The component segment of the solar street lighting market is divided into lamp, solar panel, battery, and controller. Under this segment, the solar panel division generated the highest revenue in 2019, and it is expected to maintain its dominance during the forecast period. Solar panels are a quintessential component of a solar lighting system, and they are relatively costlier than other components.
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These panels offer electricity to charge the battery in daylight, which illuminates the lamps attached to them in less or no sunlight. During the historical period (2014–2019), the Asia-Pacific (APAC) market accounted for the largest share. This was due to the rising expenditure on infrastructure development and growing number of government initiatives in South Korea, India, Australia, China, and Japan for the installation of solar lighting systems.
As per the International Energy Agency (IEA), China was the largest contributor to the APAC market in 2019, as it installed solar lighting systems the most widely. These factors will also help the market in maintaining its dominance during the forecast period. The solar street lighting market is dominated by Koninklijke Philips N.V., Sunna Design SA, Bridgelux Inc., and SolarOne Solutions Inc. because of the premium-quality products provided by these companies.
Other players in the market include Azuri Technologies Ltd., FlexSol Solutions B.V., Eaton Corporation Inc., Leadsun Inc., Su-Kam Power Systems Ltd., Sunna Design SA, Solar Lighting International Inc., BISOL Group d.o.o., Orion Energy Systems Inc., and Zhuhai Bomin Solar Technology Co. Ltd.
The rapid urbanization and construction of smart cities will, therefore, add to the market growth during the forecast period.