San Francisco, California, August 21, 2017: A recently added report by TMR Research, titled, “Solar Street Lighting Market – Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2017–2025,” sheds light on important aspects of the market such as its size, competitive dynamics, and growth prospects.
The report finds that serving to stoke growth in the global market for solar street lighting are government initiatives across the world to save energy and bring down carbon footprints. Further, with spiking energy costs and the insatiable demand for electricity, worldwide, governments are partnering with international as well as regional non-governmental organizations (NGOs) to come up with several programs and schemes to counter the fast depleting non-renewable sources of energy. One such scheme is subsidizing solar lighting systems. This has encouraged vendors to supply efficient solar lighting solutions, particularly in developing countries. In India, for example, the government has embarked upon a program to supplant nearly 35 million streetlights and 800 million incandescent bulbs with energy-efficient LED bulbs.
Governments in developing economies of Asia and Africa are especially keen on solar street lighting as they save them the enormous costs of building an infrastructure for providing centralized grid electricity. The primary energy source for solar street lighting is the sun’s energy and hence, they mostly operate in a standalone mode, which makes them independent of the general power grid. The continued installation of solar streetlights in such developing countries is likely to propel the overall market in the near future.
Solar street lighting is primarily used in traffic lights and county level street lights. The types of lighting include compact fluorescent lamps (CFLs) and light emitting diodes (LEDs).
Depending upon the region, the key segments of the global solar street lighting market are Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Of them, Asia Pacific is a key market on account of the widespread installation of solar street lighting in the fast-expanding economies of India and China. The demand from Asia Pacific is further slated to rise in the near future. North America and Europe are other key markets on account of the higher acceptance for alternative sources of power and a pressing need to save power. Another factor that is proving beneficial for the markets in the two regions is the fact that they are home to some of the prominent players in the market.
Some of the key participants in the global solar street lighting market, profiled in the report are Solar Street Lights USA, Solar Lighting International Inc., OkSolar.com, Solar Electric Power Co., and Silicon Solar.