Albany, New york, May 22, 2019 (GLOBE NEWSWIRE) -- The global solar street lighting market is transcending as a highly lucrative sector, on account of the presence of a myriad players, notes Transparency Market Research. Several growth opportunities in the market have attracted numerous players, which makes the market’s competitive landscape fairly fragmented. A large number of renowned players are reaping the advantages of an explosive market and continuing their spree of success.
A palpable presence of some of the major players in the global solar street lighting market include SOKOYO Solar Group., Omega Solar., Solektra International, Bridgelux Inc., Urja Global Ltd., and Dragons Breath Solar. These players do not experience heavy infrastructural expenditure, which leaves a room for them to optimize the profit margins. The competition in the global solar street lighting market gets intensified with the entry of numerous small-scale players. However, a few strategic alliances adopted by globally reckoned players including joint ventures and incorporation of advanced technologies to their products, make the market’s competition to reach a cutthroat level.
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TMR’s experts’ projection reveals that the growth of the global solar street lighting market is projected to occur at a healthy 23.4% CAGR during the forecast period of 2017-2025. The market is expected to accumulate a valuation of US$22.30 by 2025-end. The market stood at US$3.47 bn in 2016.
In terms of applications, the commercial segment is expected to showcase the highest share in the global solar street lighting market, on account of the increasing governments’ initiatives in using solar lighting. With respect to geography, Asia Pacific has shown the sparks of excellence in the global solar street lighting market, due to the raised programs and campaigns in promoting solar street lighting in the region.
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Growing Potential of Solar Technologies to Stimulate Market’s Growth
Street lights are the core piece of rural and urban infrastructure. These days, solar power is being used increasingly to illuminate the street lights. A few factors such as conservation of precious natural resources, long term power saving, and reducing the need for generating extra power are leading to the rapid adoption of solar street lighting across the globe. These street lights are able to provide high-quality, reliable lighting in both developed and developing economies. Thus, solar street lighting helps in reducing the costs of electric outdoor lighting. These factors are responsible for fueling growth in the global solar street lighting market. Along with this, over the years, the rapid technical innovation and excessive price reduction in PV module, LED, and battery components are also stimulating the growth of the global solar street lighting market.
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Furthermore, some of the advantages associated with solar street lights, which include less dependence on the natural grid and reduced reliance on conventional energy are also responsible for the steadfast growth of the global solar street lighting market. Besides this, increasing demand for renewable and clean energy and low maintenance cost and easy setup of solar street lighting are providing major growth impetus to the global solar street lighting market.
Major Growth Opportunities Coming From Developing Economies
The global solar street lighting market in Asia Pacific offers significant growth opportunities, on account of the zeal to incorporate greener solutions in this region. This creates enormous demand for distinct solar lighting systems, which in turn is also triggering growth in the global solar street lighting market. Other developing economies such as Africa and Middle East are also showing immense proclivity towards various solar sources to generate power. This factor is also augmenting demand in the global solar street lighting market.
The review is based on a market research report by TMR, 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.”
The segmentation of global solar street lighting market is based on:
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