Global Solar Lighting System Market: Overview
In several developed as well as developing countries, the financial support offered by governments in the form of subsidies for augmenting use of alternatives such as renewable sources of energy. These several campaigns, programs, and schemes, which are initiated by the organizations such as International Finance Corporation and World Bank for promoting the use of solar power, are fuelling growth of the solar street lighting market.
Global Solar Lighting System Market: Notable Developments
Some of the key players in the global solar lighting system market include Signify Holding, Sol Inc., Solar Electric Power Company, Eaton Corporation Inc, SunMaster Solar Lighting Co.,Ltd., Su-Kam Power Systems Ltd., Clear Blue Technologies Inc, Solar Street Lights USA, and SolarOne Solutions, Inc.
Newer projects implemented by government are helping the market to expand at a most lucrative CAGR in the coming years:
The government in Zimbabwe is increasingly taking steps for expansion of renewable energy based electricity generation to meet power demand by eliminating shortage and electricity cut cases. But a lack of effective policies coordinating this expansion has poised the adoption to some extent. However, the government has a target to get at least 1,575 megawatts of power from solar by the end of 2030.
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Currently, several smart city projects are underway, especially in the developing countries such as India is benefiting the market growth. Additionally, the projects across Amsterdam, San Francisco, Caofeidian, Barcelona, Lavasa, Konza, Kashiwanoha, Beijing, Masdar, Santander, Shanghai, and Sant Cugat del Vallès are helping the market players to tap opportunities in the market.
The Brazilian Development Bank (BNDES), the Ministry of New and Renewable Energy (MNRE), the Institute for Planning and Promotion of Energy Solutions (IPSE), and the Jawaharlal Nehru National Solar Mission (JNNSM) are some of the entities assisting and playing crucial role in the advancement of the global solar lighting system market.
Global Solar Lighting System Market: Drivers and Restraints
Exacting guidelines with respect to carbon emanations and positive government support toward selection of sustainable power sources are the main considerations behind the development of the solar road lighting market over the globe. Legislatures of numerous nations, including China, India, and the U.S., have stringent guidelines and plans, for example, feed-in duties and amount based sustainable portfolio models. Further, a few countries are taking activities to advance the utilization of sustainable power sources, for example, wind and daylight. An objective to lessen carbon impression in nature, which is ascending because of the utilization of non-sustainable wellsprings of vitality, has been set, subsequently making the adherence to the guidelines increasingly stringent.
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This immense necessity for power can be taken into account by independent systems, which don't require lattice network; rather, these create control by taking the vitality straightforwardly from the sun. This is the reason that the independent solar road lighting market is developing over the globe, offering sufficient degree for development to the players working inside.
The absence of LED institutionalization strategy over the world is one of the main considerations hampering the development of the solar road lighting market. Governments in a few countries have passed stringent laws to advance the utilization of vitality proficient innovations, however without institutionalizing item determinations. Subsequently, the gauges for LED solar road lights fluctuate crosswise over nations.
Global Solar Lighting System Market: Geographical Analysis
Based on the region, the solar lighting system market is segmented in to five parts such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Of these, Asia Pacific is a highest potential region witnessing opportunities for solar lighting systems market owing to emergence and adoption of newer technologies in the region. Countries such as China, India, Japan, Australia, and South Korea are starting initiatives for deploying the alternative options for conventional electricity providing sources. China is the largest solar lighting system market among the countries in the region for adopting newer and implementing solar lighting system solutions.
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