LONDON--(BUSINESS WIRE)--The global hybrid street lighting system market is projected to grow to USD 0.95 billion by 2021, at a CAGR of more than 7% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global hybrid street lighting system market for 2017-2021. Based on the product type, the market is divided into light emitting diode (LED) and compact fluorescent lamp (CFL) segments.
|A hybrid street lighting system is a standalone outdoor lighting system powered by solar or wind energy and used to illuminate an open area or a street. Hybrid street lights are finding high adoption rates due to various governments making active efforts to reduce their dependence on the grid and save energy.|
Technavio’s research study segments the global hybrid street lighting system market into the following regions:
Hybrid street lighting system market in APAC
“APAC dominates the hybrid street lighting system market, projected to generate both the highest revenue and maximum incremental growth through 2021. This growth can be attributed to the government incentives to promote energy-efficient lights,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for energy storage research.
Countries in the region, such as China, Japan, South Korea, and Taiwan have a large number of LED chip and packaging factories, which is positively impacting the market segment. China holds a huge sway in the market, having installed several hundred hybrid street lighting systems in various roads and industrial campuses.
Want more information on this market? View a market snapshot before purchasing the report
Technavio reports answer key questions relating to market size and growth, drivers and trends, top vendors, challenges, and more. Technavio also offers customization on reports based on specific client requirement.
Hybrid street lighting system market in the Americas
The Americas is expected to post a CAGR of 7.5% over the forecast period, becoming the fastest-growing regional segment of the hybrid street lighting system market. The high demand for these systems from Brazil and the US is expected to propel this growth, further boosted by increasing requirements for energy-efficient lighting and need to implement stringent government regulations. Also, the transition from high‐pressure sodium street lamps to LED will create significant opportunities for the vendors in the market.
Hybrid street lighting system market in EMEA
“The hybrid street lighting system market in EMEA is driven by the need to meet the renewable energy targets set by the government. LED lights in combination with solar and wind power offer a promising solution, resulting in the growth of the market,” says Thanikachalam.
Barcelona was one of the first adopters of hybrid street lighting systems and replaced a section of the street lights with hybrid street lights to become more energy sufficient. The EU countries are in strong favor of energy efficiency, which is positively impacting the market growth.
The top vendors in the global hybrid street lighting system market highlighted in the report are:
- Guangzhou HY Energy Technology
- Phono Solar
- Shanghai Ghrepower Green Energy
Browse Related Reports:
- Global UPS Battery Market 2017-2021
- Global Solar Charge Controllers Market 2017-2021
- Global Superconducting Magnetic Energy Storage Market 2017-2021
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like oil and gas, power, and smart grid. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
If you are interested in more information, please contact our media team at email@example.com.