Solar Street Lighting Market worth USD 48.31 Billion by 2027

According to a comprehensive research report by Market Research Future (MRFR) the Solar Street Lighting market is projected to be worth USD 48.31 Billion by 2027, registering a CAGR of 21.93% during the forecast period (2021 - 2027), The market was valued at USD 12.15 billion in 2020.

Solar energy in the last two decades has experienced noteworthy growth. However, the outbreak has disrupted this momentum considerably. Governments are tackling such challenges and determining the pace of solar energy deployment in the future.

At large, the solar industry impacted by the effect of the pandemic and its uncertainty has resulted in concern for most businesses. Further, China being the largest market for generation of solar energy, the slowdown in the economic growth in the country has impacted the overall renewable energy investment and generation globally.

With regards to India, the outbreak has hit at a time when the solar project execution in the country is at its highest in the financial year’s last quarter. India has ambitious targets to attain the 100GW solar energy target by 2022. In January 2020, the country has installed about 35GW of solar energy projects.