Technavio has published a new market research report on the global solar street lighting market for the period 2018-2022. (Graphic: Business Wire)
LONDON–Technavio analysts forecast the global solar street lighting market to grow at a CAGR of over 21% during the forecast period, according to their latest market research report.
The increase in investment in renewable energy is one of the major trends being witnessed in the global solar street lighting market 2018-2022. Renewable energy sources play an important role in transitioning toward a more sustainable and less carbon-intensive world. There has been a drastic change in the global energy mix, over the past two decades. In 2015, the share of renewable energy in global electricity production was 23% and is expected to reach 30% by 2022.
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According to Technavio analysts, one of the key factors contributing to the growth of the global solar street lighting market is the decreasing cost of solar PV systems:
Global solar street lighting market: Decreasing cost of solar PV systems
Solar PV is one of the least expensive sources of power generation. In 2011, Solar Energy Technologies Office of the US Department of Energy launched the SunShot initiative for reducing the cost and increasing the solar electricity adoption.
According to a senior analyst at Technavio for research on power, “For 2020, the US Department of Energy has set targets to make solar technology cost competitive as compared with other conventional sources of energy. Similarly, the Solar Energy Technologies Office has set new cost targets for solar PV systems for 2030. These targets aim to further reduce the cost of solar PV systems by 50% from the 2020 costs.”
Global solar street lighting market: Segmentation analysis
The global solar street lighting market research report provides market segmentation by product (CFL and LED) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The CFL segment held the largest market share in 2017, accounting for nearly 59% of the market. However, by 2022, the LED segment is expected to surpass the CFL segment to become the leading product segment, accounting for a market share of nearly 77%.
APAC led the market in 2017 with a market share of nearly 45%. This region is expected to dominate the market through 2022, with an increase in its market share by nearly 2%.
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