Hybrid Street Lighting Systems Market Size, Share, Growth, And Industry Analysis, By Type (Solar Energy Hybrid, Wind Energy Hybrid, Both Wind and Solar Energy Hybrid and Others), By Application (Infrastructure, Shopping Plaza, Industrial Area, Public Road and Others), Regional Forecast (2022-2028)

Report Overview

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The global hybrid street lighting systems market size was USD 904.7 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with hybrid street lighting systems experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 1218 million in 2028, exhibiting a CAGR of 5.1% during the forecast period. The sudden decline in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

An independent outdoor lighting system that is utilized to illuminate a roadway or an open space is known as a hybrid street lighting system. Solar and wind energy are combined to power the hybrid street lighting. A luminaire with a compact fluorescent lamp (CFL) or light-emitting diode (LED) installed within that is mounted on a pole makes up the majority of the hybrid street lighting system. These lighting systems worked independently of traditional energy sources, negating the need for a general grid to supply any power requirements. The standalone solar photovoltaic street lighting system is made up of a rechargeable lead acid battery for storage, PV (photovoltaic) modules for charging the battery, compact fluorescent lamps (CFL), and light emitting diodes (LED), suitable electronics for the operation of the tamp, safe charging and discharging of the battery, and mechanical hardware for fixing these sub systems.

One of the main factors spurring market expansion is the increase in government backing. The market for hybrid street lighting is anticipated to expand as a result of the growing cooperation between regional non-governmental organizations (NGOs), international organisations, and local governments. The increase in support has been noted as a result of better living conditions offered by technological advancements, and numerous programmes have been implemented throughout Asia and Africa to foster market growth.

COVID-19 Impact: Lockdown Measures to Disrupt Supply Chain and Impede Market Expansion

On the rapidly expanding hybrid street lighting systems market, a significant impact from the COVID-19 pandemic is predicted. Although the emergence of COVID-19 had an impact on all major industrial sectors, the market for hybrid street lighting systems is predicted to experience a decline in the first two quarters of 2020 due to an increase in COVID-19 patients worldwide and the closure of numerous banks and fintech businesses. A rise in demand for hybrid street lighting systems from industries including financial institutions, telecom operators, manufacturing, and others is also predicted to boost the market in the third and fourth quarters of 2020. Due to lockdown measures implemented across numerous industries, there is also a high demand to store, produce, and maintain different forms of distributed ledgers.

Latest Trends

"Increasing use of wireless lighting controls is a significant market trend."

Due to benefits including energy-efficient lighting systems, shorter run times, and flexibility, end users in various countries are increasingly adopting wireless lighting controls. Businesses like GE Lighting have benefited from greater cost control, improved performance, and others. For instance, GE created the "LightGrid" outdoor wireless control system specifically for commercial users.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into solar energy hybrid, wind energy hybrid, both wind and solar energy hybrid and others.

In terms of product, both wind and solar energy hybrid the largest segment.

• By Application Analysis

Based on application, the market can be divided into infrastructure, shopping plaza, industrial area, public road and others.

In terms of application, public road is the largest segment.

Driving Factors

"Low Maintenance and Long-Life Span of the Product to Propel Market Growth "

The main benefit of these lighting systems is that they can operate automatically from dusk until morning or on a predetermined period. The street lighting systems' tubular batteries are renowned for having a long lifespan and requiring very little maintenance. This industry's expansion has been aided by the rising need for solar lighting in places including parking lots, sidewalks, subways, perimeter security lights, and public areas. Global residents are switching more and more to environmentally friendly lighting options as they become more conscious of the costs associated with utilizing conventional lighting sources.

"Rising Demand for Energy Efficient Power Consumption to Augment Market Growth "

Prior to now, hybrid lighting was only used in certain household and commercial applications. However, more hybrid street lighting installations have taken place as a result of growing worries about energy efficiency, lighting quality, and strict environmental regulations. Conventional street lighting fixtures are currently taking the place of conventional lighting systems. A need for hybrid street lighting services is also being generated by ideas like smart cities, smart homes, and smart street lighting. Thus, over the course of the forecast period, these factors are anticipated to fuel the expansion of the worldwide hybrid street lighting systems market growth.

Restraining Factors

"High Installation Cost to Hamper Market Growth"

The major restricting factor for adoption of street lightings is its relatively high initial installation costs as compared to substitute technologies such as CFL. This is due to the fact that LED performance majorly depends upon installation type and fixture. The fixtures need to be installed in such a way that minimum heat is generated by the LED.  Any harm to the LED chip by heat can lead to device failure. Therefore, adequate heat sinking is required to maintain longer life of the LED. Moreover, LED installation process in many applications may take a longer time and higher cost since the process includes site survey, designing, consulting, installation, and maintenance. Hence, these factors are expected to hamper the global LED services market growth over the forecast period.

Regional Insights

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"Asia Pacific to Dominate the Market Due to Excellent Advertisements"

Asia Pacific was the region with the biggest hybrid street lighting systems market share. Asia Pacific's top revenue-producing nations are responsible for the growth of this market.  In contrast to conventional streetlights, solar LED is a more affordable option because it doesn't need trenching or a grid connection, is highly valued in regions with abundant sunshine, and is therefore a great option for off-grid use. As a result, the demand for hybrid street lighting in Asia Pacific is always rising. The World Bank and International Finance Corporation's various projects, marketing, and subsidies to promote street lighting products have all contributed to this anticipated rise.

Key Industry Players

"Entry of New Market Players to Boost Market Growth"

The leading manufacturers in the industry are focusing on showing underserved markets the value of their products. New growth potential for market vendors have been made possible by the adoption of plastic manufacture by numerous new industries. These vendors are also advertising casting of metals and steel to draw in potential clients in the market. This Advanced study provides a comprehensive analysis of the market, taking into account trends in development, anticipated factors, developing opportunities, risks and obstacles, and landscape investigation. In light of the changes that have been made in this business, it also discusses the variables that have caused new players to enter the market. The data points mentioned above only speak to the companies' market-related priorities.

List of Market Players Profiled

• Eolgreen (Honk kong)
• Guangzhou HY Energy Technology (China)
• Phono Solar (China)
• Shanghai Ghrepower Green Energy (China)
• UG (India)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.