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The solar street market is expanding at a fast growth rate. It is quite heavily supported by state funding around the world.
How does the standalone and on-grid solution operate? What is the market size of solar street lighting and which factors are expected to influence its market growth?
The global market size for solar street lighting is assessed between US$ 2.5 billion and US$ 3.5 billion for 2018. The market is expected to be in the range of US$5 billion and US$10 billion by 2024. The assessment is based on various publicly available market data.
Increasing energy demand and drifting towards a green energy source is the major driver for global solar street light. Subsidies and loan provided by the governments for the installation of the solar street light system are the key factors driving the market.
The high installation costs associated with solar panels are expected to restrict the solar street lighting market. The solar power generation can also vary with changes in seasons (more sunlight in summer and less in winter) which is also a barrier to its market development.
China and India have great growth potential for the solar street light market.
Solar street lights are usually mounted on poles which are powered by solar photovoltaic panels. The rechargeable battery is attached to a pole which is charged by solar panels itself at daytime and powers the LED lamp or fluorescent. Mostly they are used on highways, streets, yards, parks and airports.
Solar street lights consist of various parts: solar panel, lighting fixture, rechargeable battery, solar charge controller, inverter, LED light and pole.
Solar street light mostly works on the principle of photovoltaic cells or solar cells. The solar street lights use solar energy absorbed during the daytime. The photovoltaic cells convert solar energy into electrical energy that is stored in the battery. The lamp starts working automatically at night and uses the electricity which is already stored in the battery. The battery is charged during the day time.
The solar street light is basically divided into standalone and on-grid solutions. Standalone street light is an independent source of energy with no access to power from grid or transmission lines. In rural areas where electricity is scarce, solar street lights are beneficial for lighting purpose. There is enormous market potential in rural and off-grid areas along with the rapid expansion of renewable energy networks.
With the implementation of various government programs including net metering and feed-in tariff (FIT), the grid-connected solar street lighting market will also increase. Therefore, decreased transmission losses and the implementation of smart grid technology would encourage market development.
The global market for solar street lighting market is split into a compact fluorescent lamp (CFL) and light-emitting diode (LED). The benefit of LED solar lighting is that they are more efficient, consume less energy, provide efficient lighting and cost-effective.
In both developing and industrialised countries, the market opportunities for solar street lighting has been growing.