Solar Street Lighting Market Size By Type, By Lighting Source, By Application, By Geographic Scope And Forecast

Report Highlights

Solar Street Lighting Market Size And Forecast

Solar Street Lighting Market was valued at USD 11.53 Billion in 2019 and is projected to reach USD 45.48 Billion by 2027, growing at a CAGR of 22.57% from 2020 to 2027.

Global Solar Street Lighting Market Overview

The rise of energy-saving lighting systems is a substantial factor in driving market growth. The energy-efficient lighting systems curbs the electricity demand and is a cost-effective method of lighting-system in comparison to the conventional lighting methods. According to international agencies, the lighting records for 19 percent of the global electricity and 25-30% of home energy consumption. The growth of solar technologies integrated with clean energy sources, will foster market growth. Solar energy is a renewable free resource of energy that is sustainable, unlike finite fossil fuels. The extended role of government initiatives and rise in private and public funding with Research and Development and proposed long term legislative programs are fostering the market growth. The Prakash Path is a government scheme under which, India's lights are converted to 100% by making use of the potentials that LEDs are attributed to, and can save us 20,000 MW of power consumption. This makes power available to every Indian citizen. Other factors, such as reduced battery costs, continuous innovations, making it affordable in households and municipalities, will foster market growth.

Global Solar Street Lighting Market: Segmentation Analysis

Global Solar Street Lighting Market is segmented based on Product, Lighting Source, Applications, And Geography.