The Global Integrated Solar Light Market May Exceed $ 15 Billion By 2024

            The global street lighting market accounts for nearly 20% -35% of total energy consumption, reflecting the increasing demand for reducing power consumption. In addition, the government's strict regulations on energy conservation and strict measures to curb greenhouse gas emissions are expected to promote the growth of the integrated solar light market in the next few years. The depletion of fossil fuels has contributed significantly to the increase in electricity costs, which has led to the need to find alternative energy sources. Compared with other traditional street lights, integrated solar light can provide reliable, sustainable, and affordable electricity. The decline in the cost of solar modules and favorable government measures, such as tax breaks and subsidies for solar products, will support the growth of the integrated solar light market in the next eight years.

           According to the Global Market Insights report, the integrated solar light market was worth $ 2.9 billion in 2015 and is expected to exceed $ 15 billion by 2024, with a compound annual growth rate of 20% during the period. In 2015, the US integrated solar light market was approximately $ 197 million. Due to strict regulatory regulations to reduce carbon emissions and promote energy conservation, the US market is expected to experience significant growth in 2016-2024. In 2015, Nigeria's solar led street lamp market was valued at USD 161.4 million, and high growth is expected from 2016-2024, thanks to rising power demand and more shifting to off-grid connections as a priority energy source. In the next 8 years, the Indian solar led street lamp market is expected to grow at a compound annual growth rate of 19%. This is because favorable government policies have promoted the use of renewable energy for traditional street lighting.

         Due to the low maintenance cost of solar led street lamp, and the government's measures to build green buildings in urban and industrial areas, the application value of solar led street lamp in the residential market in 2015 reached US $ 630.8 million, which is expected to surge in the future. Commercial solar public lighting will grow at a compound annual growth rate of 20.23%, which is due to strict regulatory regulations for reducing carbon emissions and government support for electrification projects in rural areas. From 2016 to 2024, the solar public lighting market in the industrial sector will grow at a rate of 18.90%, because reduced power consumption will help minimize capital expenditures.

      Solar public lighting are installed via grid-connected and independent models. By 2024, the market for stand-alone solar public lighting will exceed $ 13 billion, mainly due to rising acceptance of stand-alone products in areas where the grid cannot be used.