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Solar Street Lighting Global Market Outlook - Industry Trends And Growth Forecast

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2021-09-12 22:14:44

Solar Street Lighting Global Market Outlook – Industry Trends and Growth Forecast

The Solar Street Lighting Market report is a concise examination of the global industry. This Solar Street Lights Market from top 10 solar street light manufacturer is divided into various segments, with a detailed analysis of each in terms of geography for the research period. Global “Solar Street Lights Market” Market Research Report 2021-2026: Opportunities and Strategies for Growth- COVID-19 Impact and Recovery

According to a newly published report by Researcher, the market for Solar Street Lights is expected to reach USD 12440 million by 2026, up from USD 4847.9 million in 2020, at a CAGR of 17.0 percent between 2021 and 2026. The rapidly decreasing costs of solar lighting systems are a major factor driving the global demand for solar street lighting devices. “According to a National Renewable Energy Laboratory (NREL) report, the price of solar panels has dropped by 80% in the last 30 years, from $10 per Watt (W) to nearly $2 per Watt from 1980 to 2010.” “During the period 2015-2019, the prices of these panels fell by half, from $0.70 per Watt to $0.35 per Watt.”

Increased road infrastructure development projects in several countries as a result of rising vehicular traffic is another key factor driving global demand for solar street lighting devices. Because of rising urbanization and road traffic, many countries, including India, Germany, the United States, and China, are launching massive roadway and highway development projects. “Global sales of commercial vehicles increased by 2.2 percent in 2019.” Furthermore, “global sales of these vehicles reached 26.9 million units in 2019.”

Aside from the aforementioned factors, “the growing number of smart cities is also significantly contributing to the soaring sales of solar street lighting systems around the world.” Over the last few years, there has been a significant increase in the construction of smart cities in countries such as the United States, India, Saudi Arabia, China, and South Korea, and this trend is expected to continue in the coming years. Furthermore, many countries’ governments are making large investments in the development of smart cities, which is increasing sales of solar street lighting devices.

Because of the aforementioned factors, the global solar street lighting market’s valuation will rise from $5.7 billion to $14.6 billion between 2019 and 2030. Furthermore, the market will grow at a CAGR of 9.4 percent between 2020 and 2030, according to the publisher, an Indian market research firm. Solar street lighting systems are commonly used on airport runways, parks and playgrounds, manufacturing sites, parking lots, and roadways and highways. Among these, the use of these lights in roadways and highways will be the greatest in the coming years.

In terms of regional market growth, “the Asia-Pacific (APAC) solar street lighting market will exhibit the fastest growth in the coming years.” This is attributed to rapid urbanization, particularly in APAC’s developing nations, and the resulting increase in demand for lighting devices. Furthermore, the presence of major solar street lighting device manufacturing companies in APAC countries is significantly increasing sales of these devices in the region.

Thus, it is easy to conclude from the preceding paragraphs that demand for solar street lighting devices will increase globally in the coming years, owing primarily to rising construction of buildings and infrastructure modernization and renovation projects, increased construction of smart cities, and extensive development of roadways, railway lines, and airports in many countries.

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