Seattle, WA -- (SBWIRE) -- 11/22/2019 -- In the context of global economic volatility and uncertainty, it will have a big influence on this market. Solar Street Lighting Report by Material, Application, and Geography - Global Forecast to 2027 is a professional and comprehensive research report on the world's major regional market conditions, focusing on the main regions.
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Market Synopsis of Solar Street Lighting Market:
Street lighting is a core piece of urban and rural infrastructure. Lighting helps create a safe environment for both pedestrians and drivers. Many streetlights around the world are now being updated to LED lighting, which uses less energy and is more reliable than traditional sodium lamps, significantly reducing the cost of keeping streets illuminated. Increasingly, solar power is being used for street lighting around the world.
The long term power saving, conservation of precious natural resources and elimination of the need for generating additional power are leading to the fast adoption of solar street lighting around the world. Solar street lights are able to provide reliable, quality lighting both in developing and developed countries, thereby reducing light poverty and the economic and environmental costs of electric outdoor lighting. Rapid technical innovation and dramatic price reduction in the LED, PV module, and battery components, which has occurred in the last years, will accelerate the penetration of solar street lights across the world.
Solar power is gaining popularity as a dependable source for street lighting all over the world. Some of the benefits associated with solar street lights include reduced dependence on conventional energy, conservation of energy and less reliance on the national grid. The warm countries that get abundant sunlight, solar lights are the best option to illuminate the streets, garden, parks and other public spaces.
The global solar street lighting market reached more than USD 2.2 billion in 2014, and is expected to reach about USD 7.8 billion by 2020, growing at a CAGR of 22.5% from 2015 to 2020.
Strict regulations regarding carbon emissions and favorable government support toward adoption of renewable energy sources are the major factors behind the growth of the solar street lighting market across the globe. Governments of many countries, including China, India, and the U.S., have stringent regulations and schemes, such as feed-in tariffs and quota-based renewable portfolio standards (RPSs). Further, several nations are taking initiatives to promote the use of renewable energy sources, such as wind and sunlight. A target to reduce carbon footprint in the environment, which is rising due to the use of non-renewable sources of energy, has been set, thereby making the adherence to the regulations more stringent.
Eminent participants operating across the industry includes Bridgelux, Solar Street Lights USA, Shenzhen Spark Optoelectronics, Solar Lighting International, Dragons Breath, Anhui Longvolt, Greenshine New Energy, Bisol, Solar G, Orion, Covimed, SOKOYO, Philips Lighting, Zhuhai Bomin, Jinhua SunMaster, Exide Industries, Sol, Su-Kam, SEPCO, Leadsun, Omega, Solux, Urja Global and Sunna Design.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as collaboration manufacturer and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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