Solar LED Street Lighting Market Report, Analysis & Forecast (2018–2024)
The global solar LED street lighting market is expected to grow at a significant rate during the forecast period. The market is rapidly expanding due to the increase in the demands of energy efficient lighting. Since the solar lighting market is niche in comparison with the well-established market of the normal electricity-based LED lighting, the market dynamics have a high scope of development. The increasing urbanization in the developing regions will provide a prospective opportunity for growth.
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The evolving market trends and technological developments provide major opportunities for the global solar LED street lighting market. The innovations in the market help in boosting up the usage of the solar LED street lighting systems. These innovations include the introduction of new technologies, such as Internet of Things (IoT) and connected lighting. The growth of connected appliances and internet of things (IoT) offers smart lighting solutions which have started to penetrate the solar LED street lighting market. The only challenge faced in the adoption of solar LED street lighting is the high initial cost. This can be easily overcome by the adoption of the “as a service” model for the solar lighting industry. The Solar-as-a-Service (SaaS) gives the homeowners a low-cost option with a variety of benefits which last till the service agreement duration.
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The SaaS model doesn’t require any upfront costs. Additionally, the model reduces the energy consumption and, thus, the cost in the immediate as well as the long-term savings. Therefore, the SaaS model is quite easily affordable. The companies providing SaaS also provide the consumers with 24/7 warranty, and the contract covers all the maintenance charges incurred during that period of time.
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