Solar Street Lighting Market Size, Share | Industry Trends Analysis Report, 2024
The global market for solar street lighting is projected to witness a strong 23.23% CAGR form 2016 to 2024. The overall revenue of the market is anticipated to touch US$17.8 bn by the end of 2024 from a valuation of US$2.7 bn in 2015.
This 166 page report gives readers a comprehensive overview of the Solar Street Lighting market. Browse through 02 data tables and 191 figures to unlock the hidden opportunities in this market@
Standalone Solar Lighting Gaining Prominence due to Independent Source Feature
The demand for standalone solar lighting is likely to intensify over the course of time due to their mass employment in outdoor street lighting components. These outdoor street lighting units are used for illuminating open areas or a particular street using solar energy and is known as solar street light (SSL). As the primary source of energy is solar power, they function in a stand-alone mode, thus not being dependent on any grid for fulfilling power needs. For these lights to work efficiently, they are required to set up in an area which is shadow-free and where uninterrupted sunlight is accessible the entire day for the batteries to be effectively charged for further use. The standalone solar photovoltaic street lighting system includes light emitting diodes (LED) and compact fluorescent lamps (CFL) for light source, for battery charging it contains photovoltaic (PV) modules, re-chargeable lead acid battery for the purpose of storage, appropriate electronics for the process of tamp and safe charge and discharge of the battery, and hardware in the mechanical form for fixing the sub systems. The sales of standalone solar lighting is likely to gain impetus over the next couple of years due to the need for efficient alternatives that provide off-grid solutions for meeting the power needs.
Region-wise, the global solar street lighting market was dominated by Asia Pacific with a share of 44% in 2015. The extensive progress of the Asia Pacific market can be primarily attributed to the proliferating urbanization in countries such as India and China, the growing GDP of dynamic economies in the region, and the increasing influx of high-end technologies from developed regions. According to a TMR analyst, “In 2015, India emerged as the leading national market for solar street lighting and is expected to maintain a leading position until 2024. China is also expected to remain a key region for the growth of the market.”
Adverse Impact of Conventional Fuels and Growing Awareness about Shortage to Propel Demand
The primary driver of the global solar street lighting market is the rising assertion of the adverse effects of the traditional forms of energy attained from the conventional fuel types and degrading levels of fossil fuels in natural reservoirs across the globe. As a result of this, governments across the world are supporting and promoting the development and use of electricity through sustainable sources of energy. In areas where grid electricity cannot be provided, off-grid energy has played significant role, thus bolstering the market growth of solar street lighting.
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This review is based on a Transparency Market Research report titled, “Solar Street Lighting Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2016 - 2024.”
The Solar Street Lighting market has been segmented as follows:
Solar Street Lighting Market: By Region
Middle East and Africa
South and Central America
Solar Street Lighting Market: By Type
Solar Street Lighting Market: By Application
Solar Street Lighting Market: By Lighting Source
Compact Fluorescent Lamps (CFL)
Light Emitting Diode (LED)
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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