Solar Panels Market is Expected to Grow at a CAGR of 21.02% from 2018 to 2022

Market Scenario

Currently, there is a growing demand for solar panels in the residential rooftop applications. There is a significant fall in the prices of key components such as silver and poly-silicone that are used in the manufacturing of solar cells. A great advantage of the solar panel is its functioning without harmful emissions and noise. A gradual fall in the prices of industrial commodities used to manufacture solar panels, and the rising inflation in electricity and natural gas sector in the coming decade, are the major driving factors for the growth of the solar panels market in forecast period. Rise in electricity prices combined with cheaper solar panels will also drive the solar panels market, majorly. Some restraints of the market are its incapability to perform at night without backup, disturbance during certain abnormal climatic conditions such as cloudy weather even in daytime and expensive solar technologies.

The long term power saving, conservation of precious natural resources and elimination of the need for generating additional power are leading to the fast adoption of solar street lighting around the world. Solar street lights are able to provide reliable, quality lighting both in developing and developed countries, thereby reducing light poverty and the economic and environmental costs of electric outdoor lighting. Rapid technical innovation and dramatic price reduction in the LED, PV module, and battery components, which has occurred in the last years, will accelerate the penetration of solar street lights across the world.

Segments

The primary driver of the global solar street lighting market is the rising assertion of the adverse effects of the traditional forms of energy attained from the conventional fuel types and degrading levels of fossil fuels in natural reservoirs across the globe. As a result of this, governments across the world are supporting and promoting the development and use of electricity through sustainable sources of energy. In areas where grid electricity cannot be provided, off-grid energy has played significant role, thus pushing solar street lighting market towards growth.

Key Players

Leading players in the global market for solar street lighting are focusing on expanding their production units across several regions over the coming years to gain a competitive edge over other players. As many developed economies have already witnessed a significant deployment of solar lighting and reached a notable place in the global market, emerging economies such as Asia Pacific is expected to present lucrative growth opportunities to manufacturers with the demand for solar street lighting gaining momentum.

Market Research Analysis

Development is occurring more rapidly in the US and Europe. However, some suppliers also market solar powered LED lighting products to 3rd World countries or developing countries such as India and in the Middle East. Geographically, the global solar street lighting market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Region-wise, the global solar street lighting market was dominated by Asia Pacific. The extensive progress of the Asia Pacific market can primarily be attributed to the proliferating urbanization in countries such as India and China. The growing GDP of dynamic economies in the region, and the increasing high-end technologies from developed regions, are also leading to its progress. Areas with a lack of public infrastructure use a correspondingly larger number of solar products.

The report for Global Solar Street Lighting Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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