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Global solar street lighting market in 2024 or over $15 billion
2018-09-17

The global street lighting market accounts for nearly 20% to 35% of total energy consumption, reflecting the growing demand for reduced power consumption. In addition, the government's strict regulations on energy conservation and stringent measures to curb greenhouse gas emissions are expected to promote the growth of the solar street lighting market in the next few years.

Osleder Lighting Technology Co.,Ltd.


The depletion of fossil fuels has greatly contributed to the increase in electricity costs, which has led to the need to find alternative sources of energy. Compared to other traditional street lights, solar street lights provide reliable, sustainable, and affordable power. The cost of solar modules and favorable government initiatives, such as tax breaks and subsidies for solar products, will support the growth of the solar street lighting market for the next eight years.

According to Global Market Insights (Globa lMarketInsights), the solar street lighting market in 2015 was worth $2.9 billion and is expected to exceed $15 billion by 2024, with a compound annual growth rate of 20%.

In 2015, the US solar street lighting market was approximately $197 million. Due to strict regulations on reducing carbon emissions and promoting energy conservation, the US market is expected to grow substantially in 2016-2024. In 2015, Nigeria's solar street lighting market value was 1.6414 billion US dollars, and it is expected to see high growth in 2016-2024, thanks to rising electricity demand and more turning off-grid connection as a priority energy source. In the next 8 years, India's solar street lighting market is expected to grow at a compound annual growth rate of 19%, due to favorable government policies that promote the use of renewable energy for traditional street lighting.

Solar street lighting has a variety of applications in the industrial, residential and commercial sectors. Due to the low maintenance cost of solar street lamps and the government's efforts to build green buildings in urban and industrial areas, the application value of solar street lighting in the residential market reached US$630.8 million in 2015, and it is expected to surge in the future. The solar street lighting market in the commercial sector will grow at a compound annual growth rate of 20.23% due to strict regulatory requirements for reducing carbon emissions and government support for electrification projects in rural areas. In 2016-2024, the solar street lighting market in the industrial sector will grow at a rate of 18.90%, as the reduction in power consumption helps to minimize capital expenditures.

Solar street lights are installed through grid-connected and stand-alone models. By 2024, the independent solar street lighting market will exceed $13 billion, mainly due to increased acceptance of independent products in areas where grids are not available.

The main market participants in the global solar street lighting market include Omega Solar, Sokoyo Solar Group, Philips Lighting and more. Industry participants will try to maintain market position through product innovation and R&D investment.


Related Reading: Solar Garden Lights, Camera Solar Led Street Light

 
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