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.
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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
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