Renewable inclination bolsters solar street lighting
The global solar street lighting market is transcending as an immensely lucrative sector because of the assistance gained by the market forces from global regulatory bodies and government entities. The expansive opportunities for growth that have surfaced in the market are expected to attract new players into the market.
A number of established players are reaping the benefits of an explosive market and expected to continue on their spree of success. The establishments within the solar street lighting industry do not incur heavy infrastructural expenditure which creates room for optimising the profit margins.
The entry of new players and the presence of globally reckoned player is expected to tend the market towards a fragmented scenario. The major market players with a palpable presence across the globe include Sunna Design, SOKOYO Solar Group, Philips Lighting Holding, Omega Solar, Urja Global, Solektra International, VerySol, Dragons Breath Solar, Bridgelux, Solar Street Lights USA, and Sol.
The research report states that the market is expected to grow at a CAGR of 23.4% over the forecast period, successively reaching a market value of $22.30bn by the end of 2025 as against a value of $3.47bn in 2016. Based on application, the commercial is expected to hold 68.2% of the market share by 2025 outdoing the industrial and residential segments. On a geographical footing, Asia Pacific has shown sparks of excellence by registering a total revenue of $1534.8m in 2016 and accounted for a market share of 44.3% the same year.
The diminishing resources used for the production of power or lighting across various industries have brought solar street lighting market under the spotlight of recognition. Governments across several regions are propagating the use of solar lighting systems which has increased the demand within the market. The government initiatives have led to the installation of these systems across streets, traffic intersections, subways, recreation parks, and other public places.
The global uprising towards the usage of renewable sources of energy has powered the solar street lighting market, giving a prominent push to the market. Besides, the renewable energy sources employed in these systems significantly reduce the costs of power generations, thus, addressing the concern regarding high costs of power supply. The industrial uses of these systems have also surfaced in recent times that adds on to the bright prospects of the market.
The market in Asia Pacific offers commendable growth opportunities owing to a zeal to employ greener solutions across the region. This offers great opportunity for the market and creates demand for various types of solar lighting systems. The developing countries in the Middle East and Africa are also showing proclivity towards solar sources of power generation. This further elevates the demand within the global market for solar lighting systems.
Moreover, the high toll of unmet power needs in these regions is also a standpoint of importance for the market. Even developed nations such as North America and Europe are likely to bolster the market with their increased efforts towards solar usage.