Rising demand for energy & power conservation to drive the solar street lighting market growth over 2016-2024
Publisher : Fractovia | Published Date : 2016-11-23Request Sample
Global street lighting, which accounts for nearly 20% to 35% of the overall energy bill, displays a growing need for reducing power consumption. In addition to this, strict government norms regarding energy conservation coupled with stringent measures to curb greenhouse gas emissions is predicted to promote the solar street lighting market growth over the coming years. Moreover, depleting fossil fuels have contributed substantially to growing electricity costs and this has resulted in a need for finding alternative sources of energy. Furthermore, solar street lights can provide reliable, sustainable, and affordable power as compared to other conventional street lights. Decreasing costs of solar components along with favorable government initiatives such as tax concessions and subsidies on solar products are anticipated to support the market growth over the coming eight years. According to the Global Market Insights Inc.,"The Solar Street Lighting Market worth USD 2.9 billion in 2015, is predicted to surpass USD 15 billion by 2024, growing at a CAGR of 20% over the period of 2016-2024.”
India Solar Street Lighting Market size, by application, 2013-2024 (USD Million)
The U.S. solar street lighting market share worth USD 197 million in 2015, is predicted to witness a significant surge over the period of 2016-2024 due to stringent regulatory norms to reduce carbon emissions and promote energy savings. Nigeria solar street lighting market worth USD 164.14 million in 2015, is anticipated to witness a high growth over the period of 2016-2024 owing to the rising demand for electricity along with shifting focus towards the off-grid connections as a preferable source of energy. India solar street lighting market is forecast to grow at a CAGR of 19% on account of favorable government policies promoting the use of renewable sources of energy over the conventional street lighting sources.
Solar street lighting finds varied set of applications in industrial, residential and commercial sectors. Its application in residential sector worth USD 630.8 million in 2015, is predicted to witness a noticeable surge over the period of 2016-2024 due to the lower maintenance costs of solar street lights coupled with government initiatives to build green buildings in the urban and industrial regions. Solar street lighting market in the commercial sector is predicted to grow at a CAGR of 20.23%, driven by strict regulatory norms to reduce carbon emissions along with the government support for an electrification program in rural regions. Solar street lighting market in the industrial sector is anticipated to grow at a rate of 18.90% over the period of 2016-2024 owing to reduction in power consumption that helps in minimizing the capital expenditure.
The solar street lighting is installed via grid connected and standalone models. The Standalone solar street lighting market is predicted to exceed USD 13 billion by 2024, primarily driven by the rising acceptance of standalone products in locations which have no access to electric grid.
Key market participants include Omega Solar Inc., Sokoyo Solar Group, VERYSOL GmbH, Philips Lighting Holding B.V., Bridgelux Inc., Sunna Design, Dragons Breath Solar, and SOL Inc. The industry players will try to retain their market position through product innovations and R&D investments.
