According to Stratistics MRC,the Global Solar Traffic Products Market is expected to grow at a CAGR of 20.5% during the forecast period 2016 to 2023.
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The market is driven by increase in government support, introduction of energy-efficient lighting technologies, emergence of smart cities, decreasing price of lighting units and evolving technologies for PV panels. On the other hand, high capital cost of installation is inhibiting the market growth. Further, absence of global LED standardization and competition from counterfeit products pose challenge to the market.
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Solar Traffic Lights will grow significantly as such these are increasingly integrated with LED lamps owing to their properties and superiority over incandescent lamps. Solar Street Lights are anticipated to grow remarkably as Government initiatives on energy conservation and resource management have increased the adoption of LEDs over traditional luminaries. Solar street lightings are renewable sources which generates electricity with the help of PV panels mounted on lighting structure itself. Government programme such as net metering and feed in tariff (FIT) will boost the demand for grid connected solar street lighting system in the near term. For instance, SunPower acquired Cogenra (both United States) to build a new line of modules to tap into markets in Africa, China and India.
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Asia Pacific is projected to be the major revenue generator to the market throughout the forecast period. The government incentives on the use of energy-efficient lights in countries such as India and China, Japan, South Korea, and Taiwan will drive the market growth in the region. Developing countries may have a latecomer advantage in exploiting eco innovation and green solutions. In the United States, renewable energy investment (dominated largely by solar power) increased by 19% to USD 44.1 billion, the country’s largest increase in dollar terms since 2011. Funding for emerging markets increased with the creation of innovative financial instruments for the African market and with the increase in financing of companies.
Uruguay generated 92.8% and Chile has quickly surpassed several long-term targets. Latin America remained one of the fastest growing markets for solar PV in 2015. IFC manages country programs jointly with the World Bank in several African countries through the Lighting Africa program. IFC also manages programs in India and Papua New Guinea through the Lighting Asia program, and is developing new country programs in Bangladesh, Pakistan and Indonesia.
The key players in Global Solar Traffic Products market are 3M, Carmanah Technologies, Omega Solar, Philips Lighting, Solar Street Lights USA, Solar Electric Power Company, SolarPath sun solutions, SolarWorld Americas, Su-Kam Power Systems, Sunna-Design, Urja Global Limited, Jinhua SunMaster Solar Technology, KCP Solar and LIGMAN Lighting.
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• Solar Traffic Lights
• Solar Road Studs
• Solar Street Lights
Rest of Europe
Rest of Asia Pacific
Rest of South America
Middle East & Africa
Rest of Middle East & Africa
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