International market analysis of solar street lights

What is the global solar street lighting market size?

The global solar street lighting market size is valued at $5.7 billion with sales of 1,545.9 thousand lighting units in 2019 and projected to witness a CAGR of 9.4% during the forecast period (2020–2030). The declining price of solar street lighting solutions and increasing number of smart cities are the major growth driving factors.

How will solar street lighting market perform in 2022?

The global solar street lighting market is estimated to witness a major jump in revenue from US$ 4,438.0 Mn in 2022 to US$ 15,716.4 Mn by 2030 at a CAGR of 17.19% over the projection period 2023-2030. In terms of volume, the market is expected to register a CAGR of 15.01% during the forecast period.

Why is solar street lighting market growing?

Growing vehicular traffic leading to massive investments in infrastructure development, especially roads and highways in countries like China, the U.S., Germany, and India, has been a major driver for the solar street lighting market growth. Also, the commercial vehicles sales increased by 2.2% in 2019, reaching 26.9 million units gobally.

Which country has the largest share in solar street lighting industry?

During the historical period (2014–2019), APAC held the largest share in the global solar street lighting industry, due to increasing infrastructure projects and government initiatives in China, India, Japan, Australia, and South Korea for the deployment of solar lighting systems.

Which category has the fastest growth in the solar street lighting market?

In 2019, the standalone category on the basis of structure type witnessed the fastest growth in the solar street lighting market, and is expected to maintain its pace over the forecast period. Moreover, standalone solar street lights are do not connected with the grid for the power supply.

Which region has the highest CAGR in solar street lighting market?

The Asia Pacific region is the highest shareholder region in the global solar street lighting market and has recorded the highest CAGR during the forecast period.