Global Solar Traffic Products Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Solar Traffic Products Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Solar traffic lights or traffic blinkers are signaling devices powered by solar panels positioned at road intersections, pedestrian crossings, and other locations to control the flow of traffic. They assign the right of way to motorists by well-lit visual indication in the universal color code of red, amber/yellow, and green. Solar traffic lights are increasingly integrated with LED lamps owing to their properties and superiority over incandescent lamps. The PV panel converts the solar rays into electricity that illuminates the LED lamps installed in the traffic light.

Market Overview:

The latest research study on the global Solar Traffic Products market finds that the global Solar Traffic Products market reached a value of USD 4062.49 million in 2022. It’s expected that the market will achieve USD 762.67 million by 2028, exhibiting a CAGR of -24.33% during the forecast period.

Market Opportunities

The latest trend of growth momentum in the market is the development of smart cities. A smart city is a kind of urban development that safely integrates information technology (IT) and the Internet of Things (IoT) into the functions and assets of the city. There are more than 250 smart city projects in 178 countries around the world. Smart city projects are mainly concentrated in Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America.

In recent years, technological innovation in the photovoltaic lighting industry has been active. The photoelectric conversion efficiency of solar cells and the lighting power of LEDs have continued to increase, while production costs have continued to decline. The expectation of widespread popularity of photovoltaic lighting products has become stronger and stronger; with the development of high-power photovoltaic lighting technology and micro-grid technology, Solar Street Lights, Solar Traffic Lights and other products will gradually be accepted by the market, and the Solar Traffic Products industry will obtain good development opportunities. With the development of upstream solar cells and LED lighting technology, photovoltaic lighting will replace traditional lighting in many fields, and the market prospect will be very broad. According to the European Photovoltaic Industry Association (EPIA) forecast, by 2030, renewable energy will account for more than 30% of the total energy structure, and solar photovoltaic power generation will account for more than 10% of the world's total electricity supply; to In 1940, renewable energy will account for more than 50% of total energy consumption, and solar photovoltaic power generation will account for more than 20% of total electricity; by the end of the 21st century, renewable energy will account for more than 80% of the energy structure, and solar power will account for more than 80% To more than 60%. This shows that photovoltaic power will occupy an important strategic position in the future energy structure and will become a major form of energy in the future.

Region Overview:

Asia Pacific had the highest growth rate of all regions.

Company Overview:

The top three companies are Philips Lighting, Solar Street Lights USA and Himin Solar Energy Co.,Ltd with the revenue market share of 2.04%, 1.05% and 0.89% in 2019.

Philips Lighting is the leading provider of lighting solutions and applications both for professional and consumer markets, transforming how lighting is used to enhance the human experience in the places where people live and work. Whether at home, on the road, in the city, shopping, at work, or at school, they are creating lighting solutions that transform environments, create experiences, and help shape identities.

Solar Street Lights USA is a leading provider in the practical application of solar powered lights, grid-tie and off-grid installations and solutions. The company is a privately owned company with headquarters in Holland, Michigan.

Segmentation Overview:

Among different product types, Solar Street Lights segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Commercial Sector segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Solar Traffic Products market covered in Chapter 3:

Philips Lighting
KCP Solar
Jinhua SunMaster Solar Technology
Greenshine New Energy
Yangfa Lighting Co., Ltd
Himin Solar Energy Co.,Ltd
Omega Solar
Elecssol
Carmanah Technologies
Solar Street Lights USA
Gemma Lighting
NEWSKY POWER
Urja Global Limited

In Chapter 4 and Chapter 14.2, on the basis of types, the Solar Traffic Products market from 2018 to 2029 is primarily split into:

Solar Street Lights
Solar Traffic Lights
Solar Road Studs
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Solar Traffic Products market from 2018 to 2029 covers:

Residential Sector
Commercial Sector
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)