A new research from Global Market Insights revealed that the solar streetlights market is predicted to grow up to $15 billion in 2024. The next five years will see the need for alternative, sustainable energy sources, which in turn, drives the market up by 20% in total shares.
Solar street lighting worldwide is either standalone product or connected in grids. 89% are standalone installations in 2015 that owed to increased demand for clean fuel energy. Off-grid populations increase demands for it in this part of the continent alone.
What’s more, fossil fuel power sources are depleting at fast rates. This defines the need to find alternative sources to power cities and towns with less costly alternatives.
Chinese-manufactured LED solar streetlights could generate over $1.2 billion in revenue by 2024. Government initiatives can even stimulate industry growth through solar light installations. This reliable, sustainable, and affordable power can lead to the industry’s growth. Grid-connected solar lighting products can exceed 2 million units in the same year.
Global street lighting is 20%-35% of the total energy bill in communities. This drives the focus on civic developers to look for efficient energy use and reduced power consumption. Thus, solar streetlights become a choice as they’re efficient and clean street illuminators. They’re also less costly in operation and maintenance than conventional streetlights.