Solar Street Lighting Market is thriving worldwide with Anhui Longvolt, Orion, Greenshine New Energy, Solar Lighting International, Solar G, Bisol

Global efforts to curtail the emission of greenhouse gases across key economic sectors will positively influence the solar street lighting market. Initiatives toward achieving sustainable development with minimal ecological impact will further propel the product demand. Solar Street Lighting Market will exceed USD 5 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. In April 2016, Paris Climate Accord was signed under the United Nations Framework Convention on Climate Change (UNFCCC) in response to the rising global temperatures. As of 2018, 195 countries have signed the agreement and announced voluntary emission reduction targets.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/770

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.

Substantial reduction in the solar panel and battery prices is anticipated to contribute significantly towards solar street lighting market growth. Government subsidies, rising demand for clean power and increasing economies of scale are some of the key underlying factors which will stimulate the product penetration. For instance, in 2017, solar PV module prices have witnessed a decline of over 80% from 2010 levels.
Nigeria market is set to exceed USD 200 million by 2024. Ongoing foreign investment towards development of energy sector along with government initiatives toward sustainable growth and development of low carbon economy will boost the product penetration in coming years. The World bank, and African Development Bank (AFDB) are some of the key stake holders in the country’s ongoing economic development. As per the IMF, Nigeria has witnessed a positive GDP growth for four consecutive quarters as a result of Economic Recovery and Growth Plan initiated by the government.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/770

With solar power tending to hog most of limelight in the renewable energy mix, solar street lighting market finds itself amongst one of the most burgeoning industry spaces of recent times. Sharply declining component cost, growing manufacturing facilities, and the improving economic scenario outlines the business space’s key to opportunities and profitability. Statistics claim, in 2017 solar PV module prices experienced a decline of almost 80% from what it was recorded in the year 2010. Of course, the marketplace has observed a tremendous push from the rigorous initiatives undertaken by governmental organizations as well as private entities in sync with the global commitment toward climate change.

Energy efficiency, low emission rate, longer service life and ecological operations are some of the paramount factors which will boost the demand for Light Emitting Diode (LED) based solar street lights. Declining product prices along with efforts to mitigate harmful effects of Mercury released from CFLs will further enhance the business landscape.

Eminent industry players catering across the global market includes Anhui Longvolt, Bisol, Greenshine New Energy, Solar Lighting International, Solar G, Orion, Covimed, Leadsun, Jinhua SunMaster, SEPCO, Shenzhen Spark Optoelectronics, Zhuhai Bomin, Solux, Urja Global, Sol, Solar Street Lights USA, Exide Industries, Su-Kam, Sunna Design, Philips Lighting, SOKOYO, Dragons Breath, Bridgelux, and Omega.

Solar Street Lighting Market Growth Potential, Competitive Market Share & Forecast, 2018 – 2024 in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/solar-street-lighting-market

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Blog: http://allnewsmyway.com/

This release was published on openPR.