Solar Street Lighting Market will surge at 8.4% CAGR to surpass $5 billion by 2024
Dec 4, 2018
Standalone solar street lighting market is projected to achieve significant growth owing to introduction of several government plans to promote the adoption of renewable technologies across the Asia-Pacific and Africa.
Sellbyville, United States - December 4, 2018 /MarketersMedia/ —
Nigeria solar street lighting market is poised to exceed USD 200 million by 2024. Introduction of government initiatives toward development of renewable technologies and increasing foreign spending toward development of energy sector will fuel the industry landscape. African Development Bank (AFDB) and World bank are some of the major stakeholders in nation?s ongoing economic development. According to International Monetary Fund, Nigeria has witnessed a positive GDP growth four consecutive quarters due to growth plan introduced by government and economic recovery.
Global Solar Street Lighting Market is set to surpass USD 5 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Worldwide efforts to curtail the emission of greenhouse gases across key economic sectors will positively influence the solar street lighting market. Initiatives toward achieving sustainable development with minimal ecological impact will further propel the product demand. In April 2016, Paris Climate Accord was signed under the United Nations Framework Convention on Climate Change (UNFCCC) in response to the rising global temperatures. As of 2018, 195 countries have signed the agreement and announced voluntary emission reduction targets.
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Technological innovation in solar panel and battery design to reduce the product cost will propel the solar street lighting Market. Growing economies of scale, increasing demand for clean electricity and introduction of government subsidies are some of predominant features which will boost product demand. For instance, in 2017, the prices of solar PV module decreased by more than 80% from 2010.
Growing electricity demand across developing nations coupled with increasing Purchasing Power Parity (PPP) will augment the solar street lighting market growth. Expected increase in demand for energy, rising grid electricity demand and lack of grid connectivity in remote areas will further complement solar street lighting market.
Standalone solar street lighting market is anticipated to witness significant growth owing to growing product penetration across the off-grid areas. Introduction of several government plans to promote the adoption of renewable technologies across the Asia-Pacific and Africa will augment the business growth. Increasing investment toward the electrification of remote and off grid areas will further boost product penetration.
India market is set to witness gains over 8% by 2024. Government initiatives to promote non-conventional energy utilization along with investments toward improvement in street lighting infrastructure will drive the business growth across the country. As per the International Energy Agency (IEA) in 2016, around 200 million people in India lacked electricity access. Solar street lights offer a sustainable solution to meet the rising electricity demand and support government plans to integrate renewable energy resources.
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Major solar street lighting industry participants include Bisol, Anhui Longvolt, Solar Lighting International, Greenshine, Orion, Solar G, Leadsun, Covimed, SEPCO, Jinhua SunMaster, Zhuhai Bomin, Shenzhen Spark Optoelectronics, Urja, Solux, Solar Street Lights USA, Sol, Su-Kam, Exide, Philips, Sunna, Dragons Breath, SOKOYO, Omega, and Bridgelux.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/solar-street-lighting-market
Source: MarketersMedia
Release ID: 454340
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