The rapidly reducing costs of solar lighting systems is a major factor responsible for the growing demand for solar street lighting devices across the globe. “As per a report produced by the National Renewable Energy Laboratory (NREL), the prices of solar panels decreased by 80% over the last 30 years, that is, from $10 per Watt (W) to nearly $2 per Watt from 1980 to 2010”.

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“The prices of these panels declined further by 50% during 2015—2019, that is, from $0.70 per Watt to $0.35 per Watt over the time period”. The increasing road infrastructure development projects in several countries, on account of the soaring vehicular traffic, is another key factor fuelling the demand for solar street lighting devices throughout the world.

Many countries such as India, Germany, the U.S., and China are increasingly launching massive roadway and highway development projects, because of the growing urbanization and road traffic. “The sales of commercial vehicles increased by 2.2% all over the globe in 2019”. Moreover, “the sales of these vehicles reached 26.9 million units across the globe in 2019”.

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Apart from the aforementioned factors, “the surging number of smart cities is also contributing massively toward the soaring sales of solar street lighting systems throughout the globe”. There has been a huge rise in the construction of smart cities in various countries such as the U.S., India, Saudi Arabia, China, and South Korea over the last few years and this trend will further continue in the future years as well. .