June 16, 2017: Solar street lighting market size is expected to exceed US$ 15 billion by 2024, according to a new research report by Global Market Insights, Inc.
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.
Market size is further segregated on product basis
Global solar street lighting market size is further segregated on product basis as standalone and grid connected. Standalone product accounted for over 89% of global installation in 2015 owing to increasing demand for clean fuel energy couple with increasing off grid population across the region.
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.
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.
China LED solar street lighting market size may generate over US$ 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 US$ 13 billion revenue by 2024 whereas, grid connected products, by 2024, may exceed 2 million units.
Nigeria standalone solar street lighting market size was US$ 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 US$ 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 US 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.
Thailand grid connected segment demand was US$ 3.6 million for 2015, growing at a CAGR of 16.32% from 2016 to 2024.
Brazil residential segment demand was US$ 3.5 million for 2015, growing at a CAGR of 16.7% from 2016 to 2024.