What is happening in The Solar Street Light Market?
The global solar street lighting market is viably segmented by lighting sources, applications, and products. So based on the type of product, this market is divided into the light-emitting diode, which is known as LED and the compact fluorescent lamps known as CFL. When it comes to sources, the solar street light for sale is currently bifurcated into a standalone as well as grid-connected.
Over and above, the commercial, residential and industrial sectors are the known end-users of solar street lights in the market.
Geographically, the market is segmented into Europe, Middle East, Latin America, as well as Asia Pacific, just to mention a few areas.
The reduction in LED prices, coupled with multiple initiatives as well as projects by different governments to make the cities smarter by reducing carbon emissions, drives the market of solar street lighting.
Today, solar is known as an environmentally friendly and clean energy producer hence no pollution. It is also identified as one of the best ways to save energy, not just at home but in the office as well. Why?
Because there are clearly no wires associated with the installation of solar street lights, there are lesser unforeseen risks proving flexibility.
Standalone LED solar street light segments are going to witness relatively strong growth on account of growing and developing product adoption across remote areas.
High costs appended with street light infrastructure in remote areas make it the ideal choice as a viable alternative to other lighting fixtures.
Over and above, the introduction of govt programs and initiatives such as tariffs as well as net metering will boost the penetration of the production.
The expansion and development of micro-grid networks for rather large-scale integration profoundly impacts businesses positively. That is why, in 2017, CFL grabbed an estimate of 65 percent market share across the world.
The LED segment is still expected to rise over the years with the ideology of surpassing CFL's percentage of market share.
The commercial segment is also estimated to lead the international market because of the rising initiatives by public institutions and governments as well as civil authorities to the applications of solar lighting.
As of today, the solar street panel lighting solutions are used on streets and roadways as well as other commercial establishments.
In 2017, Asia Pacific had a high number of solar street lighting across the world. It accounted for approximately 40 percent.
Europe took the third position for street lighting in terms of market share.
In 2015, Germany and the United Kingdom were the two leading states with high revenues from solar street lighting.
The registered growth and development were a result of several initiatives like campaigns, effective programs introduced to the market by the World's Finance Corporation to promote lighting products, and finally World Bank.
This report plays a vital role in comprehending the global solar street light's market, its dynamics, and its structure through the analysis of the growth strategies. It is also a viable representation of the product portfolio and regional presence in the regions.