Global Solar Street Lighting Market to Reach USD 5 Billion by 2024

0

With solar power tending to hog most of limelight in the renewable energy mix, solar street lighting market finds itself amongst one of the most burgeoning industry spaces of recent times. Sharply declining component cost, growing manufacturing facilities, and the improving economic scenario outlines the business space’s key to opportunities and profitability. Statistics claim, in 2017 solar PV module prices experienced a decline of almost 80% from what it was recorded in the year 2010. Of course, the marketplace has observed a tremendous push from the rigorous initiatives undertaken by governmental organizations as well as private entities in sync with the global commitment toward climate change.

A couple of years back in 2016, Paris Climate Accord was signed under UNFCCC (United Nations Framework Convention on Climate Change) in a bid to address the increasing global temperatures. For the record, 195 countries as of now have voluntarily joined the sustainability agreement and promised to curtail GHG emissions. Not to mention, this kind of intercontinental clear energy projects is bound to generate a massive demand for advanced solar powered low energy consumed street lighting system, leaving a direct impact on the solar street lighting industry share.

Europe Solar Street Lighting Market size, by application, 2017 & 2024 (USD million)
Europe Solar Street Lighting Market size, by application, 2017 & 2024 (USD million)

In fact, the transformative trend has already made its presence felt in the business sphere, quite vividly conspicuous from the increasing number of initiatives undertaken worldwide with regards to its extensive deployment. For example, Central African country Gabon, has scarcely announced its plan of deploying nearly 5,000 solar street lights across some of the rural as well as urban areas of the region. The project that made to the headlines this May recorded an initial installation in March (first phase) of nearly 50 solar power street lights across Libreville, Bitam, Avorbam, and Makokou, is reportedly shaping up rapidly. The initiative mainly comes on the heels of the country’s initiative to provide sustainable public lighting to rural belts, in the face of severe power shortcomings. In fact, if reports are to be relied on, the northern belt of Libreville claims to get benefitted from the project with almost 30 units of solar power. Envisaged by the regional government to produce electricity via renewable means, the project undoubtedly underlines the expansion of solar street lighting industry in recent years.

India to significantly drive APAC solar street lighting market

Asia Pacific belt, of late, has emerged out to be one of the opportunistic hubs for the industry stakeholders. The region has exhibited tremendous proliferation in the renewable space, with solar energy at the pinnacle, which has also made it a potential contender in street lighting market. India, surprisingly is likely to standout in APAC solar street lighting industry, with an appreciable CAGR of 8% over 2018-2024. The growth can be primarily attributed to the regional governmental backing and investment in conventional street lighting refurbishment projects.

Unveiling the latest developments in India solar street lighting market:

  • The NABARD (National BANK for Agriculture and Rural Development) has given official sanction to Arunachal Pradesh with regards to LED solar street lighting deployment. For the record, under its Rural Infrastructure Development Fund, the Administrative body has granted the state a hefty sum of USD 87.83 lakh. The project which is supposed to get implemented across Tirap, Namsai, Longding, and Tawang, will have a considerable impact on the regional solar street lighting market.
  • Under the regional government’s initiative to electrify rural India, renowned lighting giant Philips won two extensive LED based solar street lighting contracts in India that has substantially boosted India solar street lighting industry share. The two projects, one for Manipur Renewable Energy Development Agency (MANIREDA) and the other for Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) mainly focus on conversion of energy based on renewable energy source. These two gigantic projects are deemed to light nearly 800 villages in Uttar Pradesh and some areas of Manipur with the deployment of nearly 76,000 LED street solar lights.

Judging the aforementioned axioms, it wouldn’t be incorrect to state that solar street lighting industry is likely to witness remarkable monetary benefits across APAC. Other than India, China is claimed to be another potential revenue pocket, which held a valuation of USD 400 million in 2017. All in all, with appreciable number of countries inclining toward renewable space, in addition to the innumerable governmental efforts to deploy solar energy in public infrastructure, solar street lighting market is slated to exceed USD 5 billion by 2024. comment

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.