The demand for Solar led street light(CLASSIC) solutions varies by geographic region. The solar LED street light market has a significant share in North America, Asia Pacific (APAC), Europe and the rest of the world.
Geographically, Asia Pacific led the global solar LED street light market in terms of quantity and value in 2017. In addition, the Asia Pacific region is expected to dominate the market for the entire forecast period of 2018-2024 and grow at a compound annual growth rate of 11.9%. The rising environmental issues are expected to drive the growth of the global solar LED street light market in the Asia Pacific region. During the forecast period, with the increase in consumer awareness activities and government subsidies to promote the growth of the solar LED street light market in the Middle East and Africa, the RoW region is expected to grow at a compound annual growth rate of 14.2%.
The major countries in the Asia Pacific solar LED street light market include China and India. India accounts for the majority of 2017.
This is mainly due to the difficulty in accessing energy in most rural areas of the country due to long-distance transmission lines and inadequate electrification, resulting in the adoption of solar LED street light in India. Solar LED street light help to meet the lower cost of demanding consumers.
In addition, the Indian government is providing products at subsidized prices and is committed to the adoption of solar LED street light.
In the past five years, the global solar LED street light market has witnessed several strategic and technological developments in which different market participants have gained their respective market shares in emerging sectors. Some of the strategic lighting solutions providers used in solar LED street include expansion, new product launches, partnerships, partnerships, contracts and agreements, and mergers and acquisitions.