NEW YORK, Oct. 09, 2017 (GLOBE NEWSWIRE) -- According to new market research report titled "Solar Street Lighting Market by Lighting Type (CFL, LED), by Product Type (Standalone, On-Grid), by Application (Residential, Commercial, Industrial), by Geography (U.S., Canada, Brazil, Peru, Mexico, Germany, U.K., France, China, India, Japan, Indonesia, Australia, New Zealand, Malaysia, Thailand, Philippines, Nigeria, South Africa, Ghana, Kenya) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" published by P&S Market Research, solar street lighting market is estimated to reach $10,805.3 million market size by 2023.
High demand for efficient and renewable source of lighting for streets, and increasing government support worldwide are the major factors responsible for significant growth in the global solar street lighting market, which is forecasted for 21.2% CAGR during 2017 - 2023.
As per the findings of the research, standalone type held larger share of solar street lighting market as compared to the on-grid type. The designers of these lights have been searching for more efficient and heat resistant design solutions for these lights. Rapid transformations taking place in the solar street lighting market have made these lights more user-friendly. Several design modifications have led to improvement in the working of standalone models, consequently making them more popular among buyers.
Among the various application areas of solar street lighting market, commercial application has been the largest contributor. whereas among the lighting types, LED lighting witnessed a significant growth rate of 40.6% during 2013 - 2016. In terms of volume sales, the global solar street lighting market will witness fastest growth in residential applications.
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Asia-Pacific has been the largest solar street lighting market, whereas MEA is expected to witness the fastest growth among all the regions. The fastest growth in MEA market can be attributed to increasing government support, constantly increasing energy costs, rise in demand of electricity, surging demand for renewable lighting sources, and increasing awareness amongst citizens about benefits associated with the use of solar street lighting over traditional lighting sources.
Due to the presence of harsh climatic conditions in MEA, the standalone lightings were more preferred and formed larger market as compared to on-grid. The World Bank and International Finance Corporation are collectively making efforts for upliftment of several countries in MEA by providing funds for developing the lighting and power industries and setting up solar street lights in these countries.
The surging urbanization in developing countries has been leading to the rise in demand for energy, and governments of various countries are supporting eco-friendly methods of producing energy. This is consequently driving the demand for solar street lights globally. The technology in solar street lights are continuously improving over the years, and are expected to make further advancements with supportive government regulations and product innovation.
The global solar street lighting market is fragmented with small number of large players and large number of small regional players. Carmanah Technologies Corp. was the global market leader in this industry in 2016. Some of the other major companies operating in this market includes Koninklijke Philips N.V., Sunna Design, Omega Solar, Su-Kam Power Systems Ltd., Urja Global Ltd and Sokoyo Solar Group.
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