The solar street lighting industry is projected to grow at a substantial rate owing to the increasing focus on smart city building, rising inclination towards solar energy and other green and clean energy initiatives, and the rising support from government and non-government agencies. For instance, in September 2018, South Korea signed a Letter of Intent with Malaysia, to build a smart city in Kota Kinabalu, capital of Sabah, Malaysia. Such moves aid the market growth heavily.
The increasing strategic moves by the prominent players is boosting the market growth. For instance, in January 2020, SolarOne Solutions Inc., a US-based company, has been selected by the Eagle Butte community Center to install 80 off-grid solar streetlights. The former company’s off-grid solar street lights run wholly on solar energy, and consequently have a zero-carbon footprint.
The market is expected to be negatively influenced by the heavy initial investment to be done by the companies. A lot of companies in the developing economies are skeptical about their return on investment owing to the presence of many top-notch giants in the marketspace.
The growing popularity of usage of smart solar street lights in urban areas is promoting the growth of the solar street lighting market. The rising urbanization in the countries across the world require energy efficient tools, such as solar energy panels. The solar energy powered street lights provide quick fault detection and real-time control decisions. Moreover, the solar street lights are a reliable part of smart city projects and are in high demand in the developing countries.
Read more: Solar Street Lighting Market 2022
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