Fresh from the COVID-19 Experience, the World Will Step Up Environmental Governance & Building Energy Efficient Cities Will be the Starting Point. Solar Street Lighting to Reach US$ 14 Billion, trailing a post COVID-19 CAGR of 14.7% over the analysis period 2020 through 2027.
The growth will be led by the confluence of several favorable factors like the shift towards clean energy, government initiatives and massive adoption of these systems. Solar street lighting systems rely on solar photovoltaic panels for capturing and storing solar energy, and are widely considered for outdoor lighting. Ambitious programs to promote sustainable development and curtail greenhouse gas emissions coupled with government subsidies and focus on clean power are stimulating the market growth.
In addition to targeting integration of renewable energy into the grid, various countries are betting on solar street lighting to serve remote areas that are difficult to be covered by traditional options. These systems are garnering significant attention owing to their extended service life, ecological operations, high energy efficiency and low emissions. Emerging economies in Asia-Pacific and Africa are making serious efforts to tap solar energy and pushing solar networks.
Increasing investment in advanced infrastructure such as highways and roads to accommodate rising vehicular traffic is expected to present lucrative opportunities to market participants. Declining costs of solar lighting systems have made them an attractive alternative to conventional options that are known for heavy carbon footprint along with expensive operating and maintenance costs. In addition, lighting accounts for 19% of global energy and 25-30% of household energy consumption.
The use of solar energy along with efficient lighting options like LEDs and CFLs is slated to help countries in restraining energy-related costs without burdening the environment with carbon emissions. LED-powered solar street lighting is emerging as an intriguing option for supporting the outdoor infrastructure due to outstanding properties of LED technology, such as energy saving, high efficiency, easy maintenance and environmental protection. Representing a cold light source, LED solar street light is free from carbon emissions and other polluting substances.
Standalone solar street lighting systems are predicted to register the fastest growth rate. Rather than using grid supply, these systems rely on batteries for storage of solar energy, and offer a cost-effective solution for solar street lighting. Standalone solar street lightning offers a suitable option for areas that are not served by power grid. These systems are capable of storing and collecting solar energy that is converted into electricity as per the requirement. These benefits establish standalone systems an appropriate solution to remote areas.
The segment is likely to gain from increasing adoption across off-grid locations and high cost of conventional street lighting infrastructure. Developing countries, including Bangladesh, Indonesia, Tanzania, India, Cambodia, Kenya, and Ethiopia, are increasingly investing in standalone systems.
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