The APAC solar street lighting market was USD 2,315.9 million in 2023, which will rise to USD 6,691.2 million, advancing at a 16.4% CAGR, by 2030. The growth is mainly because of the reducing costs of such solutions, the growing count of smart cities, and the increasing urbanization in emerging economies.
A key trend observed in this industry is the increasing acceptance of smart solar streetlights. Moreover, smart lighting systems are power-effective because they employ LED lights and offer distinctive sensors and control units in every lamp, which allow data communication to central controlling systems.
The standalone category, on the other hand, will advance at the highest rate, of 16.6%, in the coming years. Companies in this sector have been working on heat-resistant, off-grid standalone lighting solutions, which have resulted in the enhancement of the function of these lighting types, making them more accessible.
The solar panel category, based on component, was the largest contributor to the APAC solar street lighting market in 2023, with a 35% share. This can be because it is essential for the operation of entire street lighting via renewable energy.
The new category, based on installation, will advance at the fastest rate, of 16.8%, in the years to come. This will be because of the rising government initiatives for LED light installation in this region, particularly in China and India.
The highways & roadways category, on the basis of application, led the industry in 2023, with a 25% share. This can be mainly because of the rising government emphasis on developing high-class infrastructure and the increasing placement of outdoor lighting on roadways and highways.
China led the industry, and it is likely to advance at a 17.0% compound annual growth rate, in the coming years. This can be mainly because of the continuing building of several highways, streets, flyovers, and airports; and the increasing urbanization.
With the growing number of smart cities in this region, the APAC solar street lighting industry will advance continuously in the coming years.
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