Sarasota, FL -- (SBWIRE) -- 11/12/2018 -- Zion Market Research has published a new report titled "Solar Street Lighting Market by Lighting Source (Light Emitting Diode (LED) and Compact Fluorescent Lamps (CFL)), by Type (Standalone and Grid Connected), and by Application (Industrial, Residential, and Commercial): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024". According to the report, global solar street lighting market was valued at approximately USD 4.25 billion in 2017 and is expected to generate revenue of around USD 18.31 billion by the end of 2024, growing at a CAGR of around 23.2% between 2018 and 2024.

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Solar street lights are the light sources powered by photovoltaic panels mounted on the integrated pole. These lights are widely used for outdoor street lighting as solar power is their primary source of energy. Solar street lights market is majorly driven by the downstream applications. Governments of different countries are encouraging the installation of solar street lights because of cost-efficient and eco-friendly nature. Growing infrastructural projects leads to the rising demand for solar street lights which can be used in parking lots, pathways, and others. Moreover, increasing potential of solar technologies and increasing demand for continuous power supply will positively boost the market growth. Furthermore, technological innovations in the design of the product and declining the cost of the battery have positively reduced the prices of solar lightening components making them an alternative for households and municipalities. Such factors tend to positively impact the market growth.

On the basis of the lighting source, solar street lighting market is segmented into light emitting diode and compact fluorescent lamps. Light emitting diode segment held the major revenue share in 2017. Government initiatives regarding the adoption of renewable energy and resource optimization will positively boost the light emitting diode market during the forecast timeframe. However, efforts to limit the heavy toxic metals usage may hamper the demand for the compact fluorescent lamps which can restrain the market growth.

Based on the type, the solar street lighting market is segmented into standalone and grid connection. Standalone is anticipated to remain dominant segment during the forecast period. The growth is attributed to rising product implementation across remote areas and off-grid. Streetlight infrastructure in remote areas coupled with the high cost makes these products an alternative choice. Such factors are expected to drive the market growth over the forecast timeframe.

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On the basis of application, the solar street lighting market is segmented into industrial, commercial, and residential. Residential segment is anticipated to remain dominant during the forecast period. Residential sector in solar street lighting market is anticipated to surpass approximately 1.5 million units by 2024. Additionally, increase in residential societies along with low maintenance cost of these systems will fuel the market growth. Moreover, rapid urbanization and government initiatives associated with lighting programs will boost the market growth. Such factors are projected to positively drive the market during the forecast timeframe.

The Asia Pacific held significant revenue share in 2017 and is anticipated to continue its regional dominance over the forecast period. The region offers great opportunities for the market players; several governments are on the run towards the target of employing green solutions and eradicate the emissions level step by step. Other regions such as the Middle East & Africa show a considerable inclination in the solar street lighting. This rise in inclination is expected to boost the overall growth of the market in this region. Moreover, North America and Europe are majorly focusing on maximizing the utilization of solar energy which tends to positively impact the market growth in this region.

The report also includes end players operating in the solar street lighting market which include Philips Lighting Holding B.V, SOKOYO Solar Group, Sol Inc., Dragons Breath Solar, Bridgelux, Omega Solar, MarSunna Design Inc., Urja Global Ltd., Solektra International, Leadsun VerySol GmbH, Solar Street Lights USA, and Yingli Solar

Browse the full "Solar Street Lighting Market" report at https://www.zionmarketresearch.com/report/solar-street-lighting-market

This report segments the global solar street lighting market as follows:

Global Solar Street Lighting Market: Lighting Source Segment Analysis

Light Emitting Diode (LED)
Compact Fluorescent Lamps (CFL)

Global Solar Street Lighting Market: Type Segment Analysis

Standalone
Grid Connected

Global Solar Street Lighting Market: Application Segment Analysis

Industrial
Residential
Commercial

Global Solar Street Lighting Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa