The increasing government initiative to implement smart grid and smart city, rising adoption of IoT and the growing use of energy-saving lighting systems are driving the demand for the Solar LED Street Lighting market
Vancouver, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global Solar LED Street Lighting Market is forecasted to be worth USD 26.05 Billion by 2032, according to a new report by Emergen Research. The solar LED street lighting market is anticipated to grow significantly owing to the growing need for energy-efficient lighting systems and the rising integration of the IoT with lighting systems. The increase in energy usage globally is another factor for the substantial growth in the global solar LED street lighting market. LED Solar Wall Light
However, the high setup costa are likely to restraint market growth over the forecast period.
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The market size value in 2019
Volume in Tons, Revenue in USD Thousand, and CAGR from 2023 to 2032
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product, Component, End-Use, and Region
North America; Europe; Asia Pacific; Central & South America; MEA
U.S.; Canada; Mexico; U.K.; Germany; France; BENELUX; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey
Su-Kam Power Systems Ltd., Sunna Design Inc., Dragon's Breath Solar, Bridgelux, Inc., Greenshine New Energy LLC, Signify Holding B.V., Solar Lighting International Inc, Anhui Longvolt Energy Co. Ltd., BISOL Group, d.o.o., and Orion Solar, among others
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Major Companies and Competitive Landscape
The market for Solar LED Street Lighting Market is fragmented, with a significant number of large and medium-sized players, which account for a significant global share of the market. The key players of the market are well-equipped with significant manufacturing resources and are also engaged in various research and development activities.
Some of the top players in the Solar LED Street Lighting Market market comprise:
Anhui Longvolt Energy Co. Ltd.
In March 2023, Sunna Design Inc. announced the acquisition of SOL Inc. With this deal, Sunna Design is expected to develop a new and sustainable platform for the development of smart and integrated standalone solar systems on the international market.
In March 2023, Signify Holding B.V. acquired Cooper Lighting Solutions from Eaton. The deal will enhance Signify's market position in the North American market.
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Some Key Highlights from the Report
In June 2019, Signify N.V. was installed 20 Philips SunStay solar street lights in Infanta Elena Park in Seville, Spain, in one housing, these solar lights have an integrated solar panel, luminaire, charge controller, and battery. These lights are also compact and easy to assemble and require less maintenance.
Due to certain government influence, such as feed-in tariff and net metering, the grid-connected system is anticipated to witness significant growth over the forecast timeframe.
Due to the advantages, such as less maintenance, uniform mounting, long service life, ecofriendly, and no RF interference, the light pole segment is expected to dominate the market with a CAGR of 13.4%.
Over the forecast timeframe, the industrial sector is anticipated to hold the largest market due to the emergence of advanced sensor-based network firms, along with a rise in on-site energy production.
The commercial segment is expected to see significant market growth due to solar LED street lighting systems' benefits in commercial applications, including no wire theft, easy installation and maintenance, no wire laying operation or complex power facilities needed, and cost-saving.
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Emergen Research has segmented the global Solar LED Street Lighting Market on the basis of product, component, end-use, and region:
Product Outlook (Revenue, USD Billion; 2019-2032)
Component Outlook (Revenue, USD Billion; 2019-2032)
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Regional Outlook (Revenue, USD Billion; 2019-2032)
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