Solar LED Street Lighting Market Size to Reach USD 26.05 Billion in 2032 | Emergen Research

Vancouver, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global Solar LED Street Lighting Market is forecasted to be worth USD 26.05 Billion by 2032, according to a new report by Emergen Research. The solar LED street lighting market is anticipated to grow significantly owing to the growing need for energy-efficient lighting systems and the rising integration of the IoT with lighting systems. The increase in energy usage globally is another factor for the substantial growth in the global solar LED street lighting market.

However, the high setup costa are likely to restraint market growth over the forecast period.

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Scope of Research

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Major Companies and Competitive Landscape

The market for Solar LED Street Lighting Market is fragmented, with a significant number of large and medium-sized players, which account for a significant global share of the market. The key players of the market are well-equipped with significant manufacturing resources and are also engaged in various research and development activities.

Some of the top players in the Solar LED Street Lighting Market market comprise:

• • Su-Kam Power Systems Ltd.
  • Sunna Design, Inc.
  • Dragon's Breath Solar
  • Bridgelux, Inc.
  • Greenshine New Energy LLC
  • Signify Holding B.V.
  • Solar Lighting International Inc
  • Anhui Longvolt Energy Co. Ltd.
  • BISOL Group, d.o.o.
  • Orion Solar

Strategic Development

• In March 2023, Sunna Design Inc. announced the acquisition of SOL Inc. With this deal, Sunna Design is expected to develop a new and sustainable platform for the development of smart and integrated standalone solar systems on the international market.
• In March 2023, Signify Holding B.V. acquired  Cooper Lighting Solutions from Eaton. The deal will enhance Signify's market position in the North American market.

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Some Key Highlights from the Report

• In June 2019, Signify N.V. was installed 20 Philips SunStay solar street lights in Infanta Elena Park in Seville, Spain, in one housing, these solar lights have an integrated solar panel, luminaire, charge controller, and battery. These lights are also compact and easy to assemble and require less maintenance.
• Due to certain government influence, such as feed-in tariff and net metering, the grid-connected system is anticipated to witness significant growth over the forecast timeframe.
• Due to the advantages, such as less maintenance, uniform mounting, long service life, ecofriendly, and no RF interference, the light pole segment is expected to dominate the market with a CAGR of 13.4%.
• Over the forecast timeframe, the industrial sector is anticipated to hold the largest market due to the emergence of advanced sensor-based network firms, along with a rise in on-site energy production.
• The commercial segment is expected to see significant market growth due to solar LED street lighting systems' benefits in commercial applications, including no wire theft, easy installation and maintenance, no wire laying operation or complex power facilities needed, and cost-saving.

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Emergen Research has segmented the global Solar LED Street Lighting Market on the basis of product, component, end-use, and region:

• Product Outlook (Revenue, USD Billion; 2019-2032)
  • Grid Connected
  • Standalone
• Component Outlook (Revenue, USD Billion; 2019-2032)
  • Solar Cell
  • Light Pole
  • LED lamps
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
  • Residential
  • Industrial
  • Commercial
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. UK
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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