22 November 2016, Lagos – Solar Street Lighting Market size is expected to exceed $15 billion by 2024.
According to a new research report by Global Market Insights Incorporated 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.
Increasing need for self-sustenance and to eliminate dependence on grid power systems is equally predicted to fuel the need for substitute energy systems.
The report also noted 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 has low operational and maintained cost compared to conventional street lighting