NEW YORK, June 16, 2020 (GLOBE NEWSWIRE) -- As per the National Renewable Energy Laboratory (NREL), the purchase cost of solar panels witnessed an 80% slump, from 1980 to 2010. The prices declined by another 50% during 2015–2019, from $0.70/Watt (W) to $0.35/W. This is one of the major factors which would help the global solar street lighting market grow from $5.7 billion in 2019, to $14.6 billion by 2030, at a 9.4% CAGR between 2020 and 2030.
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With the decreasing prices, it is becoming easier for government as well as private organizations to procure photovoltaic (PV) panels. In addition, with sunlight being the most abundantly available electricity generation natural resource, its utilization, to power street lights, is rising around the world. Moreover, solar is one of the cleanest forms of energy, as electricity generation via this method produces almost no harmful emissions.
Asia-Pacific (APAC ) is currently the largest region in the solar street lighting market, and the situation won’t change till 2030. The region is at the top of the world in terms of solar energy production; the International Energy Agency (IEA) says that China accounted for around 42.8%of the total installed capacity of PV panels in the world in 2018. Moreover, in 2019, China constructed a 1-km solar highway, with PV panels embedded beneath a type of transparent concrete. The electricity generated by this highway is being used to power street lights, surveillance cameras, billboards, and toll booths.
Browse report overview with 135 tables and 68 figures spread through 193 pages and detailed TOC on "Solar Street Lighting Market Research Report: Global Industry Analysis and Growth Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/solar-street-lighting-market
Client Wins Being Seen by Players as Definite Measure for Sustained Growth
Companies offering solar street lighting solutions are rapidly pursuing client contracts, in order to better their fortunes by supplying an increasing number of panels, lights, and other components.
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For instance, SolarOne Solutions Inc. won a contract to install 80 off-grid solar street lights at the Eagle Butte community center, in January 2020. The lights to be supplied work entirely on the power produced by the sun, therefore have zero carbon footprint.
In the same vein, in June 2019, 20 Philips SunStay solar street lights were installed at the Infanta Elena Park in Seville, Spain, by Signify N.V. Each of these compact lighting installations consists of a luminaire, solar panel,battery, and charge controller, which makes it easy to install and repair.
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Outdoor Lighting Market
APAC is also the fastest-growing region and is expected to retain the pace throughout the forecast period in the outdoor lighting market. This can be attributed to the growing population and sustained growth in urbanization in the developing countries.
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Horticulture Lighting Market
The extension of the government support for energy-efficient products, legalization of medical marijuana, and increase in the demand for food are the key reasons behind the adoption of artificial lights for agriculture. This is why compared to $3.2 billion in 2019, the global horticulture lighting market is projected to generate $20.3 billion revenue in 2030.
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Emergency Lighting Market
North America is the largest market for emergency lighting, contributing over 30% to the global emergency lighting market in 2018. This is attributed to rise in construction of commercial and residential buildings in the U.S., increasing focus of the U.S. government on energy efficient lighting in buildings, and strict safety norms toward the installation of emergency lights in commercial buildings in the country.
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