DUBLIN--(BUSINESS WIRE)--The "Solar Street Lighting Market Research Report: By Structure Type, Component, Installation, Application - Global Industry Trends and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The rapidly reducing costs of solar lighting systems is a major factor responsible for the growing demand for solar street lighting devices across the globe. As per a report produced by the National Renewable Energy Laboratory (NREL), the prices of solar panels decreased by 80% over the last 30 years, that is, from $10 per Watt (W) to nearly $2 per Watt from 1980 to 2010. The prices of these panels declined further by 50% during 2015 - 2019, that is, from $0.70 per Watt to $0.35 per Watt over the time period.
The increasing road infrastructure development projects in several countries, on account of the soaring vehicular traffic, is another key factor fuelling the demand for solar street lighting devices throughout the world. Many countries such as India, Germany, the U.S., and China are increasingly launching massive roadway and highway development projects, because of the growing urbanization and road traffic. The sales of commercial vehicles increased by 2.2% all over the globe in 2019. Moreover, the sales of these vehicles reached 26.9 million units across the globe in 2019.
Apart from the aforementioned factors, the surging number of smart cities is also contributing massively toward the soaring sales of solar street lighting systems throughout the globe. There has been a huge rise in the construction of smart cities in various countries such as the U.S., India, Saudi Arabia, China, and South Korea over the last few years and this trend will further continue in the future years as well. Additionally, the governments of many countries are making huge investments for the development of smart cities, thereby boosting the sales of the solar street lighting devices.
Due to the above-mentioned reasons, the valuation of the global solar street lighting market will increase from $5.7 billion to $14.6 billion from 2019 to 2030. Furthermore, the market will advance at a CAGR of 9.4% between 2020 and 2030, as per the calculations of the publisher, a market research firm based in India. Airport runways, parks and playgrounds, manufacturing sites, parking lots, and roadways and highways are the major application areas of the solar street lighting systems. Amongst these, the usage of these lights will be the highest in roadways and highways in the years ahead.
Speaking regarding the regional market growth, the Asia-Pacific (APAC) solar street lighting market will demonstrate the fastest growth in the future years. This is ascribed to the rapid urbanization, especially in the developing nations of APAC and the subsequent rise in the demand for lighting devices. In addition to this, the presence of major solar street lighting devices manufacturing companies in the APAC countries is massively boosting the sales of these devices in the region.
Thus, it can be easily concluded from the above paragraphs that the demand for solar street lighting devices will surge throughout the world in the upcoming years, primarily because of the rising construction of buildings and infrastructural modernization and renovation works, increasing construction of smart cities, and extensive development of roadways, railway lines, and airports in many countries around the world.
Market Dynamics
Trends
- Growing popularity of smart solar street lighting
Drivers
- Reliable source of light
- Decline in price of solar panels
- Increasing number of smart cities
- Rising infrastructure development
- Impact analysis of drivers on market forecast
Restraints
- Penetration of counterfeit LED products
- Effect of COVID-19 outbreak
- Impact analysis of restraints on market forecast
Opportunities
- Increasing urbanization in developing regions
Companies Mentioned
- Bridgelux Inc.
- Carmanah Technologies Corporation
- Dragons Breath Solar
- Fonroche Lighting
- Greenshine New Energy
- Jinhua SunMaster Solar Lighting Co. Ltd.
- Koninklijke Philips N.V.
- Samsung Electronics Co. Ltd.
- Solar Street Lights USA
- Sunna Design CA
- TOTAL S.A.
- Urban Solar Group
- Urja Global Ltd.
- Cree Inc.
- Hubbell Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/uq4rwl
