According to a recent report by Transparency Market Research on global solar street lighting market provides in-depth analysis of the market. According to the report, the market has a highly fragmented and competitive landscape. Moreover, with the entry of various new players is yet again intensifying the competition. However, the global solar street lighting market is dominated by few prominent players.
In order to maintain their dominance in the market these players are investing heavily in research and development so as to provide innovative products to the customers. This allows the players to retain their existing customers and attract new ones. Moreover, these players are acquiring various small and medium scale businesses in order to expand their resource bank.
On the other hand, the new players are looking forward to adopt strategies such as mergers, collaborations, partnerships, so as to have a sustainable future in global solar street lighting market. These strategies also allow new players to have a competitive edge over their rivals.
Some of the players of global solar street lighting market are: Philips Lighting Holding B.V., Omega Solar, Bridgelux, Inc., Dragons Breath Solar, SOKOYO Solar Group, Solektra International, Sunna Design, Urja Global Ltd., VerySol GmbH, Solar Street Lights USA and Sol, Inc.
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According to the report, the global solar street lighting market is expected to exhibit a remarkable growth of 23.23% CAGR in the forecast of 2016 to 2024. In the same time the market is also expected to reach to a value of US$ 17.78 bn by the end of 2024.
CFLs and LEDs to be the Leading Application Segment of the Market
The global solar street lighting market is categorized on the basis of type, lighting source, and application. Owing to strong government support and major promotion by various environmentalists, the CLFs and LED segment under lighting source category is expected to witness highest growth in the global solar street lighting market in during the forecast period.
Africa to Exhibit Maximum Potential For the Players
Geographically, the global solar street lighting market has its presence in the regions like Asia Pacific, North America, Europe, and Middle East and Africa. Among these regions, Middle East and Africa is expected to show maximum potential for the players of global solar street lighting market. The growth of the regions shall be driven by its untapped nature and multiple initiatives such as awareness campaigns, subsidies, and various supportive programs. These initiatives are boosting the growth of global solar street lighting market in the projected duration.
Various Campaigns to Preserve Non-renewable Resources to Fuel the Growth
Low Maintenance Cost of Solar Street Lightings Propel the Growth
The rising demand for clean energy is major cause for the global solar streets lighting market. Easy set-up, low maintenance cost, and no harmful radiation during the production of light are some of the more factors that are influencing the growth of global solar street lighting market. Considerable reduction of pollution by the use of solar energy to produce electricity is one of the most important factors that is promoting the growth of global solar street lighting market.
Moreover, the functioning of the street lights even when the sun in not present or on a cloudy day is another factor that is fueling the growth of global solar street lighting market in the forecast period of 2016 to 2024.
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Popularity of Solar Energy to Provide Ample Opportunities for the Players
Recently, solar power has gained a huge popularity. This rising popularity is offering multiple opportunities to the players of global solar street lighting market. These opportunities can allow the players top grow substantially and generate maximum profit in the forecast period of 2016 to 2024.
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