Solar Street Lighting Market Set to Soar, Expected to Reach US$ 27.95 Billion by 2029

In a recent market analysis report, the Global Solar Street Lighting Market is projected to witness substantial growth, reaching an estimated US$ 27.95 billion by 2029, with a remarkable Compound Annual Growth Rate (CAGR) of 19.95% during the forecast period. The report delves into the nuanced impact of the COVID-19 pandemic on market leaders, followers, and disruptors, taking into account the varied lockdown measures implemented across regions.

Driving Factors:

The market is driven by the reduction in LED prices, government initiatives to create smarter cities, and a concerted effort to reduce carbon emissions. Solar street lighting offers an environmentally friendly and energy-efficient solution, eliminating pollution and reducing energy consumption. The absence of wires associated with these lights not only contributes to energy savings but also reduces the risk of accidents, providing a flexible and safe lighting solution.

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Research methodology:

This report estimates and validates the size of the global Solar Street Lighting market using top-down and bottom-up methodologies. In order to compile a comprehensive list of current and notable participants, players strictly abide by a range of industry classification requirements. The market companies that are most relevant to the inquiry are chosen after a thorough validation procedure. Priority rankings are arranged in accordance with the revenue from the most recent quarter using subscription databases like Factiva, Bloomberg, and others. Last but not least, a survey that focuses on the key target categories was especially created to meet all requirements for primary data collection by appointment only. This makes it easier for us to collect information on a range of issues, such as player earnings, operating expenses, profit margins, and the growth of different goods and services. A variety of secondary sources, including the World Bank, associations, company websites, SEC filings, OTC BB, USPTO, EPO, annual reports, press releases, and more are used to validate roughly 70-80% of the data before it is utilized.

Solar Street Lighting Market Dynamics:

Examining the key market dynamics in both developed and developing regions of the globe is achievable with the use of MMR Analysis, a focused and practical research methodology. To help customers and businesses flourish in specialised industries and expand in new global marketplaces, MMR specialists also conduct in-depth studies of geographic locations. The dynamic Player landscape that affects the market's development is also discussed in this market research analysis.

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Solar Street Lighting Market Segment:

by Lighting Source

Light Emitting Diode (LED)
Compact Fluorescent Lamps (CFL)

by Product Type

Standalone
Grid Connected

by Application

Industrial
Residential
Commercial

The product, lighting source, application, and geography segments of the global solar street lighting market are divided into four groups. The market for solar street lighting is divided into two segments based on type: compact fluorescent lamps (CFL) and light emitting diode (LED). The market for solar street lighting is divided into two segments based on sources: standalone and grid linked. The market for solar street lighting has three end user segments: commercial, residential, and industrial. North America, Europe, Asia Pacific, Middle East & Africa, and Latin America make up the geographical segments of the solar street lighting market.

Solar Street Lighting Market Key players:

1. Bridgelux
2. Cree
3. GE Lighting
4. Acuity Brands, Inc.
5. Digital Lumens, Inc.
6. Encelium Technologies, Inc.
7. Honeywell International
8. Legrand S.A.
9. Lutron Elecronics, Co.
10.Osram Licht AG
11.Royal Philips Electronics N.V.
12.Streetlight.Vision
13.Cooper Lighting division
14.Siemens
15.Matsushita Electric Industrial Co.
16.Bajaj Electricals
17.Zumtobel AG.
18.Philips Lighting holding B.V
19.Omega Solar
20.Bridgelux, inc.
21.Dragons Breath Solar
22.SOKOYO Solar Group
23.Solektra International
24.Sunna Design
25.Urja Global Ltd
26.Very Sol Gmbh

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Regional Overview:

Asia Pacific emerged as the leader in 2022, holding approximately 46% of the global market share. Europe, particularly Germany and the U.K., ranked third in market share in 2022. The growth in these regions is attributed to initiatives, subsidies, and campaigns introduced by organizations like the World Bank and the International Finance Corporation to promote solar street lighting products.

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