Solar Street Lighting Market to Register Growth due to Falling Cost of Solar Panels

Who isn’t aware about the pitfalls and harms of the increased usage of fossil fuels for harnessing energy these days?! Today, topics such as energy efficiency, sustainable living, and production of energy using renewable sources are pretty common, which is certainly necessary. It is high time that each and every person starts thinking about using clean energy, and that too, efficiently.

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One of the major technologies that have been developed for generating clean energy is those which help in the utilization of solar power. The sun is capable of providing sufficient amount of energy for powering up both residential and commercial buildings.

As per the International Energy Agency, the use of renewable energy is expected to increase by 50% during 2019–2024, with solar energy leading the charge. Photovoltaic (PV) panels have become quite popular these days, and several buildings are increasingly making their use for a number of applications.

Other than this, solar energy is also being used in street lighting applications, as such street lights offer a better value for cost, provide optimum lighting, are easy to install, and require low maintenance. Due to these advantages, the global solar street lighting market is projected to grow considerably in the coming years, according to P&S Intelligence.

One of the primary reasons for this growth is the falling prices of solar panels, which is ascribed to the improvement in the manufacturing process. In 2009, the cost of a solar panel installation was $8.50 per watt, which has now fallen by over 65%, to $2.96 per watt.

Other than this, the efficiency of solar panels has also increased significantly since the emergence of the technology, thereby resulting in the widening application areas for solar energy, including street lighting. Today, solar street lights can run from dusk till dawn and even during winters or after a hurricane.