Solar Street Lighting Market By Type (Standalone, Hybrid, Smart, Modular, Others) , By Application (Residential, Commercial, Industrial) : Global Opportunity Analysis and Industry Forecast, 2024-2033
The solar street lighting market was valued at $4.1 billion in 2023, and is projected to reach $11.1 billion by 2033, growing at a CAGR of 10.5% from 2024 to 2033.
Solar street lighting refers to the use of solar-powered systems to illuminate outdoor public spaces such as roads, pathways and parking areas. These systems consist of solar panels, batteries, LED lights, and intelligent controllers. Solar street lights harness energy from the sun during the day, storing it in batteries for use at night. They provide a sustainable and energy-efficient alternative to traditional grid-powered street lighting, contributing to reduced carbon emissions and electricity costs.
The growth of the global solar street lighting market is driven by increase in global awareness about energy conservation and the need to reduce energy consumption. According to a study published by the the International Energy Agency in 2021, the global transition toward energy-efficient solutions is projected to reduce overall energy consumption by 30% in public lighting by 2030, as cities focus on reducing power consumption and carbon emissions through technologies like LED-based solar street lighting systems. Furthermore, increase in installation of solar street lighting reduces greenhouse gas emissions, which supports the transition to cleaner energy and aligns with global sustainability goals, thus contributing toward the growth of the global market. Solar street lighting systems can reduce carbon emissions by approximately 60% compared to conventional lighting. In 2022, the United Nations Environment Programme claimed that every solar street light saves around 1 ton of carbon emissions over 10 years, supporting climate action efforts globally. In addition, rise in trend of smart cities has augmented the demand for energy-efficient and renewable lighting systems such as solar street lights to enhance urban infrastructure. However, higher installation cost as compared to conventional street lights significantly hampers the growth of the global market. In addition, lack of awareness and dearth of technical expertise to install and maintain solar street lighting systems act as the key deterrent factors of the market. On the contrary, improvements in battery storage capabilities have ensured better energy retention and reliability of solar street lights, thus enhancing their performance in various weather conditions. Such developments are expected to offer lucrative opportunities for the expansion of the global market during the forecast period.
The global solar street lighting market is segmented into type, application, and region. By type, the market is classified into standalone, hybrid, smart, modular, and others. Depending on application, it is segregated into residential, commercial, and industrial. Region wise, the market is studied across areas such as North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsBy type, the standalone segment is expected to maintain its lead position from 2024 to 2033.Depending on application, the commercial segment is anticipated to dominate the solar street lighting market during the forecast period.
Region wise, Asia-Pacific is projected to emerge as the most potential market for solar street lighting in the near future.
Competition AnalysisCompetitive analysis and profiles of the major players in the global solar street lighting market include Shenzhen Luxman Light Co., Ltd., Shenzhen Clode Optoelectronic Co., Ltd., Fonroche Lighting America, Inc., Shenzhen Moonlight Technology Co., Ltd, Gemma Lighting, Wolta Power System, Amrut Energy Pvt ltd, Guangzhou Anern Energy Technology Co., Ltd., Hangzhou Hpwinner Opto Corporation, and Shenzhen KYD Light Co., Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and gain a strong foothold in the global market.
Key Market SegmentsBy TypeStandalone
Hybrid
Smart
Modular
Others
By ApplicationResidential
Commercial
Industrial
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market PlayersShenzhen Luxman Light Co., Ltd.
Shenzhen Clode Optoelectronic Co., Ltd
Fonroche Lighting America, Inc.
Shenzhen Moonlight Technology Co., Ltd
Gemma Lighting
Wolta Power System
Amrut Energy Pvt ltd
Guangzhou Anern Energy Technology Co., Ltd.
Hangzhou Hpwinner Opto Corporation
Shenzhen KYD Light Co., Ltd