Solar Street Lighting Market size to exceed $5bn by 2024
Published Date: August 29, 2019 Authors: Ankit Gupta, Aditya Singh Bais
Solar street lighting Market size will exceed USD 5 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Government initiatives toward attaining sustainable development with limited ecological impact along with worldwide efforts to lower the GHG emission across major economic sectors will stimulate the solar street lighting industry growth. Increasing demand for clean power, rising economies of scale and government subsidies are some of the prime factors which will encourage the product penetration. In addition, growing need for reducing energy consumption along with large-scale deployment of solar lighting systems by commercial and residential sectors will boost the industry growth.
Significant reduction in the solar battery and panel prices is projected to contribute substantially toward solar street lighting industry growth. Rising environmental concerns accompanied by stringent regulatory mandates to curtail carbon emissions through the incorporation of efficient energy conservation technologies will drive the industry share. Moreover, harnessing the collaboration among demand side electrification and intermittent renewable power is the prime factor impacting the technological adoption.
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Middle East & Africa market is set to surpass USD 1.5 billion by 2024. Prevailing foreign investment toward establishment of energy sector coupled with government initiatives subject to expansion of low carbon economy will fuel the industry growth. The African Development Bank and World bank are some of the major stake holders in the region’s prevailing economic development. Substantial progress with respect to renewable integration across the countries will further complement the business growth.
Browse key industry insights spread across 250 pages with 455 market data tables & 17 figures & charts from the report, “Solar Street Lighting Market Size By Product (Standalone, Grid Connected), By Luminaries (LED, CFL), By Application (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Budding electricity demand across emerging nations along with rising Purchasing Power Parity will fuel the solar street lighting market share. Lack of connectivity in off-grid areas, increasing grid electricity demand and significantly increasing energy demand pertaining to residential and commercial establishments will enhance the product adoption. In addition, longer service life, low emission rate, ecological operations and energy efficiency are few of the imperative factors which will provide impetus to the business growth.
On-grid market is set to witness substantial growth on account of increasing product adoption across remote areas. Emerging economies across Asia Pacific and Africa provides appreciable opportunity for product deployment owing to government plans to increase the use of renewable energy resources. Increasing installation of pico-solar systems with respect to favorable government reforms subject to the expansion of solar networks will further drive the business landscape. In addition, rapid development of sustainable electric networks coupled with innovative distributed generation technologies will augment the industry dynamics.
China solar street lighting market is anticipated to witness growth of over 8% by 2024. Increasing investments pertaining to the improvement in street lighting infrastructure coupled with government initiatives to encourage smart energy utilization will enhance the business landscape. Solar streetlights provide sustainable solutions to support government plans and meet the growing electricity demand to integrate renewable energy assets. In addition, declining product costs and expansion of manufacturing facilities will further boost the product penetration.
Eminent participants operating across the industry includes Dragons Breath, Philips, Shenzhen Spark Optoelectronics, Bisol, Solar Lighting International, Anhui Longvolt, Leadsun, Jinhua SunMaster, Zhuhai Bomin, Covimed, SEPCO, Greenshine, Solar Street Lights USA, Su-Kam, SOKOYO, Omega, Urja, Orion, SolExide, Bridgelux, Solar G, Solux and Sunna.
Solar street lighting market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2013 to 2024, for the following segments:
Solar Street Lighting Market, By Product
- Grid Connected
The above information is provided on regional & country basis for the following:
- North America
- New Zealand
- Middle East & Africa
- South Africa
- Latin America
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