2024 global solar street lighting market or over 15 billion USD
The global street lighting market accounts for nearly 20% -35% of total energy consumption, reflecting the growing demand for reduced power consumption. In addition, the Government on the strict norms of energy conservation and contain greenhouse gas emissions of severe measures, the next few years is expected to promote the growth of solar street lighting market.
Fossil fuel depletion has greatly contributed to the increase in electricity costs, which leads to the need to find alternative sources of energy. Compared with other traditional street lamps, solar street lights can provide reliable, sustainable, affordable electricity. The decline in the cost of solar modules and favorable government initiatives such as tax relief and subsidies for solar products will support the growth of solar street lighting in the next eight years.
According to Global Market Insights, the solar street lighting market in 2015 is worth $ 2.9 billion and is expected to exceed $ 15 billion by 2024, with annual compound growth rates of 20%.
In 2015, the US solar street lighting market is about $ 197 million. The US market is expected to grow significantly from 2016 to 2024 due to stringent regulatory regulations to reduce carbon emissions and promote energy efficiency. In 2015, the solar street lighting market in Nigeria was valued at $ 164.4 million and is expected to show high growth in 2016-2024, thanks to rising electricity demand and more turnarounds as a priority source. Over the next eight years, the Indian solar street lighting market is expected to grow at a compound annual growth rate of 19%, thanks to favorable government policies that promote the use of renewable energy for traditional street lighting.
Solar street lighting has a wide variety of applications in the industrial, residential and commercial sectors. Due to the low cost of maintenance of solar street lights and the construction of green buildings by the Government in urban and industrial areas, the application value of solar street lighting in the residential market by 2015 amounted to $ 660.8 million and 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% due to stringent regulatory requirements for reducing carbon emissions and government support for electrification projects in rural areas. 2016 - 2024, the solar street lighting market in the industrial sector will grow at a rate of 18.90%, due to reduced power consumption to help minimize capital expenditures.
Solar street lights are installed via grid and standalone models. By 2024, the stand-alone solar street lighting market will exceed $ 13 billion, mainly due to the increased availability of independent products in areas where the grid can't be used.