The global solar street lighting market may exceed US $ 15 billion by 2024
The global solar street lighting market may exceed US $ 15 billion by 2024:
The global street lighting market accounts for nearly 20% -35% of total energy consumption, reflecting the growing demand for reducing power consumption. In addition, the government's strict regulations on energy conservation and strict measures to curb greenhouse gas emissions are expected to promote the growth of the solar street lighting market in the next few years.
The exhaustion of fossil fuels has greatly contributed to the increase in electricity costs, which has led to the need to find alternative energy sources. Compared with other traditional street lights, solar street lights can provide reliable, sustainable, and affordable electricity. The cost reduction of solar modules and favorable government initiatives, such as tax relief and subsidies for solar products, will support the future growth of the solar street lighting market.
According to the Global Market Insights report, the solar street lighting market was worth US $ 2.9 billion in 2015 and is expected to exceed US $ 15 billion by 2024, with a compound annual growth rate of 20%.
In 2018, the US solar street lighting market was approximately $ 397 million. Due to strict regulatory norms to reduce carbon emissions and promote energy conservation, the US market is expected to grow substantially in 2019-2024. In 2015, the Nigerian solar street lighting market was valued at US $ 364.14 million, and high growth is expected to occur in 2019-2024, thanks to rising power demand and more shift to off-grid connections as a priority energy source. In the next five years, the Indian solar street lighting market is expected to grow at a compound annual growth rate of 19%. This is due to favorable government policies promoting the use of renewable energy sources for traditional street lighting.
Solar street lighting has various applications in industrial, residential, and commercial fields. Due to the low maintenance cost of solar street lights and the government's initiatives to build green buildings in cities and industrial areas, the application value of solar street lighting in the residential market reached US $ 730.8 million in 2018, and it is expected to surge in the future. The solar street lighting market in the commercial sector will grow at a compound annual growth rate of 20.23%. This is due to strict regulations on reducing carbon emissions and government support for electrification projects in rural areas. From 2019 to 2024, the solar street lighting market in the industrial sector will grow at a rate of 18.90%, because reduced power consumption helps minimize capital expenditure.
Solar street lights are installed through grid connection and independent models. By 2024, the market for standalone solar street lighting will exceed $ 13 billion, mainly due to increased acceptance of standalone products in areas where the grid is unavailable.