Solar street lighting market is likely to witness an impressive CAGR of 10.2% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Solar street lighting market
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.
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.
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Report Scope & Market Segmentation
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.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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