Published Date : Dec 17, 2015
Though increasing awareness about solar energy has led to adoption of solar LED lights, the market share of solar LED products in the global architectural LED products market is quite small. The market is flooded with conventional LED products and the products are expected to hold around 93.7% market share by this year end. On the other hand, solar LED products accounted for merely 9.3% share in the global architectural LED products market in 2014. The demand for conventional LED products is so high that the segment is expected to expand healthily at a CAGR of 17.7% during the period between 2015 and 2021. But various government initiatives and the adoption of solar LED lights for smart cities are expected to augment the growth of the solar LED products segment.
Chiayi, in the southern part of Taiwan, has officially launched a solar power system program this week, to provide electricity at schools and offices. In order to decrease carbon emissions, solar power systems have been installed on the rooftops of 38 schools and office buildings. The government has stated that the program will generate 3.55 million KW hours of electricity annually. The city’s geographical location is helpful n implementing the solar power system program. Situated on the Tropic of Cancer, Chiayi gets around 5.7 hours of sunlight per day. The government is planning to further install solar power systems across 32 other office and school buildings.
Researchers have pointed out that in the span of next five years, solar energy would become cheaper than nuclear power or coal. Advancement of technology has helped to store solar energy and this will augment the growth of the solar LED products market. In a densely-populated country like Taiwan, carbon-dioxide emissions are pretty high at 11 tons per capita and the government has not yet devised any concrete strategy to tackle the problem.