The global solar LED street light market is rapidly expanding, with strong demand in Asia-Pacific, driven by green policies, infrastructure upgrades, and technological advances. Investments in renewable energy in countries like India and China further boost market growth.
Solar LED Street Lighting Market Expected to Grow at a Strong Pace
The solar LED street lighting segment holds the largest market share. Government initiatives to install solar LED street lights across cities have driven market growth, particularly in municipalities worldwide.
Additionally, spending on road infrastructure upgrade projects across various countries is anticipated to further boost this market segment. To fund solar street lighting installations and promote segment expansion, several local governments worldwide have considered public-private partnerships (PPP).
With increased investments in solar street lighting infrastructure development plans, demand for solar LEDs in the commercial sector is expected to rise. Additionally, some utilities, federal, and local governments are offering tax incentives and support programs to encourage the adoption of solar LED lighting for commercial users. Consequently, demand for solar LEDs in the commercial sector is anticipated to increase during the forecast period, promoting the adoption of renewable energy systems and energy efficiency.
For instance, in October 2022, the city of Princeton, Texas, installed 37 smart off-grid solar street lights in Princeton Municipal Park surrounding the municipal center. This project aimed to enhance local infrastructure, improve energy resilience, and promote sustainable alternatives. Manufactured by Houston-based EnGoPlanet, these solar LED street lights operate entirely on solar power, requiring no wiring.
Furthermore, ongoing innovations have led to products with higher lighting intensity and lower power consumption, a trend expected to drive growth in this segment over the forecast period. The demand for energy-saving lighting solutions to replace outdated street lighting systems is also a key factor contributing to segment growth.
Significant Growth Expected in the Asia-Pacific Region
The Asia-Pacific market is experiencing rapid growth and holds a substantial share of the global solar outdoor LED lighting market. Efforts to reduce carbon emissions through renewable technologies contribute to market growth in this region. Additionally, advancements in LED lighting solutions design are expected to drive the Asia-Pacific market.
China leads the regional market growth, and this trend is expected to continue throughout the forecast period. The expansion of the regional market can be attributed to a surge in smart city, infrastructure, and urban expansion projects across various countries in the region. Governments in China, India, and Southeast Asian countries have accelerated efforts to implement street lighting solutions in both rural and urban markets, supporting market expansion.
For example, due to government mandates on renewable energy usage and the growing popularity of eco-friendly technology, the solar LED street lighting market in India is expected to expand significantly. According to a report by the India Brand Equity Foundation (IBEF), India aims to produce 175 GW of energy from renewable sources by 2022, with 100 GW expected to come from solar power. Policies and reforms, such as the Deendayal Upadhyaya Gram Jyoti Yojana aimed at rural electrification, are also expected to fuel the growth of the solar LED lighting market.
Due to the advantages of outdoor solar LED lighting over traditional outdoor lighting, the post-pandemic global market outlook appears promising for the Asia-Pacific region and other countries.
Moreover, rapid population growth in the region is driving investment in infrastructure development, increasing demand for outdoor solar LEDs. Manufacturers and governments in many countries actively seek cost-effective energy production solutions, focusing on integrating solar systems with greener energy alternatives.
Post time: Nov-07-2024