The global street lighting market accounts for nearly 20% -35% of total energy consumption, reflecting the growing demand for reducing electricity consumption. In addition, the government's stringent energy saving norms and stringent measures to curb greenhouse gas emissions are expected to boost the solar street lighting market in the coming years.
The depletion of non-renewable energy resource has greatly contributed to the increase in electricity costs, which has led to the need to find alternative sources of energy. Compared with other traditional street lights, solar street lights can provide reliable, sustainable, affordable electricity. The cost reduction of solar modules and favorable government initiatives, such as tax credits and subsidies for solar energy products, will support the growth of the solar street lighting market in the next eight years.
According to a information by Globa lMarketInsights, the market value of solar street lighting in 2015 was valued at 2.9 billion U.S. dollars and is expected to exceed 15 billion U.S. dollars in 2024 with a compound annual growth rate of 20%.
In 2015, the US solar street lighting market was approximately 197 million U.S. dollars. The U.S. market is expected to see substantial growth in 2016-2024 due to the stringent regulatory regulation on reducing carbon emissions and promoting energy efficiency. In 2015, the solar street lighting market in Nigeria was valued at US $ 164.14 million and is expected to see high growth in 2016-2024 thanks to rising electricity demand and more to off-grid connections as priority energy sources. In the next eight years, the Indian solar street lighting market is expected to grow at a CAGR of 19% due to favorable government policies that promote the use of renewable energy sources for traditional street lighting.
Solar street lighting has a wide variety of applications in industrial, residential and commercial areas. Due to the low maintenance cost of solar street lights and the Government's initiatives to build green buildings in urban and industrial areas, the use of solar street lighting in the residential market was valued at 630 million U.S. dollars in 2015 and is expected to surge in the future. The commercial street solar street lighting market will grow at a compound annual growth rate of 20.23% due to the strict regulatory regime 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 by 18.90% due to the reduction in power consumption, which helps to minimize the capital expenditure.
Solar lights through the grid and independent models installed. By 2024, independent solar street lighting market will exceed 13 billion US dollars, mainly due to the lack of access to independent regions of the region's increased product acceptance.
Key players in the global solar street lighting market include Omega Solar, Sokoyo Solar and more. Industry participants will try to maintain their market position through product innovation and R & D investment.