|01-17-2019 08:37 PM CET - Energy & Environment||
Solar Street Lighting Market Growth Opportunities and Forecast - 2024 with Eminent Players Sunna Design, Philips Lighting, Bridgelux, Inc., BISOL Group, Greenshine New Energy LLC
Press release from: Global Market Insights, Inc.
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.
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.
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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.
Standalone solar street lighting market is set to witness strong growth subject to rising product adoption across off-grid areas. Emerging economies across Africa and Asia-Pacific offer substantial opportunity for product installation on account of respective government plans to increase the utilization of renewable energy resources. High cost associated with green field investment to electrify off grid and remote areas will further provide impetus to the business growth.
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.
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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 Solar Street Lighting Market:
• ANHUI LONGVOLT ENVIRONMENTAL ENGINEERING Co., Ltd.
• BISOL Group
• Greenshine New Energy LLC
• Solar Lighting International, Inc.
• Orion Solar Pty Ltd
• Leadsun Australia
• JinHua SunMaster Solar Lighting Co.,LTD. China
• Solar Electric Power Company
• Shenzhen Spark Optoelectronics S&T Co., Ltd.
• Solux Solar, LLC
• Urja Global Limited
• Sol Inc. (Solar Outdoor Lighting)
• Solar Street Light
• Exide Industries Limited
• Su-Kam Power Systems Limited
• Sunna Design
• Philips Lighting
• SOKOYO Solar Evolution
• Dragon's Breath Solar
• Bridgelux, Inc.
Solar Street Lighting Market Growth Potential, Competitive Market Share & Forecast, 2018 – 2024 in detail along with the table of contents @ www.gminsights.com/industry-analysis/solar-street-lightin...
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.
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