The global market for solar LED street lighting was valued at $3,852 million in 2021, projected to reach $13,225.75 million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 12.3% from 2022 to 2030.
Market growth is anticipated to be driven by expanding government initiatives promoting smart city and smart grid infrastructure, along with the increasing adoption of low-maintenance, operationally convenient street lighting systems throughout the forecast period.
Solar LED street lights operate independently, powered by solar panels that generate electricity during daylight hours. Integrated into a single lamp post, these systems feature built-in dusk to dawn sensors for automated operation—activating at night, deactivating in the morning, and recharging throughout the day.
The COVID-19 pandemic and subsequent lockdowns have significantly affected the global solar street lighting market, causing disruptions across production, transportation, supply chains, and workforce availability, resulting in reduced industry revenues.
Key drivers of the market include rising energy demands and a global shift towards sustainable energy sources. Solar-powered street lights offer flexibility by being deployable in remote locations inaccessible to traditional power grids. Government incentives such as subsidies and loans further bolster market growth.
As urbanization accelerates and populations in urban areas expand, solar lighting solutions are increasingly deployed in residential, commercial, and industrial settings. Increased public investments in infrastructure, including highways and road construction projects, further contribute to market expansion.
The market is segmented by type (portable, stand-alone, centralized, networked systems), application (parking lots, highways and roads, airport runways, manufacturing sites, gardens, etc.), and region (Latin America, North America, Europe, Asia Pacific, Middle East, and Africa). Grid-connected systems are expected to dominate due to supportive government policies like net metering and feed-in tariffs.
Highways and roads are projected to lead in market share due to the proliferation of advanced intelligent control networks.
During the forecast period, the Asia-Pacific region is expected to maintain the largest market share, driven by increasing manufacturing capacity and governmental focus on energy-efficient lighting solutions, alongside growing solar projects.
Post time: Jul-01-2024