Solar Street Lighting Market Size By Product (Standalone, Grid Connected), By Luminaries (LED, CFL), By Application (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, India, China, Japan, Indonesia, Thailand, Australia, Philippines, Vietnam, Myanmar, New Zealand, Malaysia, South Korea, Kenya, Ghana, Uganda, Nigeria, Brazil, Peru), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: September 2016 | 246 Pages | Report ID: GMI770 Report Format: PDF
Solar Street Lighting Market size was over USD 2.9 billion in 2015 with forecast to grow over 20% from 2016 to 2024.
India Solar Street Lighting Market size, by application, 2013-2024 (USD Million)
Stringent government regulations towards energy conservation and to reduce carbon footprint is likely to drive global solar street lighting market size growth up to 2024.
India receives over 5,000 trillion kWh every year, which is much more than its total annual energy requirement for photovoltaic applications such as solar street lighting and domestic water heating system. As of August 2016, India has a total installed capacity of 3,05,554.25 MW as per CEA and the Ministry of Power. Of this, renewable energy generates around 44,236.92 MW. High solar potential coupled with rising demand for efficient and clean energy source will help to foster the industry growth over the forecast period.
As of 2014, over 1.2 billion population across the globe have no access to grid electricity, which comprises a majority of the population located in rural areas. Increasing off grid electricity demand in remote areas which lacks grid connectivity will drive solar street lighting market during the forecast period.
Akola Municipal Corporation (AMC), an Urban Local Body in Indian state Maharashtra, were replaced more than 11,500 conventional street lights (mercury vapor, sodium vapor and standard fluorescent) with T5 fluorescent tube lamps. The project has resulted in energy savings of 2.1 million kWh per year a 56% reduction in the ULB’s energy use for street lighting. These energy savings have resulted in cost savings of about INR 6.4 million per year, and the project paid for itself in only 11 months. The project’s success has already led to the implementation of similar projects in Maharashtra and Madhya Pradesh.
Decreasing solar component cost coupled with subsidies and other tax incentives will further compliment the solar street lighting market. Government initiatives on energy conservation and resource management have increased the adoption of LEDs over traditional luminaries. The manufacturing costs of LEDs has witnessed a drop since 2012 owing to declining average sale price of the components.
Standalone solar street lighting market size was valued above 3 million units in 2015. In term of revenue, it is forecast to expand at over 20.3% owing to its increasing adoption in off grid locations which have no access to electric grid.
Grid connected product is projected to exceed 2 million units by 2024 and in term of revenue, is likely to be worth at over 18.59%. Government programme such as net metering and feed in tariff (FIT) will boost the demand for grid connected solar street lighting system in the near term
LED solar street lighting market size was valued at over 3.04 million units in 2015. In term of revenue, it is estimated to expand at over 20.89%. Government initiatives on energy conservation and resource management have increased the adoption of LEDs over traditional luminaries.
CFL luminaries is estimated to grow at 12.20% owing to growing number of solar street lighting project to illuminate pathway in rural and urban area.
Residential solar street lighting was valued at over USD 630.8 million in 2015 and in term of volume, is estimated to expand at over 22.62% owing its low maintenance cost coupled with increasing residential projects. Codes and standards towards energy efficient solar buildings in urban and industrial areas will further complement the industry growth.
Commercial solar street lighting market size was valued above 2.31 million units in 2015. In term of revenue, it is estimated to expand at over 20.23% owing to government initiatives to reduce the greenhouse gas emission couple with electrification programme in rural areas.
Industrial application is projected to reach 2.09 million units by 2024 and in term of revenue, is likely to be worth at over 18.90%. Solar street lighting system help to decrease energy consumption which results more energy saving and consequently, help to reduce capital expenditure. The rising awareness regarding fiscal gain will help to foster the industry growth.
India solar street lighting market share was estimated at over 0.8 million units in 2015 and in term of revenue, is estimated to grow at over 19% owing to the government initiatives to promote sustainable renewable energy resources over traditional street lighting systems.
Nearly 800 million people living in Asia with no electrical grid access result in an urgent need to provide clean, sustainable, and affordable lighting solutions in communities to enhance safety and security. This will also help to foster the growth of industry over forecast period.
U.S. solar street lighting market size, was valued at over USD197 million in 2015 and in term of volume, is estimated to grow at over 21% owing to strict government norms towards energy conservation and carbon footprints.
Nigeria solar street lighting market share was estimated over USD 164.14 million in 2015.In term of volume, it is likely to be reach at over 23.55% from 2016 to 2024.Large off grid population and increasing demand of electricity would foster the business growth over the forecast period.
Zimbabwe announced to install 10,000 solar street lights by the end of 2016.
Competitive Market Share
Major industry participants accounting for solar street lighting market share include Omega Solar Inc, Urja Global Ltd, Solektra International, Very Sol GmbH, Sunna Design, Philips Lighting Holding B.V., Solar Street Lights USA, Dragons Breath Solar, SOKOYO Solar Group, Sol Inc.
Solar street lightings are renewable sources which generates electricity with the help of PV panels mounted on lighting structure itself. The generated electricity gets stored into batteries which can be used later to illuminate pathway. They are mainly installed on off grid location to illuminate residential, highways, commercial buildings and roads. Increasing demand for off grid electricity, government schemes and initiatives is forecast to be a key factor propelling the industry.
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