It was estimated prior to this unanticipated outbreak Solar Street Lighting Market will reach CAGR of 10.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Solar Street Lighting Market Insights
Solar street lighting market is likely to witness an impressive CAGR of 10.2% during the forecast period. The various factors contributing to the demand for solar street lightings are increasing demand for clean energy, increasing off grid electricity demand, and the stringent regulations towards sustainable infrastructure development.
Market Share Analysis
Solar Street Lighting Market Share: By Product Type
Based on the product type, the market is segmented as standalone and grid connected. The standalone segment is expected to grow at a higher CAGR during the forecast period, driven by the rapid expansion of sustainable electric networks, high-cost of conventional streetlight infrastructure across off-grid areas, and the increasing deployment of pico-solar systems.
Solar Street Lighting Market Share: By Application Type
Based on the application type, the solar street lighting market is segmented as residential, commercial, and industrial. The industrial segment is likely to be the major application type during the forecast period. The on-site generation of electricity and the increasing focus towards sustainable manufacturing are likely to contribute towards the demand for the industrial segment.
Solar Street Lighting Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the fastest-growing region for the solar street lighting market during the forecast period, driven by government initiatives for the adoption of energy efficient lighting systems, expansion of manufacturing facilities, and the decreasing product cost.