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Solar street lighting is powered by solar power saved in grids and lowers the costs of maintaining street lights. The drive undertaken by various nations to switch to renewable energy can drive its implementation by various nations. The global solar street lighting market Share is set to exhibit 21.02% CAGR over the forecast period (2018-2023), according to the latest report by Market Research Future (MRFR). MRFR provides its buyers with estimations and predictions on latest niches and opportunities in major industry verticals.

The global solar street lighting market is bound for immense growth due to efforts for saving on energy and conservation of natural resources. Solar powered lights provide quality light in poor stricken neighborhoods and lower environmental costs of electricity. Rapid innovation in light bulbs, price drops of LEDs and battery components, and popularity of solar power can drive the global market growth.

The COVID-19 pandemic has led to rise of solar power production due to lockdown restrictions initiated by various governments. The large yield gained by solar power plants can drive the installation of solar lights in villages. Plans by governmental and non-governmental organizations for lowering pollution levels and focus on eliminating fossil fuel consumption can drive the market demand significantly.

Solektra International LLC, Bridgelux Inc., SOKOYO Solar Group, Sol Inc., Omega Solar, Urja Global Ltd., Sunna Design, Solar Street Lights USA, Dragons Breath Solar, VerySol Inc., and Philips Lighting Holding B.V. are prominent players of the global solar street lighting market.

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By product type, it is divided into CFL and LED. The CFL segment is bound to expand awareness of renewable energy and government authorities launching programs for its utilization among the public. But measures for curbing of heavy metal usage in products can restrain market growth. On the other hand, the LED lights segment can showcase positive growth in the global solar street lighting market owing to lumen characteristics and efficient watt usage. Rise in tax incentives and focus for optimizing resources can supplement the demand for the segment over the forecast period.

By type, it is divided into standalone and on grid. The on grid segment is likely to possess huge market potential owing to government programs for curbing overconsumption and rollout of programs such as feed in tariff and net metering. Faster response to power outages and integration of smart grid technologies can drive the segment growth. On the other hand, the standalone segment is expected to prosper by connecting remote locations. High costs of conventional grids and establishment of sustainable networks can drive the segment.

By application, it is segmented into industrial, commercial, and residential. The industrial application is estimated to command a huge market share owing to smart energy manufacturing and initiatives taken by major industries to undergo a digital transformation. The need for energy transformation and other reforms can drive the segment demand.

North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions covered for outlining the prospects of the global solar street lighting market.

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APAC is expected to dominate the global market owing to infrastructural development plans by governments in the region. India and China can take the lead in contributing the most to the solar street lighting market due to smart city initiatives and plans to encourage growth. Recently, Dalmia Cement has installed solar street lights in Odisha, India for illuminating pathways for villagers.

Europe has the potential for surpassing APAC due to adoption of solar lighting systems across nations in the region. Large number of smart city projects and renewable energy schemes can encourage the market expansion.

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