- Opportunity and Forecast, 2016 - 2025
Solar street lighting generates electricity with the help of photovoltaic (PV) mountings on its structure. Solar energy is used to charge PV panels and the energy stored is used to generate electricity at night. Solar street lights are turned on or off by sensing light with the help of fuzzy logic technology or wireless technology. The lighting is less operational, involves low maintenance costs, does not cause pollution, and reduces the risk of accidents. As the electricity is generated with the help of renewable source, energy is also saved. PV panels are mounted based on surrounding conditions and store maximum energy.
Growth in demand for clean energy, increase in electricity demand, rise in off grid electricity demand, and decline in solar lighting component cost are the major factors contributing toward the growth of the global solar street lighting market. High investment cost and lack of consumer awareness are the factors that restrain the growth of the industry. On the other hand, strict government regulations towards energy conservation and reduction of carbon footprint are expected to create new avenues in the market.
The global solar street lighting market is segmented based on product type, luminaries, application, and geography. Based on product type, the market is bifurcated into standalone and grid connected. On the basis of luminaries, the industry is classified into LED and CFL. Applications covered in the research are residential, commercial, and industrial. Regionally, the market is classified into North America, Europe, Latin America, Asia-Pacific, Middle East, and Africa.
Major manufacturers operating in the industry are Omega Solar Inc., Solektra International, Sunna Design, Very Sol GmbH, Urja Global Ltd, Philips Lighting Holding B.V., Dragons Breath Solar, Solar Street Lights USA, SOKOYO Solar Group, and Sol Inc. These key manufacturers have adopted strategies, such as merger & acquisition, new product launches, collaborations, expansion, joint ventures, partnerships, and others to gain stronger position in the global industry.
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