Transparency Market Research has released a new market report titled "Solar Street Lighting Market, by Volume, by Revenue - Industry Analysis, Size, Share, Growth Trends, and Forecast, 2016-2024." According to this report, the solar street lighting market revenue stood at US$2.72 bn in 2015 and is anticipated to reach US$17.78 bn by 2024 at a CAGR of 23.56% from 2016 to 2024.

       Solar street lighting is one of the best renewable energy based technologies to power street lights both in grid-based and off-grid systems. The component used for solar street light are solar pane, lighting fixture, controller, rechargeable battery, and pole. Due to their dependency on sunlight, the lighting unit needs to be installed in a shadow-free area or a place where direct sunlight is available throughout the day to sufficiently charge the batteries for one working cycle. The standalone solar photovoltaic street lighting system comprises of a re-chargeable lead acid battery for storage, PV (photovoltaic) modules for charging the battery, light source (Compact Fluorescent Lamps (CFL) and Light Emitting Diodes (LED), suitable electronics for the operation of the tamp and safe charging and discharging of the battery and mechanical hardware for fixing these sub systems. These lighting systems are available either with automatic dusk to dawn operation or with a pre-set timer. Tubular Batteries provided with the solar street lighting system require lower maintenance; have longer life and give better performance as compared to pasted plate batteries used earlier. The solar photovoltaic modules are reported to have a service life of 15-20 years.