The process of evolution of smart technology has considerably changed the overall lighting industry in terms of energy and money saving, ensuring increased safety and convenience to the users. The global economy is expected to exhaust more energy resources in the future owing to the rising demand of energy from the developing countries. Additionally, the risk of climate change associated with the use of fossil fuels has made the supply of energy increasingly difficult. Several countries such as the U.S., U.K., Germany, India, and China are opting for various methods in order to decrease the carbon dioxide concentration in the atmosphere.
Read Report Overview: Solar LED Street Lighting Market
Street lighting has been in existence even before electricity was first introduced. Prior to that, fire-based lamps were setup on the sides of the streets. There have been several developments in the street lighting, thus making it an efficient and inexpensive method of lighting.
The global solar LED street lighting market is expected to grow at a CAGR of 16.5% in terms of volume and 13.2% in terms of value during the forecast period 2018-2024. The growth in the market can be attributed to the increasing demand of energy efficient lighting systems. The implementation of Internet of things (IoT) with lighting is also expected to increase the adoption of solar LED lighting, worldwide.
One of major driving factors for the significant growth in the global solar LED street lighting market has been the rise in the energy consumption globally. The rising demand for electrical energy is affecting traditional lighting products as they are low energy efficient; hence, manufacturers and consumers are urged to switch to more energy-efficient products. Additionally, the current trends of energy consumption in the world suggest that in future countries across the world will need to develop alternate sources of energy (renewable) to fulfill the growing energy demand, as the current oil prices are rising, and the reserves are depleting. Urbanization has resulted in increased consumption of electricity and CO2 emissions in the cities. With the advent of smart cities, the energy consumption is expected to reduce by a significant amount. Furthermore, the cost of the components used in the solar LED street lighting has been decreasing. The price of LEDs, batteries, and solar panels is decreasing. The governments of different countries have taken up initiatives to increase the usage of solar LED street lighting worldwide. This includes the solar LED street lighting to be enforced in different cities of various countries.
However, the market consists of certain challenges, which inhibit the overall growth of the global solar LED street lighting market. The adoption of the solar LED street lighting is a very positive step toward enhancing the environment and also toward the conservation of the non-renewable fossil fuels. However, the market faces one issue standing in its way to be widely used throughout. The initial setup cost of the solar LED street lighting system, is very high in comparison with the cost of the traditional lighting setup. Companies also face a challenge in the market, as there is a competition due to the available counterfeit products. These counterfeit products imitate the original solar modules and are circulated throughout the market. Apart from that, the companies also need to keep a check on all the new products available in the market and also if any counterfeit products are being sold in the market.
Request A Free Sample: https://bisresearch.com/requestsample?id=572&type=download
The major countries in the APAC solar LED street lighting market include China and India. India accounted for the majority share in the year 2017. This is majorly due to the difficulty faced by most of the rural areas in the country in accessing energy due to long transmission lines and inadequate electrification, leading to the adoption of solar LED street lighting in India. Solar LED street lighting helps to fulfil the requirements of the consumers at a lower cost. Furthermore, Government of India is working towards the solar LED street lighting adoption by offering products at subsidized rates.
Competitive Landscape
In the past three years, the global solar LED street lighting market has witnessed several strategic and technological developments undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies that have been adopted by the HCL solution providers are expansions, new product launches, partnerships, collaborations, contracts and agreements, and mergers and acquisitions. Among all the strategies, partnerships and collaborations have dominated the competitive landscape to become the most widely adopted strategy by the solar LED street lighting system providers. The key market players in the global solar LED street lighting market are Signify Holding and Anhui Longvolt Energy Co., Ltd, Solar Electric Power Company, Su-Kam Power Systems Ltd., BISOL Group, d.o.o., Greenshine New Energy, Solar Lighting International, Solar G, Orion Solar, Solex Energy Limited, Dragons Breath Solar, Sol Inc., Bridgelux, Inc., Sunna Design SA, and COVIMED SOLAR.