Solar Street Lighting Market To Reach Worth US$22.30 Bn by 2025

The global solar street lighting market is transcending as an immensely lucrative sector because of the assistance gained by the market forces from global regulatory bodies and government entities. The expansive opportunities for growth that have surfaced in the market are expected to attract new players into the market. A number of established players are reaping the benefits of an explosive market and expected to continue on their spree of success. The establishments within the solar street lighting industry do not incur heavy infrastructural expenditure which creates room for optimizing the profit margins. The entry of new players and the presence of globally reckoned player is expected to tend the market towards a fragmented scenario. The major market players with a palpable presence across the globe include

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Sunna Design, SOKOYO Solar Group, Philips Lighting Holding B.V., Omega Solar, Urja Global ltd., Solektra International, VerySol GmbH, Dragons Breath Solar, Bridgelux Inc., Solar Street Lights USA, and Sol Inc.

Transparency Market Research (TMR) conducted an adept research to forecast the potential and prospects of the market over the period from 2017 to 2025. The research report states that the market is expected to grow at a CAGR of 23.4% over the forecast period, successively reaching a market value of US$22.30 bn by the end of 2025 as against a value of US$3.47 bn in 2016. Based on application, the commercial is expected to hold 68.2% of the market share by 2025 outdoing the industrial and residential segments.

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On a geographical footing, Asia Pacific has shown sparks of excellence by registering a total revenue of US$1534.8 mn in 2016 and accounted for a market share of 44.3% the same year. The region is expected to exhibit positive trends within the market over the forecast period.