The global solar street lighting market valued $2.8 billion in 2016 and is expected to grow at CAGR of 21.2% during the forecast period 2017–2023. The development of smart cities globally has been a key factor driving the growth of the market.
As per the United Nations estimates, over 60.0% of the worldwide population would be living in urban areas by 2030. With rapid urbanization, the requirement for utilities such as water, lighting, energy, and sanitation would also rise, further necessitating the development of associated infrastructure in cities to meet the needs of the residents. Responding to these needs, governments across the world, especially in developing countries, have already started numerous projects for the development of smart cities.