Solar Street Lighting Market to Reach a Valuation of $12.54 Billion by 2027

0
171

DEELAT INDUSTRIAL, one of the largest online retailers of industrial products and solar street lights, projects that the Solar Street Lighting market is expected to reach $12.54 billion dollars by the year 2027 and a charted Compound Annual Growth Rate of 16.24%. The company’s global sales data and a recent study published by global market intelligence company Transparency Market Research (TMR) suggest a significant growth in the solar street light sector throughout the next seven years.

Growing electricity demand across developing nations coupled with an increasing Purchasing Power Parity (PPP) expected increase in demand for energy, rising grid electricity demand and lack of grid connectivity in remote areas, as well as rising global awareness about the cost and impact to the planet of the exploitation of fossil fuels, has motivated Public Utilities Departments, citizens and elected officials around the world to switch from traditional lighting to a more sustainable and cost efficiency solution like solar street lights.

Unlike traditional street lighting, solar street lights do not need to be connected to the electrical power grid, saving municipalities hundreds of thousands of dollars per year. The use highly efficient and cost effective LED (Light Emitting Diodes) as their light source have a typical rated lifetime of 15,000 to 50,000 hours and integrate many components like solar panels, charge controllers and batteries in one compact housing that is easier to install and maintain reducing the cost of installation, maintenance and cost of energy used.

Cities like Kampala and Jinja in Uganda, Detroit in United States, Seville in Spain and states like Uttar Pradesh in India, where solar street lights have been installed, have proved that they are more cost effective to install and operate than conventional street lights, while providing cities with additional economic and social benefits, including lower crime rates, better road safety, a more vibrant night-time economy and higher property values.

In a lesson on sustainability and cost effective urban infrastructure, the city of Kampala in Uganda, installed 1800 solar street lights with a total saving of 950,000 USD over than conventional street lights and is reducing the current electricity bill for solar lighting from $35,000 monthly to almost $0.

Examples like Kampala and many other cities where successful deployment of solar street lighting are encouraging municipalities and government officials to plan, finance and deliver solar street lighting infrastructure projects to their cities as the economic and environmental benefits of choosing solar over conventional street lighting is clear and will augment the solar street lighting market growth.

As high initial costs is one of the significant concerns for the market and as majority of the organizations and institutions would hesitate in deploying at a greater expense than conventional street lights, DEELAT INDUSTRIAL is one of the largest online stores for industrial products, recently launched several affordable LED solar street light products in order to help governments and organizations around the world an easy and cost effective transition to a renewable and more sustainable lighting solutions for their cities.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.