Analysts Forecast Continued Growth in solar street lighting market
Global street lighting, which accounts for nearly 20% to 35% of the overall energy bill, displays a growing need for reducing power consumption.
Global street lighting, which accounts for nearly 20% to 35% of the overall energy bill, displays a growing need for reducing power consumption.
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>Analysts</strong> <strong>Forecast</strong> <strong>Cont<strong>in</strong>ued</strong> <strong>Growth</strong> <strong>in</strong> <strong>solar</strong> <strong>street</strong> light<strong>in</strong>g<br />
<strong>market</strong><br />
Global <strong>street</strong> light<strong>in</strong>g, which accounts for nearly 20% to 35% of the overall energy bill,<br />
displays a grow<strong>in</strong>g need for reduc<strong>in</strong>g power consumption. In addition to this, strict<br />
government norms regard<strong>in</strong>g energy conservation coupled with str<strong>in</strong>gent measures to<br />
curb greenhouse gas emissions is predicted to promote the <strong>solar</strong> <strong>street</strong> light<strong>in</strong>g <strong>market</strong><br />
growth over the com<strong>in</strong>g years. Moreover, deplet<strong>in</strong>g fossil fuels have contributed<br />
substantially to grow<strong>in</strong>g electricity costs and this has resulted <strong>in</strong> a need for f<strong>in</strong>d<strong>in</strong>g<br />
alternative sources of energy.<br />
Furthermore, <strong>solar</strong> <strong>street</strong> lights can provide reliable, susta<strong>in</strong>able, and affordable power as<br />
compared to other conventional <strong>street</strong> lights. Decreas<strong>in</strong>g costs of <strong>solar</strong> components<br />
along with favorable government <strong>in</strong>itiatives such as tax concessions and subsidies on<br />
<strong>solar</strong> products are anticipated to support the <strong>market</strong> growth over the com<strong>in</strong>g eight years.<br />
Accord<strong>in</strong>g to the Global Market Insights Inc.,"The Solar Street Light<strong>in</strong>g Market worth<br />
USD 2.9 billion <strong>in</strong> 2015, is predicted to surpass USD 15 billion by 2024, grow<strong>in</strong>g at a<br />
CAGR of 20% over the period of 2016-2024.”<br />
India Solar Street Light<strong>in</strong>g Market size, by application, 2013-2024 (USD Million)<br />
The U.S. <strong>solar</strong> <strong>street</strong> light<strong>in</strong>g <strong>market</strong> share worth USD 197 million <strong>in</strong> 2015, is predicted to<br />
witness a significant surge over the period of 2016-2024 due to str<strong>in</strong>gent regulatory<br />
1 | P a g e
norms to reduce carbon emissions and promote energy sav<strong>in</strong>gs. Nigeria <strong>solar</strong> <strong>street</strong><br />
light<strong>in</strong>g <strong>market</strong> worth USD 164.14 million <strong>in</strong> 2015, is anticipated to witness a high growth<br />
over the period of 2016-2024 ow<strong>in</strong>g to the ris<strong>in</strong>g demand for electricity along with<br />
shift<strong>in</strong>g focus towards the off-grid connections as a preferable source of energy. India<br />
<strong>solar</strong> <strong>street</strong> light<strong>in</strong>g <strong>market</strong> is forecast to grow at a CAGR of 19% on account of favorable<br />
government policies promot<strong>in</strong>g the use of renewable sources of energy over the<br />
conventional <strong>street</strong> light<strong>in</strong>g sources.<br />
Solar <strong>street</strong> light<strong>in</strong>g f<strong>in</strong>ds varied set of applications <strong>in</strong> <strong>in</strong>dustrial, residential and<br />
commercial sectors. Its application <strong>in</strong> residential sector worth USD 630.8 million <strong>in</strong> 2015,<br />
is predicted to witness a noticeable surge over the period of 2016-2024 due to the lower<br />
ma<strong>in</strong>tenance costs of <strong>solar</strong> <strong>street</strong> lights coupled with government <strong>in</strong>itiatives to build<br />
green build<strong>in</strong>gs <strong>in</strong> the urban and <strong>in</strong>dustrial regions.<br />
About Fractovia.org<br />
Fractovia.org is one of India’s lead<strong>in</strong>g <strong>in</strong>-house and free news total adm<strong>in</strong> portal. It is<br />
fully automated, and operates on a constant premise, <strong>in</strong>terfac<strong>in</strong>g with news sites and<br />
offer<strong>in</strong>g redesigned break<strong>in</strong>g features to readers all across the globe.<br />
Our mission is to offer <strong>in</strong>dividuals opportunities for connections with news writers and<br />
distributors which they can pursue.<br />
We operate by mapp<strong>in</strong>g articles perta<strong>in</strong><strong>in</strong>g to break<strong>in</strong>g news, constantly and<br />
progressively, aga<strong>in</strong>st a pre-determ<strong>in</strong>ed word-based theme, offer<strong>in</strong>g important<br />
connections to readers and clients, as well as distributers.<br />
Contact Us:<br />
Jack Davis<br />
Arun Hegde<br />
Corporate Sales, USA<br />
Fractovia.org<br />
Phone: 1-302-846-7766<br />
Toll Free: 1 888-689-0688<br />
Email: sales@fractovia.org<br />
Web: https://www.fractovia.org/<br />
Connect with us on twitter @ https://twitter.com/fractovia<br />
Connect with us on facebook @ https://www.facebook.com/fractovia/<br />
2 | P a g e
Change language