Extensive Government Backing To Boost The Solar Street Lighting Market

2016-12-06
Published : Dec-2016

Solar street lighting has arisen as the perfect answer for the global street lighting fittings because of their eco-friendly capability and high competence. The increasing demand for ecologically sound and viable energy production is expected to guarantee sturdy growth of the global solar street lighting market in the forthcoming years. The global solar street lighting market is projected to be worth US$17.8 billion by the end of 2024, increasing upon its 2015 estimate of US$2.7 billion at a CAGR of 23.23%.

Solar street lighting is amongst the best renewable energy centred equipment to power street lights equally in grid-based and off-grid systems. Owing to their dependence on sunshine, the lighting unit requires to be fitted in a shadow-free zone or an area where non-stop sunlight is accessible all through the day to adequately charge the batteries for one working cycle. The extensive cognizance about the damage caused by the present forms of energy production is a motivating force for the global solar street lighting market. The continuous drop in the level of fossil fuels, in spite of the increasing dependency on alternative methods of fuel mining, has also been a fundamental driver for the solar street lighting market, as it has ensued solid government backing for ecological means of energy generation. This is expected to be a significant driver for the solar street lighting market in the next few years, as it is probable to lead to an amplified call for off-grid power generation.

Present-day market developments have impelled street light makers to look for substitutes that are resourceful and offer off-grid power solutions. One of the most significant nitty-gritties involved with solar street lights is that they offer a sustainable solution to street lighting in any topography, regardless of grid connectivity. Also, they diminish energy load on the economy thus adding up the fiscal savings for the government as well as the taxpayers. Solar street lights have a trivial upkeep cost, no cabling or transformer expenses as well as decreasing the carbon footprint.

Asia Pacific is anticipated to continue to lead the global solar street lighting market in the forthcoming years owing to the firm urbanization witnessed in dynamic markets such as India and China and the evolution in the GDP of numerous countries. India held the leading share in the Asia Pacific market for solar street lighting in 2015. Africa is one more significant regional market and is expected to play an essential role in the development of the global solar street lighting market in the next few years.

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