Growing demand for Clean Energy propelling the growth of Solar Street lighting Market
According to a new report published by Reports Monitor titled, “Global Solar Street Lighting Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the Solar Street Lighting Market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Solar Street lighting is the light source which is powered by solar panels. These panels convert the incoming sunlight into electricity. The energy is then stored in rechargeable batteries, which is a power source for fluorescent or LED lights. The major components in the solar street lighting are: solar panel, lighting fixture, rechargeable batteries, and pole and battery foundation.
Declining cost of solar components and favorable initiatives and projects adopted by government to reduce the carbon emissions is major factor propelling the market growth. Growing urbanization and advancement in technology to increase the efficiency of solar technology also supports the growth of solar street lighting market. However, higher cost involved in the installation of infrastructure and energy storage device may result in hampering the growth of market.
The Solar Street Lighting market report has been categorized in three sections, the first section entitled as market overview offers a holistic view of the market, coupled with its key trends, drivers, restraints and opportunities. Our analyst implements, several qualitative tools such as SWOT analysis, Porter’s five force analysis among other to interpret and represent key industry findings. The second section provides estimated market size and forecast for key market segments and regional market. The final part includes the study of competitors operating in the market, which includes their mergers/acquisitions, new product development and their financial overview.
The solar street lighting market is majorly segmented on the basis of type, applications and lighting source. Based on type, market is bifurcated into: standalone and on grid, while on the basis of applications market is segmented into: residential, commercial and industrial. The light source covers compact fluorescent lamps (CFL) and light emitting diodes (LED’s).
Advancement in technology supported with favorable government policies and initiatives are the major factor contributing in the growth of Asia Pacific region, while early adoption of solar street lighting influences the growth in North American region. The global solar street lighting market is analyzed across: North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa).
The key players operating in the marker are: Omega Solar, VerySol GmbH, Dragons Breath Solar, Solar Street Lights USA, Philips Lighting Holding B.V., Solektra International, Bridgelux, Inc., Sol, Inc., Urja Global Ltd., SOKOYO Solar Group, and Sunna Design.
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