Solar street lighting market size is expected to exceed USD 15 billion by 2024; according to a new research report by Global Market Insights, Inc.
Rapid depleting fossil fuel with the correction in petroleum products prices over the forecast period is anticipated to fuel the need for finding alternative sources that can be used as petroleum substitutes. Increasing need for self-sustenance and to eliminate dependence on grid power systems is predicted to fuel the need for substitute energy systems. Increasing electricity demand owing to rising consumption is expected to fuel industry growth.
Global solar street lighting market size is further segregated on product basis as standalone and grid connected. Standalone product accounted for over 89% of global installation in 2015 owing to increasing demand for clean fuel energy couple with increasing off grid population across the region.
Global street lighting trends indicate around 20% to 35% of the total energy bill, which signifies the rising focus towards enhancing energy efficiency by reducing power consumption. Furthermore, depleting fossil fuels have significantly contributed to increasing electricity prices. Solar street lights are efficient, clean and have low operational and maintained cost compared to conventional street lighting.
China LED solar street lighting market size may generate over USD 1.2 billion by 2024. The one foundation and climate group launched the 1,000 villages solar LED lighting program to electrify the rural communities in china.
Government initiatives such as subsidies and tax benefits on solar products will stimulate industry growth. Installation of solar street lights will result into affordable, reliable, and sustainable power. Standalone solar street lighting market size may surpass USD 13 billion revenue by 2024 whereas, grid connected products, by 2024, may exceed 2 million units.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology. comment