Solar Street Light Business Opportunities Analysis

The global solar street lighting market size is valued at $5.7 billion with sales of 1,545.9 thousand lighting units in 2019 and projected to witness a CAGR of 9.4% during the forecast period (2020–2030). The declining price of solar street lighting solutions and increasing number of smart cities are the major growth driving factors.

The global solar street lighting market is estimated to witness a major jump in revenue from US$ 4,438.0 Mn in 2022 to US$ 15,716.4 Mn by 2030 at a CAGR of 17.19% over the projection period 2023-2030. In terms of volume, the market is expected to register a CAGR of 15.01% during the forecast period.

The key players in the global solar street lighting market are Signify Holding BV, Jiangsu SOKOYO Solar Lighting Co. Ltd., Philips Lighting Holdings B.V., Acuity Brands, Dragons Breath Solar and Bridgelux Inc. among others.

Growing vehicular traffic leading to massive investments in infrastructure development, especially roads and highways in countries like China, the U.S., Germany, and India, has been a major driver for the solar street lighting market growth. Also, the commercial vehicles sales increased by 2.2% in 2019, reaching 26.9 million units gobally.

In 2019, the standalone category on the basis of structure type witnessed the fastest growth in the solar street lighting market, and is expected to maintain its pace over the forecast period. Moreover, standalone solar street lights are do not connected with the grid for the power supply.

The use of solar street lighting can help reduce carbon emissions, lower energy bills, and provide reliable lighting solutions in remote areas with limited access to electricity. Governments around the world are increasingly promoting the adoption of solar street lighting systems through various initiatives and subsidies.