Solar street lighting market size worth USD 2.9 billion in 2015, is expected to record a CAGR of 20% over the period of 2016-2024. The growth can be attributed to growing environmental concerns accompanied by strict legislations pertaining to energy consumption. Moreover, low operating costs as well high preference for clean energy is projected to drive the global solar street lighting industry trends over the coming years.
According to IEA (International Energy Agency), solar is expected to be the biggest source of electricity across the globe by 2050, with CSP (Concentrated Solar Power) and photovoltaics accounting nearly 11% and 16% of the global electricity consumption. Furthermore, high demand for off-grid electricity in rural areas lacking grid connectivity is expected to boost solar street lighting industry growth. Approximately 800 million population in Asia has no electric grid connectivity while more than 590 million people in Africa do not have access to electricity, and this will further propel solar street lighting industry growth in the nearer future.
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India solar street lighting market revenue is expected to grow at a CAGR of 19% over 2016-2024, due to favorable legislations encouraging the use of solar street lights. U.S. solar street lighting industry share worth USD 197 million in 2015, is expected grow substantially over the coming timeframe, owing to strict regulations related to greenhouse gas emissions and energy use. Nigeria solar street lighting market price estimated at USD 164.14 million in 2015, is anticipated to grow noticeably over the coming eight years due to the electricity supply crisis in the region.
Solar street lights are deployed through standalone and grid connected products. Standalone solar street lighting industry size is expected to exceed USD 13 billion by 2024. The growth can be credited to its rising popularity in the regions with no electric supply. Grid connected solar street lighting market is expected to grow at 18.59% over 2016-2024.
Solar street lights find major applications in residential, industrial, and commercial sectors. Solar street lighting market size in the residential sector valued at USD 630.8 million in 2015, is projected to witness a high growth due to increase in the number of residential activities and high demand for green buildings. Its application in the commercial sector is expected to grow significantly over the coming years. The growth will be driven by rise in the number of electrification activities in remote areas by the government. Large-scale use of solar street lights in industries is expected to minimize their electricity costs, thereby driving solar street lighting industry growth in the industrial sector.
Key industry players include Omega Solar Incorporation, Philips Lighting Holding B.V., SOKOYO Solar Group, Solektra International, and Urja Global Limited.