Global Solar Street Lighting Market: Rising Demand for Off-grid Electricity Reveals Mammoth Opportunity for Growth

Albany, New York:Market Research Reports Search Engine (MRRSE) recently announced the inclusion of a market intelligence report to its huge database of research studies. The 166-page research study, titled “Solar Street Lighting Market by Type (Standalone and On Grid), Lighting Source, Application (Residential, Commercial and Industrial) and Geography - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2016 – 2024,” offers a thorough analysis of the market, emphasizing on the product segmentation, drivers, restraints, geographical segments, and the competitive scenario. In addition, the research study provide insights into the potential opportunities and current trends in the global solar street lighting market.

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As per the research study, in 2015, the global market for solar street lighting was valued at US$2.72 bn. This market is estimated to exhibit a remarkable 23.23% CAGR between 2016 and 2024, reaching a valuation of US$17.78 bn by the end of 2024.

The rising demand for off-grid electricity is one of the key factors projected to create potential opportunities for the growth of players throughout the forecast period. The growing demand for cost-effective and clean energy is further estimated to augment the growth of the solar street lighting market across the globe. The reducing cost of solar-based components and other equipment is also estimated to boost the demand for solar street lighting products in the coming years. In addition, several initiatives by the International Finance Corporation and the World Bank, such as campaigns, programs, and subsidies are being conducted in order to encourage the use of solar street lighting products in the next few years. However, the high initial cost is expected to curb the growth of the overall market in the near future.

The global market for solar street lighting has been classified on the basis of type into on grid and standalone. Both of these segments are anticipated to witness substantial growth in the coming few years. Solar street lighting products are widely used in diverse sectors such as industrial, residential (buildings, garden lawns, and car parking), commercial (colonies, highways, rural areas), and others.

In 2015, Asia Pacific accounted for a 44% share in the solar street lighting market across the globe, owing to the significant contribution in terms of revenue from China and India. In the same year, Africa held the second position in the market and is projected to grow at a fast pace in the forecast period. The rapid growth of this region can be attributed to the increasing local manufacturing, favorable government policies, and rising demand for clean fuel off-grid electricity.

Browse Full Global Solar Street Lighting Market Report with TOC:http://www.mrrse.com/solar-street-lighting-market

The major players operating in the solar street lighting market worldwide include Sunna Design, Bridgelux, Inc., Sol, Inc., Philips Lighting Holding B.V., VerySol GmbH, Solektra International, SOKOYO Solar Group, Dragons Breath Solar, Omega Solar, Urja Global Ltd., and Solar Street Lights USA.

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This release was published on openPR.