This market has grown even more as a result of the use of solar lighting in places like parking lots, walkways, subways, perimeter security lighting, and public area lighting.

by Application

Industrial
Residential
Commercial

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Solar Street Lighting Market Major Players are:

1. Bridgelux
2. Cree
3. GE Lighting
4. Acuity Brands, Inc.
5. Digital Lumens, Inc.
6. Encelium Technologies, Inc.
7. Honeywell International
8. Legrand S.A.
9. Lutron Elecronics, Co.
10.Osram Licht AG
11.Royal Philips Electronics N.V.
12.Streetlight.Vision
13.Cooper Lighting division
14.Siemens
15.Matsushita Electric Industrial Co.
16.Bajaj Electricals
17.Zumtobel AG.
18.Philips Lighting holding B.V
19.Omega Solar
20.Bridgelux, inc.
21.Dragons Breath Solar
22.SOKOYO Solar Group
23.Solektra International
24.Sunna Design
25.Urja Global Ltd
26.Very Sol Gmbh

Regional Analysis:

Competitive analysis of the regional market gives insides to newcomers about the competition present in the market with their revenue, technological advancements, developments, mergers and acquisitions, alliances and marketing tactics.

The regional market size was estimated precisely using a bottom-up approach to collect microelements that affect market growth. Solar Street Lighting market report consists of macro analysis which helps users to understand the key points & overall aspects of the industry, this report is carved using historical data, consumer habits, & market volatility, competition, and others.

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Key Questions answered in the Solar Street Lighting Market Report are:

• What is Solar Street Lighting Market?
• What is the forecast period of the Solar Street Lighting Market?
• What is the competitive scenario of the Solar Street Lighting market?
• Which region held the largest market share in the Solar Street Lighting Market?
• What are the opportunities for the Solar Street Lighting Market?
• What factors are affecting the Solar Street Lighting market growth?
• Who are the key players of the Solar Street Lighting market?
• Which company held the largest share in the Solar Street Lighting market?
• What will be the CAGR of the Solar Street Lighting market during the forecast period?
• What key trends are likely to emerge in the Solar Street Lighting market in the coming years?

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