Asia Pacific to be a lucrative ground for the solar street lighting market: India and China to be the major revenue pockets
Increasing emphasis on the eco-friendly environment, free from carbon footprints, is expanding the business space for Solar Street lighting market globally. With the growing demand for energy conservation, Solar street lighting has become quite a popular means of off-grid power supply. According to Global Market Insights, Inc., “The solar street lighting market worth USD 2.9 billion in 2015, is anticipated to surpass USD 15 billion by 2024.” SSLs are units using solar energy to illuminate streets or other open areas, generally installed in two modes- Standalone and Grid connected.An estimate says that in 2013, approximately 1.2 billion people, i.e. 17% of the global population had no access to grid electricity, with rural population contributing towards the most of it. The rising demand for off-grid power supply has built a huge opportunity landscape for the street light manufacturers. Moreover, favorable regulations from the government to support the use of SSLs is also boosting its market size. These are considered to be viable street lighting solutions owing to their low maintenance cost, easy working, eco-friendliness, and most importantly, the curtailed energy burden on the national economy.
India Solar Street Lighting Market size, by application, 2013-2024 (USD Million)
The technology has gained high significance owing to its extensive use across the residential, industrial, and commercial sectors. In 2015, the solar street lighting market for the residential sector accounted for USD 630.8 million, and is expected to witness heavy gains over the coming years. Growing trends of solar buildings, increasing residential projects, cost-effectiveness, and rising energy conservation awareness is expected to drive the residential solar street lighting market demand. The residential SSL market is expected to grow at a CAGR of 22.62% (in terms of volume) over the period of 2016-2024.
Rural electrification programs coupled with government initiatives to regulate greenhouse gas emissions will boost the SSL demand in the commercial sector. The commercial solar street lighting market share is anticipated to grow at a CAGR of 20.23% over 2016-2024. Industrial SSL market is expected to reach 2.09 million units by 2024.
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LED and CFLs are the two most popular luminaries being used for the Solar street lighting. The LED solar street lighting market size valued 3.04 million units in 2015, is estimated to expand its share at a CAGR of 20.89% over the coming eight years. Also, owing to the increasing number of solar street lighting projects worldwide, the CFL market will witness significant gains, registering a CAGR of 12.2 % over the timeframe of 2016-2024.
“The global SSL market is forecast to grow at a CAGR of 20% over the period of 2016-2024.” The Asia Pacific is estimated to be a major region to promote the SSL market growth over the coming years. India and China are estimated to be the major revenue pockets for the APAC market. It is estimated that over 800 million people in APAC are deprived of grid power supply which fosters the huge demand for lighting solutions across this region. India SSL market size was approximately 22.36 million units in 2015, and is forecast to grow its share at a rate of 19.43% over the tenure of 2016-2024.
The US solar street lighting will also witness noticeable growth over the coming years. Stringent government regulations pertaining to the energy conservation and reducing carbon footprints will drive the preference for non-conventional energy resources over the traditional ones. The US SSL market size is expected to witness a CAGR of 21% over the coming eight years.
Rural areas can be a broad opportunity ground for the industry players, as these areas are the major SSL demand drivers. For instance, Philips, one of the key players in this market, has developed Solar Gen 2, the most cost-effective and efficient solar street lighting solution worldwide. Solar Gen 2 matches the capacity of conventional electricity grid, serving approximately 1.6 billion rural population deprived of electricity. Other notable participants of the SSL market are Solektra International, Omega Solar, Urja Global Ltd, Sunna Design, VERYSOL GmbH, Solar Street Lights USA, and Dragons Breath Solar.
Author Name : Shikha Sinha
This entry was posted in ENERGY, MINING, OIL AND GAS and tagged Competitive Market Share & Forecast, Growth Potential, Industry Analysis Report, Price Trends, Regional Outlook, Solar Street Lighting Market Size By Product.