Solar Street Lighting Market size will exceed USD 5 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Global efforts to curtail the emission of greenhouse gases across key economic sectors will positively influence the solar street lighting market. Initiatives toward achieving sustainable development with minimal ecological impact will further propel the product demand. In April 2016, Paris Climate Accord was signed under the United Nations Framework Convention on Climate Change (UNFCCC) in response to the rising global temperatures. As of 2018, 195 countries have signed the agreement and announced voluntary emission reduction targets.
Substantial reduction in the solar panel and battery prices is anticipated to contribute significantly towards solar street lighting market growth. Government subsidies, rising demand for clean power and increasing economies of scale are some of the key underlying factors which will stimulate the product penetration. For instance, in 2017, solar PV module prices have witnessed a decline of over 80% from 2010 levels.
Nigeria market is set to exceed USD 200 million by 2024. Ongoing foreign investment towards development of energy sector along with government initiatives toward sustainable growth and development of low carbon economy will boost the product penetration in coming years. The World bank, and African Development Bank (AFDB) are some of the key stake holders in the country’s ongoing economic development. As per the IMF, Nigeria has witnessed a positive GDP growth for four consecutive quarters as a result of Economic Recovery and Growth Plan initiated by the government.