Solar Street Lighting Market to exceed $15bn by 2024The report “Solar Street Lighting Market Size by Product (Standalone, Grid Connected), By Luminaries (LED, CFL), Application Potential, Price Trends, Global Forecast, 2016 – 2024” by Global Market Insights, Inc. says Solar Street Lighting Market size is expected to exceed USD 15 billion by 2024
Rapid depleting fossil fuel with the correction in petroleum products prices over the forecast period is anticipated to fuel the need for finding alternative sources that can be used as petroleum substitutes. Increasing need for self-sustenance and to eliminate dependence on grid power systems is predicted to fuel the need for substitute energy systems. Increasing electricity demand owing to rising consumption is expected to fuel industry growth.
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Global street lighting trends indicate around 20% to 35% of the total energy bill, which signifies the rising focus towards enhancing energy efficiency by reducing power consumption. Furthermore, depleting fossil fuels have significantly contributed to increasing electricity prices. Solar street lights are efficient, clean and has low operational and maintained cost compared to conventional street lighting.
China LED solar street lighting market size may generate over USD 1.2 billion by 2024. The one foundation and climate group launched the 1,000 villages solar LED lighting program to electrify the rural communities in china.
Stringent government regulation towards energy conservation and to reduce carbon footprints is likely to drive solar street lighting market size. The industry players have analyzed the massive potential for solar energy source making it a new market opportunity to explore.
Government initiatives such as subsidies and tax benefits on solar products will stimulate industry growth. Installation of solar street lights will result into affordable, reliable, and sustainable power. Standalone solar street lighting market size may surpass USD 13 billion revenue by 2024 whereas, grid connected products, by 2024, may exceed 2 million units.
Key insights from the report include:
• Nigeria standalone solar street lighting market size was USD 148.5 million for 2015, and will grow at a CAGR of 21.9% from 2016 to 2024, as majority of population in Nigeria has no access to electricity owing to lack of electric infrastructure.
• India LED solar street lighting market is forecast to reach over USD 3 billion by 2024. Increasing demand for energy conservation coupled with government regulations to reduce the carbon emissions in the country is likely to drive industry growth up to 2024.
• Residential application in the U.S. is projected to reach at 0.28 million units by 2024. Government initiative to develop green building project for residential will further drive industry growth.
• Low-cost batteries will consequently result in lowering the off-grid solar lighting product price. In addition, decreasing component cost will subsequently reduce the overall product price by 70%. Low price may increase the penetration of solar street lights among low income households.
• Thailand grid connected segment demand was USD 3.6 million for 2015, growing at a CAGR of 16.32% from 2016 to 2024.
• Brazil Residential segment demand was USD 3.5 million for 2015, growing at a CAGR of 16.7% from 2016 to 2024.
• Global solar street lighting market share is highly fragmented and competitive. Sunna Design, Philips Lighting Holding B.V., SOKOYO Solar Group, Bridgelux, Inc., Urja Global Ltd., Omega Solar, Sol Inc., Dragons Breath Solar, VERYSOL Gmbh, Solar Street Lights USA.
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Global Market Insights has segmented the solar street lighting industry on the basis of product, luminaries, application and region:
Solar Street Lighting Product Analysis (Volume: Million units; Revenue: USD Million, 2013 - 2024)
• Grid Connected
Solar Street Lighting Luminaries Analysis (Volume: Million units; Revenue: USD Million, 2013 – 2024)
Solar Street Lighting Application Analysis (Volume: Million units; Revenue: USD Million, 2013 - 2024)
Solar Street Lighting Regional Analysis (Volume: Million units; Revenue: USD Million, 2013 - 2024)
• North America
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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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