The Worldwide Solar Street Lighting Industry is Expected to Reach $15.7 Billion by 2030

The global solar street lighting market held a market value of USD 3,972 million in 2021 and is estimated to reach USD 15,716.4 million by the year 2030. The market is projected to list a CAGR of 17.12% during the forecast period.

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 of wholesale LED solar street light heavily.

The Asia Pacific region is expected to hold the largest market share with a growth rate of more than 18% owing to the rising strategic developments by the companies operating in the market space.

The European region is anticipated to grow at a steady rate owing to the rising awareness regarding solar energy generation alternatives. Moreover, the North American region is also expected to grow at a substantial rate. The Middle East and African solar LED street light market volume is expected to cross 45 million units by 2030.