What if we could use the power of the sun to light our world? Today, solar light energy powers everything from our homes to our cars, but to truly light up the world, we need a massive expansion of solar technologies. Build a solar light that can generate power even in the darkest areas of the world, and use the power of the sun to illuminate the future. In the future, solar lights will become more affordable and accessible to all because of continuous improvements in their efficiency and cost-effectiveness. The socioeconomic benefits of solar light energy are becoming more apparent to people now and using your energy responsibly is of utmost importance in the current climate. Many people are recognizing the potential of solar street lights, and both all-in-one and integrated solar street lights are being used for public and private lighting.
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Why is the solar lighting market in demand?
- Demand for solar lighting products grew rapidly during the last decade as the price of solar light energy plummeted, and the technology improved.
- It remains to be seen whether the growing demand for solar lighting products will outstrip the global potential supply.
- Another reason for the demand for solar lighting products has grown steadily in the last decade, as consumers increasingly embrace solar light energy and the economics of thin film solar technologies have improved.
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These improvements come as the solar industry has grown by leaps and bounds, and as people have become increasingly interested in going solar. As a result, the solar light industry is poised to boom in the near future. It has the potential to be among the world’s hottest growth industries, as long as demand in India continues to grow, and as long as solar equipment manufacturers continue to improve their features.
Estimation of Growth in Business
Demand for solar lighting is projected to grow by 6% in the next five years. As per the U.S. Department of Energy, this demand is expected to reach $1.3 billion by 2020, a 100% increase from 2016. The rise in solar lighting sales is due to growing markets, changing economics, rising energy costs, and an increasing demand to reduce energy waste due to climate change.
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The solar lighting market is seen to be reaching a CAGR of 15.6% from USD 5.2 billion in 2019 to USD 10.8 billion in 2024.
Coming Future of Solar Lights in India
Today, solar street lights use energy-efficient lithium-ion or LiFePO4 batteries that are integrated into the solar lighting system instead of heavy, maintenance-intensive lead acid batteries.
- As battery technology advances, we may see lighter, more powerful batteries in the future, as well as lower prices for solar lights due to continuous improvements in solar light
- In the coming decades, we can expect better motion sensor features and elegant designs on all-in-one solar street lights, since they do not require professional installation.
- Solar markets in India are ideal due to the abundance of sunlight and the large population.
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Several corporations have now entered the solar sector in different states across the country. More consumers and businesses will invest in renewable energy if the government of India provides more support and solar equipment is more affordable.
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