Thursday 26 May 2016

Solar street lighting market ‘to reach $17.8bn by 2024’

The solar street lighting market is forecast to grow to $17.78 billion (£12bn) by 2024.

That’s an increase from $2.72 billion (£1.8bn) last year, a new report suggests.

It claims Asia Pacific was the largest market for solar street lighting globally, accounting for a 44% share in 2015.

India was the leader “in terms of revenue realisation”, followed by China, states Transparency Market Research (TRM).

Africa was the second largest market, with Kenya, South Africa, Ghana and Nigeria spearheading it with the need for clean and reliable off-grid electricity.

Europe was the third largest market in terms of market share last year. Germany and the UK “were the leading countries with highest revenue realisation from solar street lighting in 2015”, TRM adds.

Africa is expected to witness “significant growth in the near future” and is forecast to surpass the growth rate of the Asia Pacific market by 2018.