The solar led street light system industry is growing at an alarming rate. In 2024, it is projected to reach an estimated $ 10.8 billion from the average $5 billion in 2019. Some of the primary drivers for the industry’s development and growth are the rise in need for efficient lighting systems for highways. There is also a rise in demand for renewable energy in developing countries. Besides, the underlying chances for this market include a significant decline in the rising cost of solar lighting systems, better government initiatives, and enhanced technological factors of the solar lighting system.
That said, solar lights are becoming more prominent as a green alternative and the go-to option for every sustainability need. It also provides an excellent value for optimum lighting coupled with cost. The LED solar street light is additionally a renewable energy source, lower maintenance.
Over and above, the LED solar street lights are currently the game changer of the industry. They are also the most affordable lighting options for many people in the commercial sector.
By segmentation, the solar market is divided into roadways, commercial, as well as residential sectors.
The commercial application is expected to contain the largest share of the LED solar street lights in the coming years.
Some of the pros associated with the LED solar street lights are reduced dependence of traditional energy, energy conservation, and lesser reliability on the international grid.
For the warmer countries receiving abundant sunlight, solar street lights are the perfect option for illuminating the streets, parks, and gardens, among others.
The rise in concern about fossil fuel is increasing. Therefore, the rise in oil prices, global warming, as well as damage to the environment and ecosystem, a promising incentive to create and later develop an alternative energy resource with significant efficiency is essential.
Of all the renewable energy sources, PV impact is considered one of the most essential and sustainable resources following its abundance and solar radiant energy sustainability
Besides, the main driver of the international solar street lighting industry is the rise in the assertion of the conventional forms of energy garnered from the traditional fuel types and degrading levels of fossil fuels in different natural reservoirs in the world.
Following this, governments are supporting the development of electricity via sustainable energy sources.
In places where the grid of electricity cannot be reached, off-grid energy plays an important role, thereby pushing the solar street lighting sector towards growth.
Europe is expected to offer a lucrative opportunity in the solar street lighting industry, with the United Kingdom and Germany leading the demand, especially now that the region is making a quick shift to greener solutions.
Leading market players for solar street lighting are currently focusing on growing and expanding their production units across different regions in the coming years to gain an added competitive edge over competitors. And as multiple developed economies have witnessed the deployment of solar street lighting in addition to a notable place within the global market. In the US and Europe, development is highly registered, with some suppliers marketing the solar-powered LED lighting bulbs.