Astute Analytica has assigned key reasons for the healthy growth of the market world over. Increasing urbanization and rising focus on solar energy are at the center of reasons. The study says that when there is growth in the urban population and expansion in urban areas also takes place. Demand for solar lights – that includes solar street lights – is visible in residential, commercial and industrial areas. Increasing public investment by the government leads to more construction projects of highways and roadways. Highways and roadways are a huge opportunity ground for solar street lights.
Then, stringent regulatory reforms and rising initiatives by governments and civic authorities to use solar light will further stimulate the solar street light market growth. Also, solar and wind power are two examples of renewable energy sources that are becoming increasingly relevant in the marketplace. The demand for solar has grown owing to strong federal policies, fast decreasing costs and increasing demand for sustainable electricity across the commercial and public sectors.
Among all, the standalone street light segment which is independent from the power grid and is an excellent source for emergency lighting and back lighting, is projected to hold the highest percentage share of revenue. It will also grow at a CAGR of 17.79% during the 2022-2030 period owing to increasing adoption across remote and off grid areas.
As far as the component segment is concerned, solar panels dominated the global solar street lighting market with the highest revenue share in the year 2021 as the installation and operational cost of solar panels is less.
The study has classified the global solar street light market further into parking lots, highways & roadways, airport runways, manufacturing sites, playgrounds, gardens and others. It says that the highways & roadways segment holds the highest share and is projected to grow at the highest CAGR of 17.64% during the forecast period.
Geographically, the Asia Pacific region holds the highest CAGR of 18.03% in the global solar street lighting market for 2022-2030 period.