Solar Street Lighting Market Analysis

Solar Street Lighting Market Analysis

Grid connected solar street lighting market will onlook growth owing to introduction of various government programs including net metering and feed in tariff (FIT). In addition, reduced transmission losses along with integration of smart grid technologies will foster the business growth. Furthermore, faster response & recovery time and efficient management of grid disturbances will increase the product penetration.

Standalone product is projected to witness gains over 12% by 2024. Increasing adoption across remote & off grid areas along with the rapid expansion of sustainable electric networks will positively impact the industry outlook. High costs related to conventional streetlight infrastructure across off-grid areas along with ongoing electrification programs will stimulate the product demand. In addition, surge in deployment of pico-solar systems on account of positive regulatory reforms pertaining to the expansion of solar network will drive the business landscape.

CFL luminaries will onlook growth on account of mass procurement programs funded by respective government authorities along with escalating awareness toward renewable energy assets. Stringent government measures to reduce the utilization of toxic heavy metals comprising mercury may restrain the product demand. However, lower operation costs, low maintenance and reduced chances of overheating are some the underlined parameters that will complement the business outlook.

LED luminaries is projected to grow on account of efficient wattage and lumen characteristics when compared with the existing counterparts. High adoption rates of renewable energy powered devices along with rising subsidy schemes and tax incentives will positively impact the business landscape. In addition, increasing focus pertaining to resource optimization along with various government initiatives subject to renewable energy adoption will complement the product demand.

Industrial application is set to surpass 800 thousand units by 2024. Advanced smart control networking initiatives along with rise in on-site electricity generation will boost the industry growth. Ongoing development toward sustainable manufacturing accompanied by growing need for energy optimization are few of the imperative parameters which will complement the business growth. Furthermore, net metering, feed-in tariffs, incentivization and other favourable reforms will positively influence the business landscape.

Residential application is anticipated to witness a substantial growth on account of increasing housing societies coupled with lower maintenance cost associated with these systems. The government-assisted street lighting program along with rapidly increasing urbanization will boost the product penetration. In addition, high adoption of integrated lighting units along with increasing consumer awareness pertaining to the benefits of solar lighting systems will propel the industry growth.
 

Europe region was valued over USD 350 million in 2017. High adoption of solar lighting systems across various sectors along with stringent regulatory framework for energy-efficient requirements of lighting systems will propel the industry growth. Large number of prevailing smart city projects coupled with substantial progress pertaining to renewable energy integration will encourage the product penetration. In addition, regional expansion, higher cost margins, development of new applications and integration of distribution networks will thrust the business growth.
 

Asia Pacific region is projected to exhibit significant growth on account of government initiatives pertaining to the adoption of energy efficient lighting systems along with declining product costs and expansion of manufacturing facilities. In addition, significant growth in distributed solar projects coupled with rising demand for improved energy management systems will boost the industry growth.