The increasing government initiative to implement smart grid and smart city, rising adoption of IoT and the growing use of energy-saving lighting systems are driving the demand for the market.
Vancouver, BC -- (SBWIRE) -- 02/11/2021 -- Solar LED Street Lighting Market Overview
Solar LED Street Lighting systems are the raised outdoor light sources powered by solar panels with rechargeable batteries, which provide power to the LED lamp during the nights. The global solar LED Street Lighting market size is expected to reach USD 13.89 Billion by 2027 from USD 5.6 Billion in 2019, at a CAGR of 13.4%.
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Prominent Players Profiled in the Solar LED Street Lighting Market:
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., and Orion Solar among others.
Market Drivers
As the need for saving energy is increasing, the demand for energy-efficient lighting solutions is also increasing, which leads to a boost in the global solar LED Street Light Market. The rapid urbanization leading to the growing concern on safe driving on roads has resulted in the need for the installation of street lights. The street pole has the largest market share and is expected to grow more in the future due to its excessive use, less maintenance, long life, environmentally friendly, and more efficiency. The technological advancements, sustainable energy production, and increasing demand for better energy optimization are some of the global solar LED Street Light market drivers.
Product Outlook (Revenue, USD Billion; 2017-2027)
Grid Connected
Standalone
Component Outlook (Revenue, USD Billion; 2017-2027)
Solar Cell
Light Pole
LED lamps
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Residential
Industrial
Commercial
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Key Summary of the Solar LED Street Lighting Market Report:
Insightful information regarding the global Solar LED Street Lighting market
Identification of growth in various segments and sub-segments of the Solar LED Street Lighting market
Strategic recommendations for investment opportunities
The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
Emerging trends and current market segment analysis to help investors formulate new business strategies
Accelerates the decision making process through the detailed description of the drivers, restraints, growth prospects, and limitations
Thorough SWOT analysis and Porter's Five Forces analysis along with feasibility analysis and investment return analysis
Regional landscape
Asia Pacific has the largest market share of around 36.8% in the solar LED Street Lighting Market, and it is expected to hold that position in the forecast period due to the rising government initiatives for energy-efficient lighting solutions. North America is expected to observe gradual growth over the forecast period due to government initiatives.
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