The development of smart cities and reduction in the prices of solar street lighting solutions will increase the value of the solar street lighting market from $5.7 billion in 2019 to $14.6 billion by 2030, at a 9.4% CAGR during 2020–2030 (forecast period). Other factors contributing to the growth include the rapid infrastructure development and shift to solar power for sustainable and reliable lighting. Moreover, the fast-paced urbanization in developing countries is generating numerous opportunities for the market to grow.
Solar Street Lighting Market
Moreover, the solar street lighting market is observing the adoption of smart solar street lights in large numbers. This is due to the features of these systems such as low operational and maintenance costs, energy efficiency, and quick fault detection because of real-time monitoring by their central control unit. These advanced devices are being deployed in smart cities to monitor and decrease energy consumption. With the coming up of new smart cities and increasing pace of urbanization, the demand for such solar street lights will escalate during the forecast period.
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During the historical period (2014–2019), the Asia-Pacific (APAC) market accounted for the largest share. This was due to the rising expenditure on infrastructure development and growing number of government initiatives in South Korea, India, Australia, China, and Japan for the installation of solar lighting systems. As per the International Energy Agency (IEA), China was the largest contributor to the APAC market in 2019, as it installed solar lighting systems the most widely. These factors will also help the market in maintaining its dominance during the forecast period.
The rapid urbanization and construction of smart cities will, therefore, add to the market growth during the forecast period.