The solar street lighting market has seen significant growth in recent years. Solar street lights have emerged as an efficient and sustainable alternative to traditional street lighting systems. They provide illumination without being connected to the electricity grid by using photovoltaic panels to charge batteries during the day and power LED lamps at night. Solar street lights offer various advantages over conventional street lighting such as lower installation and maintenance costs, reduced energy consumption, longer lifespan, and zero power bills.

The global solar street lighting market is estimated to be valued at US$ 13.66 billion in 2024 and is expected to exhibit a CAGR of 15.8% over the forecast period 2024-2031.


Key Takeaways

Key players operating in the solar street lighting market include VerySol Inc., Solar Street Lights USA, Dragons Breath Solar, Urja Ltd., Solektra International LLC, Bridgelux Inc., SOKOYO Solar Group, Sunna Design, Sol Inc., Signify Holding, Omega Solar, SolarOne Solutions Inc., Hitechled, Fevino Industries LLP, Systellar, Wolta Power System, SunMaster, Wipro Lighting, Swami Energy, and Sunrise Solar

Solar Street Lighting Market Size for energy-efficient and environment-friendly lighting systems from the residential, commercial, and industrial sectors is a key growth driver for the solar street lighting industry. Further, various government initiatives to adopt renewable energy for street lighting and provide access to electricity in remote areas will boost the demand for off-grid solar street lamps.

The solar street lighting market is expanding aggressively across regions. Major solar companies are investing in developing economies to tap emerging opportunities. Governments worldwide are replacing conventional street lights with solar alternatives to reduce carbon emissions and electricity costs substantially. This widespread replacement trend will accelerate the global adoption of solar street lighting over the forecast period.

Market key trends

The emergence of smart solar street lights integrated with IoT sensors and real-time connectivity is a key trend in the market. These smart lamps use embedded controls and communication systems to enable remote monitoring and management. They optimize energy consumption, light distributions and maintenance through analytics. Smart lighting solutions are gaining popularity in smart cities to enhance public safety and road transportation. This integration of solar lighting systems with intelligent controls will drive innovation and adoption of these lights going forward.
Porter’s Analysis

Threat of new entrants: Relatively low barriers to enter but requires high initial investments and established distribution channels.

Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of product alternatives.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of component substitutes and differentiated products.

Threat of new substitutes: Threat of substitutes is moderate as there are few product alternatives for solar street lighting.

Competitive rivalry: Intense competition in the solar street lighting space due to low product differentiation.

Geographical Regions - Value Concentration

The Asia Pacific region accounts for the largest market share in terms of value for solar street lighting worldwide. China dominates the APAC solar street lighting market due to significant government support initiatives and growing investments towards adoption of clean energy solutions. North America and Europe are other major regions concentrated for solar street lighting market value.

Geographical Regions - Fastest Growing

The market for solar street lighting is experiencing fastest growth in the Middle East and Africa region led by the Gulf countries. Increasing investments towards rural electrification projects along with growing off-grid applications in remote areas is fueling the demand for solar street lighting in Middle Eastern and African nations. The annual spend on solar street lighting projects is projected to double in the MEA region over the next five years.

About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)