Solar Street Lighting Global Market Report 2024

The solar street lighting market size has grown rapidly in recent years. It will grow from $8.93 billion in 2023 to $10.55 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The historical growth in solar street lighting during the previous period can be attributed to several contributing factors. These include advocacy and active community engagement, government-led initiatives and policies supporting renewable energy adoption, heightened awareness and emphasis on environmental sustainability, initiatives focused on electrification in rural areas, and extensive urban development and infrastructure projects integrating sustainable lighting solutions. These factors collectively drove the growth and adoption of solar street lighting systems during that time frame.

The solar street lighting market size is expected to see rapid growth in the next few years. It will grow to $19.17 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. Anticipated growth in the upcoming period for solar street lighting is expected to be driven by several key factors. These include the expansion of markets in developing regions, the continuous increase in energy costs and corresponding demand, the growing consciousness and commitment towards environmental sustainability goals, and the support and implementation of favorable government policies and initiatives. Moreover, notable trends forecasted for this period encompass the emergence and adoption of hybrid solar lighting systems, the integration of Artificial Intelligence (AI) for energy optimization purposes, the development of community-centric lighting solutions, the enhancement of durability and weather resistance in lighting infrastructure, and the implementation of modular and scalable designs in solar street lighting systems. These trends are poised to shape the evolution and advancements in solar street lighting technology in the forecasted period.

The escalating demand for clean energy is anticipated to drive the growth of the solar street lighting market. Clean energy, particularly solar energy, plays a vital role in environmental protection by producing energy through processes that do not emit pollutants or greenhouse gases. Solar street lights, equipped with integrated photovoltaic solar panels, capture sunlight during the day and store the energy in a battery system, discharging it to illuminate the light source at night. A December 2021 report by the International Energy Agency (IEA) forecasts a more than 60% increase in world renewable electricity capacity by 2026, exceeding 4,800 GW. Solar PV is expected to contribute more than half of the world's electricity capacity due to favorable government policies and ambitious clean energy goals, underscoring the role of clean energy in propelling the growth of the solar street lighting market.

The surge in the number of commercial vehicles is poised to propel the growth of the solar street lighting market. Commercial vehicles, used primarily for business purposes in transporting goods or passengers, are creating opportunities for solar street lighting installations. These standalone lighting systems utilize solar panels to harness sunlight during the day and store energy in batteries for commercial vehicles, enhancing visibility and safety in roadways, parking lots, and public spaces. In December 2022, sales of commercial trucks reached 476,000 units, marking a 3.8% increase from 2021, as reported by the National Automobile Dealers Association. This upward trend in commercial vehicle deployment is a key driver contributing to the growth of the solar street lighting market.

Product innovation stands out as a prominent trend in the solar street lighting market, with major companies actively introducing innovative products to maintain their market positions. An example is Servotech Power Systems, an India-based green energy company, which in November 2021 launched a 2in1 solar street light series designed to provide high-quality illumination for outdoor spaces. These integrated and dual-purpose solar street lights boast over 105lm/W of light output, a lifespan exceeding 50,000 hours, and an IP66 grade for protection in extreme outdoor conditions. The solar PV modules used in these lights are composed of highly efficient polycrystalline materials, ensuring durability and increased charging efficiency by about 25%. These innovative solar street lights find applications in various settings, including streets, roads, highways, compounds, parks, boundary walls, car parking lots, military and civilian security installations, and airports. The introduction of such innovative products reflects the ongoing evolution and advancement in the solar street lighting market.

Prominent companies in the solar street lighting market are actively driving innovation by introducing new products, including eco-friendly urban lighting solutions, to reinforce their market positions. Eco-friendly urban lighting solutions in solar street lighting harness renewable energy sources, providing sustainable and energy-efficient illumination to minimize environmental impact and support environmentally conscious urban development. A notable example is AGC Inc., a Japan-based glass manufacturing company, which launched the ST57 Solar LED Street Light in March 2023. This solar street light is specifically designed to offer eco-friendly lighting solutions, utilizing solar energy for installation in roads, parks, parking lots, and other public spaces. The ST57 Solar LED Street Light features a separate solar panel and fixture head, equipped with smart control functionalities, including a built-in microwave, timer, and passive infrared (PIR) sensor. It is available in six sizes, ranging from 10W to 60W, providing a versatile range of options for different applications.

In April 2023, Sunna Design, a France-based provider of solar street lights, formed a strategic partnership with Schréder, a Belgium-based company specializing in lighting solutions, including solar street lights. This collaboration aims to deliver environmentally-friendly solar lighting solutions and expedite the adoption of renewable energy. The partnership between Sunna Design and Schréder underscores the joint commitment to creating safe nighttime environments for communities worldwide by leveraging innovative solar street lighting technologies. This initiative represents a significant step towards sustainable urban development and underscores the ongoing efforts of major players in the solar street lighting market to contribute to eco-friendly solutions.

Major companies operating in the solar street lighting market report are Acuity Brands Inc., Bajaj Electricals Limited, Bridgelux Inc., Cooper Lighting LLC, Dragons Breath Solar, Jiangsu Sokoyo Solar Lighting Co. Ltd., Signify Holding B.V., Solektra Solar Energy, Sunna Design SA, Urja Global Ltd., Omega Solar LLC, VerySol GmbH, Solar Street Lights, Yingli Solar Holding Co. Ltd., Greenshine New Energy Co. Ltd., ABB Limited, Nomo Group CO. Ltd., Su-Kam Power Systems Ltd., GE Lighting, Digital Lumens Incorporated, Honeywell International Inc., Legrand Group, Lutron Electronics Company Inc., Osram Licht AG, Zumtobel Group AG, Anhui Longvolt Energy Co. Ltd., BISOL Group, Covimed Solar, Jinhua SunMaster Solar Lighting Co. Ltd., Shenzhen Spark Co. Ltd..

Asia-Pacific was the largest region in the solar street lighting market in 2023. The regions covered in the solar street lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar street lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary classifications of solar street lighting systems include portable, standalone, and centralized setups. Portable configurations imply objects that can be easily relocated as per requirements. Components incorporated within these systems consist of a controller, lamp, solar panel, sensors, battery, among others. Light emitting diodes (LEDs) and compact fluorescent lamps are commonly employed in solar street lighting setups, catering to various applications such as parking lots, highways, roadways, airport runways, and manufacturing sites.

The solar street lighting market research report is one of a series of new reports that provides solar street lighting market statistics, including solar street lighting industry global market size, regional shares, competitors with solar street lighting market share, detailed solar street lighting market segments, market trends, and opportunities, and any further data you may need to thrive in the solar street lighting industry. This solar street lighting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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