Solar street lighting market may exceed US $15 billion in 2024

by:ALLTOP      2020-03-23
Street lighting market accounts for nearly 20 of total energy consumption- 35, reflecting the growing 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 solar street lighting market in the next few years. Street lighting market accounts for nearly 20 of total energy consumption- 35, reflecting the growing 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 solar street lighting market in the next few years. The depletion of fossil fuels has greatly increased the cost of electricity, which has led to the need to find alternative energy sources. Compared with other traditional street lamps, solar street lamps can provide reliable, sustainable and economical electricity. The cost reduction of solar module and favorable government measures, such as tax relief and subsidies for solar products, will support the growth of the solar street lighting market in the next eight years. According to market insights ( Globa lMarketInsights) According to the report, the solar street lighting market in 2015 is worth 2. 9 billion US dollars, and is expected to exceed 15 billion US dollars by 2024, with a compound annual growth rate. 2015 American solar street lighting market about 1. $9. 7 billion. Due to strict regulatory regulations on reducing carbon emissions and promoting energy conservation, it is estimated that 2016- The US market will see substantial growth in 2024. In 2015, Nigeria's solar street lighting market value was 1. US $641. 4 billion, expected 2016- There will be high growth in 2024, thanks to rising demand for electricity and more shifting to off-grid connections as priority energy. In the next 8 years, India's solar street lighting market is expected to grow at a compound annual growth rate of 19, which is due to favorable government policies promoting the use of renewable energy for traditional street lighting. Solar street lighting has various applications in industrial, residential and commercial fields. Due to the low maintenance cost of solar street lamps and the government's measures to build green buildings in cities and industrial areas, the application value of solar street lighting in the residential market in 2015 reached 6. 5%. 30. 8 billion US dollars, is expected to surge in the future. The commercial solar street lighting market will be 20. The compound annual growth rate of 23 is due to strict regulatory regulations to reduce carbon emissions and government support for electrification projects in rural areas. 2016- In 2024, the industrial solar street lighting market will be 18. The growth rate of is due to the fact that reduced power consumption helps to reduce capital expenditure. Solar street lamps are installed through grid connection and independent models. By 2024, the independent solar street lighting market will exceed 13 billion US dollars, mainly due to the rising acceptance of independent products in areas that cannot use the power grid. Major market participants in the solar street lighting market include Omega Solar, Sokoyo solar group, Philips Lighting, etc. Industry participants will try to maintain market position through product innovation and R & D investment.
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