SOLAR STREET LIGHTING MARKET TO HIT $15BN BY 2024
By the year 2024, it is expected that Solar Street Lighting Market size exceeds $15 billion. A new research report by Global Market Insights Incorporated shows that rapid depleting fossil fuel with the correction in petroleum products prices over the forecast period is anticipated to fuel the need for finding alternative sources that can be used as petroleum substitutes.
The need for substitute energy systems is predicted to be powered by an increasing need for self-sustenance and an elimination of dependence on grid power systems. The report also notes that increasing electricity demand owing to rising consumption is expected to fuel industry growth. Global solar street lighting market size is further segregated on product basis as standalone and grid connected.
Standalone product accounted for over 89 percent of global installation in 2015 owing to increasing demand for clean fuel energy coupled with increasing off grid population across regions. Global street lighting trends indicate around 20 to 35 percent of total energy bill, which signifies the rising focus towards enhancing energy efficiency by reducing power consumption.
Furthermore, depleting fossil fuels have significantly contributed to increasing electricity prices. Solar street lights are efficient, clean and have low operational and maintained cost compared to conventional street lighting.