Published Date : Nov 23, 2016
Solar street lighting has emerged as the ideal solution for widespread street lighting installations due to their environmental viability and high efficiency. The rising demand for environmentally sound and sustainable energy generation is likely to ensure steady growth of the global solar street lighting market in the coming years. The global solar street lighting market is expected to reach an annual revenue figure of US$17.8 bn by the end of 2024, growing upon its 2015 valuation of US$2.7 bn at a CAGR of 23.23%.
Growing Acknowledgment of Scarcity, Adverse Effects of Conventional Fuels to Drive Demand
The widespread awareness about the harm caused by currently used forms of energy generation to the environment is a key driver for the global solar street lighting market. The steady reduction in the level of fossil fuels, despite the rising dependence on unconventional methods of fuel extraction, has also been a crucial driver for the solar street lighting market, as it has resulted in solid government support for sustainable means of energy generation. This is likely to remain a key driver for the solar street lighting market in the coming years, as it is likely to lead to an increased demand for off-grid power generation.
Asia Pacific to Remain Leading Regional Market
Geographically, Asia Pacific is expected to remain the leading contributor to the global solar street lighting market in the coming years. The regional market held a notable share of 44% in the global solar street lighting market in 2015. The lead established by the Asia Pacific solar street lighting market is mainly the result of the steady urbanization observed in dynamic economies such as India and China and the growth in the GDP of several countries. India held the dominant share in the Asia Pacific market for solar street lighting in 2015. The rapidly developing country is expected to remain dominant in the global solar street lighting market in the coming years, followed by China.
Africa is another key regional market and is likely to play an important role in the development of the global solar street lighting market in the coming years. Solar lighting doesn’t need a grid connection, which is a crucial factor driving the demand for solar street lighting in Africa, where conventional grids are poorly distributed and absent in many areas.