Rising Number of Smart City Projects to Propel the Demand for Solar Street Lighting

The global solar street lighting market was valued at almost USD 3 billion in 2015 and is expected to surpass USD 7 billion by 2020, says Technavio.

Technavio has announced its latest market research report on solar street lighting for the forecast period, 2016-2020. This market analysis, under the power vertical, discusses the major drivers and key emerging trends that will influence the growth of the solar street lighting market during the forecast period. Some of the top vendors listed in this industry analysis include Omega Solar, Philips Lighting, Solar Street Lights USA, and Su-Kam Power Systems.

In terms of geographical analysis, APAC is expected to continue its domination over the global market and is likely to a revenue of more than USD 3 billion by 2020. China will emerge as the key revenue-generator.

“The emergence of smart cities is revolutionizing the global solar street lighting market. Governments across the globe are investing in technologies for climate action plans, open data platforms, water management, smart street lighting, smart grids, smart parking, and urban mobility. Noteworthy examples of smart city projects across the world include the Smart Cities Mission in India, the Dubai Plan 2021, the Smart Cities Initiative in the US, and similar projects in the UK, Asia, and Africa,” says Sayani Roy, a lead analyst at Technavio for power.

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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.

Increase in government support

Advancements in the global solar street lighting market are encouraging partnerships between the local governments, international organizations, and regional non-governmental organizations (NGOs) across countries. Countries across Asia and Africa have introduced several schemes for encouraging the development of the solar street lighting market. Most schemes introduced by the governments are associated with the provision of subsidies and discounts to projects aimed at the development and implementation of solar lighting schemes. Such schemes also ensure that these vendors do not have to compromise on the profit levels of projects.

Introduction of energy-efficient lighting technologies

As lighting consumes 20% of the global electricity, the governments of many countries are focusing on promoting energy-efficient lighting technologies. In some countries, governments have banned the use of incandescent bulbs to promote energy-efficient lighting technologies. This will, in turn, result in the higher adoption of other lighting technologies such as halogen, CFL, LFL, and LED. In 2015, CFLs and LFLs saw high rates of adoption, especially in the residential and corporate segments, which are the major customer segments in the global general lighting market.

Growing need for electrification

High costs of grid extensions are compelling governments and communities to resort to the use of standalone energy systems for decentralized power. The power requirement in remote locations is being met through limited grid connectivity and other technologies such as diesel generators. However, the transportation of diesel fuel to remote locations and concerns like fuel pilferage increase the electricity cost to rural population. To overcome such issues of high electricity cost and to reduce the dependency on fossil fuels, renewable sources such as solar and wind energy are being integrated to provide reliable power in remote areas.

Some of the other prominent vendors identified in this report are Bridgelux, Covimed Solar, Dragons Breath Solar, Elecssol, Fosera, KCP Solar, Shenzhen Spark Optoelectronics S&T, Solar Electric Power Company (SEPCO), SOKOYO, Solektra, Sunna Design, Tata Power Solar Systems, Urja Global, and VERYSOL.

This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.

A more detailed analysis is available in the Technavio report titled, ‘Global Street Lighting Market Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.

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