Global Solar Street Lighting Market to Reach US$22.7 Billion by 2030

The global market for Solar Street Lighting estimated at US$7.2 Billion in the year 2023, is expected to reach US$22.7 Billion by 2030, growing at a CAGR of 17.9% over the analysis period 2023-2030. LED, one of the segments analyzed in the report, is expected to record a 22.3% CAGR and reach US$19.0 Billion by the end of the analysis period. Growth in the CFL segment is estimated at 5.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.0 Billion While China is Forecast to Grow at 21.5% CAGR

The Solar Street Lighting market in the U.S. is estimated at US$1.0 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.1 Billion by the year 2030 trailing a CAGR of 21.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 14.0% and 17.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.1% CAGR.

Global Solar Street Lighting  Market - Key Trends & Drivers Summarized

Solar street lighting is an innovative solution that harnesses the power of the sun to illuminate streets, pathways, and public spaces. These systems consist of photovoltaic panels that capture solar energy during the day, storing it in batteries for use at night. Equipped with LED lamps, solar street lights offer energy-efficient, sustainable lighting that reduces reliance on conventional electricity sources. This technology is particularly beneficial in remote and off-grid areas where extending the electrical grid would be prohibitively expensive. Solar street lighting not only provides reliable illumination but also contributes to environmental conservation by reducing carbon emissions and lowering energy consumption.

The design and functionality of solar street lighting have evolved significantly over the years. Modern systems incorporate smart technology, such as motion sensors and adaptive lighting controls, which optimize energy usage by adjusting the brightness based on pedestrian and vehicular activity. Advanced battery technologies, like lithium-ion and lithium iron phosphate, enhance the storage capacity and lifespan of these systems. Moreover, the integration of IoT capabilities allows for remote monitoring and management, enabling real-time fault detection and performance analytics. These advancements ensure that solar street lighting is not only efficient and reliable but also easy to maintain and manage.

The growth in the solar street lighting market is driven by several factors that reflect both technological advancements and broader societal trends. Increasing awareness about environmental sustainability and the need to reduce greenhouse gas emissions are significant drivers, as communities and governments seek to adopt greener infrastructure solutions. The declining cost of solar panels and energy storage systems has made solar street lighting more economically viable, spurring its adoption in both urban and rural areas. Government incentives and policies promoting renewable energy use further bolster market growth. Additionally, the demand for energy security and independence in remote and disaster-prone regions fuels the deployment of these systems. Urbanization and smart city initiatives also play a crucial role, as municipalities invest in modern, sustainable lighting solutions to enhance public safety and energy efficiency. These factors collectively ensure a robust and accelerating growth trajectory for the solar street lighting market, positioning it as a key component of sustainable urban development.