Solar Street Lighting Market is expected to surpass USD 5 billion by 2024. Government norms to reduce the greenhouse gas emissions across the key economic sectors will drive industry growth. Favorable measures toward development of sustainable technologies along with minimal environmental impact will further enhance the product penetration. In 2016, United Nations Framework Convention on Climate Change (UNFCCC) signed Paris Climate agreement to reduce GHG emissions.
Technological innovation in solar panel and battery design to reduce the product cost will propel the solar street lighting Market. Growing economies of scale, increasing demand for clean electricity and introduction of government subsidies are some of predominant features which will boost product demand. For instance, in 2017, the prices of solar PV module decreased by more than 80% from 2010.
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Nigeria solar street lighting market is anticipated to reach over USD 200 million by 2024. Introduction of government initiatives toward development of renewable technologies and increasing foreign spending toward development of energy sector will fuel the industry landscape. African Development Bank (AFDB) and World bank are some of the major stakeholders in nation?s ongoing economic development. According to International Monetary Fund, Nigeria has witnessed a positive GDP growth four consecutive quarters due to growth plan introduced by government and economic recovery.
Increasing demand for clean electricity across developing countries along with growing Purchasing Power Parity will stimulate the solar street lighting Market. Lack of grid connectivity, increasing demand for grid electricity and growing energy demand will further complement the solar street lighting market.
Long life span, ecological operation, low emission rate and energy efficiency are some of the key factors which will fuel the demand for Light Emitting Diode solar street lighting Market. Favorable measures to eliminate the harmful effects of Mercury coupled with declining product prices will further complement the industry outlook.
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Standalone solar street lighting market is anticipated to witness significant growth owing to growing product penetration across the off-grid areas. Introduction of several government plans to promote the adoption of renewable technologies across the Asia-Pacific and Africa will augment the business growth. Increasing investment toward the electrification of remote and off grid areas will further boost product penetration.
India solar street lighting market is anticipated to witness growth over 8% by 2024. Favorable measures to promote the adoption of sustainable technologies along with growing spending toward modernization of street lighting infrastructure will propel the industry growth. For instance, in 2016, according to International Energy Agency, around 200 million people have lack of electricity access.
Major players across the solar street lighting market include Solar Lighting International, Leadsun, Jinhua SunMaster, Urja, Sol, Philips, SOKOYO, Bridgelux, Bisol, Greenshine, Zhuhai Bomin, Su-Kam, Exide, Omega, Anhui Longvolt, Covimed, Solux, Dragons Breath, Shenzhen Spark Optoelectronics, Sunna, Orion, SEPCO, Solar G and Solar Street Lights USA.