Published on : Dec 23, 2016
ALBANY, NY, Dec 23, 2016: This publication is an assessment of the historic and present growth trajectory along with the future growth forecasts of the global solar street lighting market. The important dynamics at play and the chief trends have also been mentioned in the study. It further offers an outline of the factors that are expected to influence the growth of the global solar street lighting market. The shares, products, and key strategies of the principal companies have also been highlighted in the publication.
The report finds that the global solar street lighting market is expected to expand at strong CAGR of 19% from 2016 to 2020. The primary factor fueling the growth of the global solar street lighting market is the rising support from governments across the world in the form of incentives and funds to the manufacturers of solar street lights. The incessantly rising demand for electricity along with increasing costs of energy has impelled governments to get into partnerships with non-governmental and international organizations for introducing various subsidy related schemes for the implementation of solar lighting systems. This step is expected to encourage vendors to provide efficient solar street lighting solutions which will be also secluded from the national grid.
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According to the report, such initiatives are expected to open prospects for manufacturers in countries such as India. The government of India has also introduced the Prakash Path initiative aimed to replace 35 million street lights and 770 million incandescent bulbs with LED energy efficient bulbs. Although solar lighting systems are being effectively deployed across several countries in the world, it is expected to basically profit developing economies such as Asia and Africa as these lights will help transmit power to areas and households that are not linked to the national electricity grids. However, the emerging economies prefer concentrating on the infrastructural developments as providing a centralized power grid is economically challenging and also requires excessive investment, labor, and time for the development of the overall transmission and distribution infrastructure.
Based on product type, the global solar street lighting market is bifurcated into light-emitting diode and compact fluorescent lamp. The research predicts that although in 2015 the market was led by compact fluorescent lamp, by the end of 2020, the light-emitting diode segment is expected to emerge as the leading segment. This change is likely to take place due to the growing lifespan of LED lights and low operating costs incurred per year.
Geographically, the market is anticipated to be dominated by Asia Pacific owing to the high adoption in Taiwan, South Korea, Japan, India, and China. The leading companies in the market are Su-Kam Power Systems, Solar Street Lights USA, Philips Lighting, Omega Solar, Sunna Design, VERYSOL, and Dragons Breath Solar.
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