Solar street lights are powered by photovoltaic panels that are integrated on the light poles. The solar street lights work independently and are not connected to the general grid. These lights are gaining traction across the globe, owing to the low maintenance they require in comparison with the conventional street lights. In addition, the solar street lighting is considered as a non-polluting source of electricity. Thus, solar street lighting is considered as one of the top renewable energy-based technologies to power the street lights in off-grid as well as grid-based systems.
Browse Full Global Solar Street Lighting Market Report with TOC :http://www.mrrse.com/solar-street-lighting-market
In 2015, the global market for solar street lighting stood at US$2.72 bn and is estimated to be US$17.78 bn by the end of 2024. This market is anticipated to register an impressive 23.23% CAGR between 2016 and 2024.
Growing Demand for Cost-effective Energy to Boost Demand for Solar Street Lighting Products
The solar street lighting market across the globe is predicted to grow rapidly in the near future owing to the decreasing production cost of the solar-based components and equipment. Furthermore, the growing adoption of off-grid energy and rising demand for cost-effective and clean energy are anticipated to augment the growth of the overall market in the next few years.
On the flip side, the high initial and installation costs required are acting as the major barriers to the global solar street lighting market. However, the rising demand for off-grid electricity is estimated to create potential opportunities for the major players in the solar street lighting market worldwide.
Government Awareness Programs for Energy-saving to Benefit Solar Street Lighting Market Worldwide
In the recent past, the International Energy Agency has presented reports stating that the sun will be the largest source of electricity in the coming years. Thus, several governments across the globe are making efforts to cut down on the cost of PV panels, which will augment the growth of the global solar street lighting market in the next few years. This will also result in the reduced dependence on nuclear projects and fossil fuels and encourage energy-saving in the next few years.
The growing awareness regarding the need for reliable and clean electricity is helping the demand for solar street lighting in several countries across the globe. Among the major regions, in 2015, Asia Pacific accounted for a 44% share in the overall solar street lighting market, thanks to the increasing contribution from India and China in terms of revenue. In the same year, Africa held the second-largest position in the global solar street lighting market. The increasing number of government campaigns, incentives, and several programs conducted by the International Finance Corporation and the World Bank are encouraging the adoption of solar street lighting products.
Browse the full Press Release of Global Solar Street Lighting Market at http://www.mrrse.com/global-solar-street-lighting-market
The leading players operating in the global market for solar street lighting such as Urja Global Ltd., Sol, Inc., Bridgelux, Inc., Philips Lighting Holding B.V., Solar Street Lights USA, SOKOYO Solar Group, Solektra International, VerySol GmbH, Sunna Design, Dragon’s Breath Solar, and Omega Solar are making efforts to offer innovations and cost-effective products in the near future.