Solar Street Lighting Market Size was valued at USD 1.38 billion in 2021. The Solar Street Lighting market industry is projected to grow from USD 1.57 Billion in 2022 to USD 3.96 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.10% during the forecast period (2024 - 2030). Reducing the environment pollution and Sustainability of solar radiant energy are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Solar street lights provide complete independence from the power grid. Due to low maintenance and minimal operation costs, solar lighting has emerged as a popular and reliable source to power street lights. With this, transmission of electricity into remote areas has become feasible, which is currently not possible with traditional systems.
Falling prices of solar lighting solutions are driving the solar street lighting market. According to a National Renewable Energy Laboratory (NREL) report, the cost of solar panels fell from $10/W to about $2/W between 1980 and 2010, an 80% drop in 30 years. The cost has dropped another 50% from $0.70/W to $0.35/W from 2015 to 2019. Reduction in their cost is expected to reduce the cost of these systems, thereby driving the market.
Rise in smart cities across the globe is a major driver of the growth of the solar street lighting market. A significant number of smart city development projects have been completed, with several underway in China, the United States, Saudi Arabia, India, South Korea, and other countries. China makes huge investments in projects like this compared to other her APAC countries. Moreover, South Korea signed a memorandum of understanding with Malaysia to build a smart city in Kota Kinabalu, the capital of Malaysia's Sabah state in 2018. As a result, demand for LED lighting is increasing worldwide to improve streetscapes and increase energy efficiency.Therefore, such initiatives related to the lighting has enhanced the Solar Street Lighting market CAGR across the globe in the recent years. However, to cater the demand there has been significant advances in reducing maintenance cost is another factor driving the growth of the Solar Street Lighting market revenue.
The Renewable Energy Street Lighting segmentation, based on type, includes standalone, and on-grid. The standalone solar street lighting segment held the majority share in 2021 in respect to the solar street lighting market revenue. This factor has increased the use of standalone systems in remote areas, contributing to the growth of the street lighting market.
The Photovoltaic Street Lighting segmentation, based on product type, includes compact fluorescent lamps (CFL), and light emitting diode (LED). The benefits of LED solar lighting that they are more reliable, consume less energy, gives better efficiency in light and lower price which plays a major role to driving growth of solar street lighting market. Hence, rising applications of light emitting diode (LED) for solar street lighting positively impacts the market growth.
April 2019: Hitechled launched new type of all in one integrated solar street light with innovation draw design which holds LED lamp, solar panel, lithium battery and controller.
The Solar Street Lighting market data has been bifurcated by application into residential, commercial, and industrial. The commercial segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 due to rising initiatives by governments and civic authorities to using solar lighting. Currently, solar street lighting solutions are used in streets, driveways and various other commercial facilities. Rising demand for solar lighting in areas such as parking lots, sidewalks, subways, perimeter security lighting, and public area lighting is also boosting the growth of this segment. Growing citizen awareness of the burden of using conventional light sources has greatly encouraged a switch to greener solutions.
May 2019: Cree Inc. completed the sale of its lighting products business unit to Ideal Industries Inc. The transaction includes the LED lighting fixtures, lamps, and corporate lighting solutions business for industrial, commercial, and consumer applications This strategies has further broadened the growth opportunity for the Solar Street Lighting industry.
Figure 2: Solar Street Lighting Market, by Application, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Additionally, growing interest in on-site power generation and sustainable production should contribute to demand in the industrial segment and likely to drive sector growth throughout the projection period. Also, rapid urbanization along with government subsidies and loans has helped the solar street light market to develop in the residential sector.
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific Solar Street Lighting market accounted for USD 0.63618 billion in 2021 and is expected to exhibit a significant CAGR growth of 46.10% during the study period. This is attributed to the rapid urbanization, drift towards green energy and government initiatives for solar installations across the region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3:Solar Street Lighting Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Solar Street Lighting market accounts for one of the largest market share due to advance technology & efficient distribution network, reducing the environment pollution, and low cost of maintenance during its operation. Further, the Germany Solar Street Lighting market held the largest market share, and the UK solar street lighting market was the fastest growing market in the European region
The North America solar street lighting market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the strict carbon emission regulations and government ambitious green energy targets. Moreover, U.S. solar street lighting market held the largest market share and Canada solar street lighting market held the second largest share in the North America region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Solar Street Lighting market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the solar street lighting industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment. Also, state-wide initiatives taken up by governments for the electrification of city infrastructures and highways offer significant opportunities for market players
One of the primary business strategies adopted by manufacturers in the solar street lighting industry to benefit clients and expand the market sector is to manufacture greener solutons and to reduce maintenance costs. In recent years, solar street lighting industry has provided innovative technologies with some of the most significant benefits. The solar street lighting market major player such as VerySol Inc. (U.S.), Solar Street Lights USA (U.S.), Dragons Breath Solar (U.K.), Philips Lighting Holding B.V.(the Netherlands), Omega Solar (India) and others are working to expand the market demand by investing in research and development activities.
Bridgelux is one of the leading developer and manufacturer of innovative LED solutions. Since 2002, we’ve designed solid-state lighting solutions that are high performance, energy efficient, cost effective and easy to integrate. In 2015, an investment group led by China Electronics Corporation (CEC) and Chongqing Linkong Development Investment Company acquired solid-state lighting startup Bridgelux.
Also, Solar Street Lights USA is a leading provider in the practical application of solar powered lights, grid-tie and off-grid installations and solutions. The company is a privately owned company with headquarters in Holland, Michigan. Its solar lights are comprised of solar electric power systems, light fixtures and structural components. .
May 2022:Lord's Mark Industries, announced that it has forayed into the solar-based lighting space. The firm also established that it has bagged the Bihar government's contract to device the world's largest solar-based lighting project across the state.
January 2020:SolarOne Solutions Inc selected by the Eagle Butte community center to install 80 off-grid solar streetlights. SolarOne off-grid solar streetlights run entirely on solar energy and therefore have a zero-carbon footprint
June 2019:Signify N.V. installed 20 Philips SunStay solar street lights in the Infanta Elena Park in Seville, Spain. These solar lights provides integrated solar panel, charge controller, luminaire and battery in one housing. Moreover, these solar lights are compact, easy to install and require less maintenance.
North America
Europe
Asia-Pacific
Rest of the World
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 1.38 billion |
| Market Size 2022 | USD 1.57 billion |
| Market Size 2030 | USD 3.96 billion |
| Compound Annual Growth Rate (CAGR) | 14.10% (2024-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Product Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | VerySol Inc. (U.S.), Solar Street Lights USA (U.S.), Dragons Breath Solar (U.K.), Philips Lighting Holding B.V.(the Netherlands), Omega Solar (India) and others |
| Key Market Opportunities | Reducing the environment pollution |
| Key Market Dynamics | Sustainability of solar radiant energy |
Solar Street Lighting Market Highlights:
Frequently Asked Questions (FAQ) :
The Solar Street Lighting market size was valued at USD 1.38 Billion in 2021.
The market is projected to grow at a CAGR of 14.10% during the forecast period, 2024-2030.
Asia-Pacific had the largest share in the market.
The key players in the market are VerySol Inc. (U.S.), Solar Street Lights USA (U.S.), Dragons Breath Solar (U.K.), Philips Lighting Holding B.V.(the Netherlands), Omega Solar (India) and others.
The standalone type solar street lighting dominated the market in 2021.
The commercial solar street lighting had the largest share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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