Solar Street Lighting Market size was valued at USD 2.9 billion in 2017 and annual installation is anticipated to exceed 9 million units by 2024 when residential segment is set to exceed 1.5 million units; rising demand for sustainable energy along with growing potential of solar technologies will foster the growth
Sellbyville, DE -- (SBWIRE) -- 10/11/2018 -- Global efforts to curtail the emission of greenhouse gases across key economic sectors will positively influence the solar street lighting market. Initiatives toward achieving sustainable development with minimal ecological impact will further propel the product demand. In April 2016, Paris Climate Accord was signed under the United Nations Framework Convention on Climate Change (UNFCCC) in response to the rising global temperatures. As of 2018, 195 countries have signed the agreement and announced voluntary emission reduction targets.
Substantial reduction in the solar panel and battery prices is anticipated to contribute significantly towards solar street lighting market growth. Government subsidies, rising demand for clean power and increasing economies of scale are some of the key underlying factors which will stimulate the product penetration. For instance, in 2017, solar PV module prices have witnessed a decline of over 80% from 2010 levels.
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Nigeria market is set to exceed USD 200 million by 2024. Ongoing foreign investment towards development of energy sector along with government initiatives toward sustainable growth and development of low carbon economy will boost the product penetration in coming years. The World bank, and African Development Bank (AFDB) are some of the key stake holders in the country's ongoing economic development. As per the IMF, Nigeria has witnessed a positive GDP growth for four consecutive quarters as a result of Economic Recovery and Growth Plan initiated by the government.
Growing electricity demand across developing nations coupled with increasing Purchasing Power Parity (PPP) will augment the solar street lighting market growth. Expected increase in demand for energy, rising grid electricity demand and lack of grid connectivity in remote areas will further complement solar street lighting market.
Energy efficiency, low emission rate, longer service life and ecological operations are some of the paramount factors which will boost the demand for Light Emitting Diode (LED) based solar street lights. Declining product prices along with efforts to mitigate harmful effects of Mercury released from CFLs will further enhance the business landscape.
Standalone solar street lighting market is set to witness strong growth subject to rising product adoption across off-grid areas. Emerging economies across Africa and Asia-Pacific offer substantial opportunity for product installation on account of respective government plans to increase the utilization of renewable energy resources. High cost associated with green field investment to electrify off grid and remote areas will further provide impetus to the business growth.
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India market is set to witness gains over 8% by 2024. Government initiatives to promote non-conventional energy utilization along with investments toward improvement in street lighting infrastructure will drive the business growth across the country. As per the International Energy Agency (IEA) in 2016, around 200 million people in India lacked electricity access. Solar street lights offer a sustainable solution to meet the rising electricity demand and support government plans to integrate renewable energy resources.
Major solar street lighting industry participants include Bisol, Anhui Longvolt, Solar Lighting International, Greenshine, Orion, Solar G, Leadsun, Covimed, SEPCO, Jinhua SunMaster, Zhuhai Bomin, Shenzhen Spark Optoelectronics, Urja, Solux, Solar Street Lights USA, Sol, Su-Kam, Exide, Philips, Sunna, Dragons Breath, SOKOYO, Omega, and Bridgelux.