Growing Inclination Towards Renewable Energy Sources to Proliferate Global Solar Street Lighting Market
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 optimizing 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 B.V., Omega Solar, Urja Global ltd., Solektra International, VerySol GmbH, Dragons Breath Solar, Bridgelux Inc., Solar Street Lights USA, and Sol Inc.
Transparency Market Research (TMR) conducted an adept research to forecast the potential and prospects of the market over the period from 2017 to 2025. 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 US$22.30 bn by the end of 2025 as against a value of US$3.47 bn 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 US$1534.8 mn in 2016 and accounted for a market share of 44.3% the same year. The region is expected to exhibit positive trends within the market over the forecast period.
Focus on Renewable Energy Sources to Bolster Market Growth
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. Furthermore, the awakening amongst the people for the use of greener solutions has expanded the reach of these systems to the residential sector as well. The various types of these systems offer ease of operation due to the safety of charging the batteries and their tractable nature.
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Major Growth Opportunities Resting in Developing Economies
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.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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