Market Size of Outdoor Solar LED Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 23.32 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Outdoor Solar LED Market Analysis
The Global Outdoor Solar LED market is expected to register a CAGR of 23.32% during the forecast period. One of the main factors influencing market growth is the rising popularity of LEDs for outdoor lighting settings, particularly in street light applications, due to improved quality and efficiency. The growing use of solar energy as a renewable source for lighting across nations is likely to spur market expansion.
- The adoption of outdoor solar LED products is likely driven by the increased implementation of several smart city development plans, opening up opportunities for vendors in this market. Additionally, the government's expanding initiatives and investments to raise public awareness of the advantages of solar lights present a chance for the market to grow over the forecast period.
- Moreover, the market is anticipated to grow due to increasing awareness about the benefits of using renewable energy sources to reduce pollution and the effects of global warming. The market is expanding due to the falling price of LEDs and the growing use of solar-powered LEDs in developing nations.
- It also accelerates consumer adoption of solar lighting. For instance, Electric Company (PG&E) and Pacific Gas offer customers in non-residential projects who ensure to use Outdoor Solar LED lights extended financial assistance in the form of interest-free loans. Governments in numerous nations are also replacing outdated, conventional streetlights with solar LED lights due to their low maintenance requirements.
- The COVID-19 pandemic had a significant effect on the outdoor solar LED market, but a number of ongoing solar LED lighting initiatives also increased demand and helped the market bounce back after the pandemic. The market, however, benefited from regional government initiatives to guarantee the continuation of ongoing projects during lockdowns.
- Additionally, it is anticipated that factors like falling battery prices, LED lighting costs, product design innovations, and increases in the lighting efficacy of landscape lighting products will lower the price of solar LED components. Municipalities in underdeveloped and developing regions are anticipated to choose solar LEDs due to the price decline and additional advantages, including solar LEDs' increased lifespan, simplicity of installation, and low maintenance and operating costs.
- However, the problems impeding the market's expansion are the high initial costs, the lack of understanding regarding financing and payback, and the reliance on the weather. One of the leading obstacles to the growth of the outdoor solar LED industry is the absence of institutionalization plans for LEDs worldwide. To promote the use of significant inventions, governments in some nations have put in place strict regulations; however, they have refrained from institutionalizing their actions.
Outdoor Solar LED Industry Segmentation
Solar lights are outdoor LED lights that are powered by photovoltaic panels. These panels recharge a battery that supplies enough power for outdoor LED lights. As the global residential and commercial sectors experience increasing popularity and rapid expansion, there is a rising demand for solar outdoor LED lights. Solar LED lights are robust and can withstand harsh weather, temperatures, and UV rays.
Furthermore, the Outdoor Solar LED Market is segmented into Applications (Solar LED Street Lights, Solar Garden LED Lights, Solar LED Floodlights, Solar LED Area Lights, and Solar LED Spot Lights), Wattages (Less than 39W, 40W to 149W, and More than 150W), End User Industries (Residential, Commercial, and Industrial), and Geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
Application | |
Solar LED Street Lights | |
Solar Garden LED Lights | |
Solar LED Floodlights | |
Solar LED Area Lights | |
Solar LED Spot Lights |
Wattage | |
Less than 39W | |
40W to 149W | |
More than 150W |
End User Industry | |
Residential | |
Commercial | |
Industrial |
Geography | |
North America | |
Europe | |
Asia Pacific | |
Rest of The World |
Outdoor Solar LED Market Size Summary
The outdoor solar LED market is experiencing significant growth, driven by the increasing adoption of solar energy for outdoor lighting applications, particularly in street lighting. This growth is fueled by the rising popularity of LEDs due to their improved quality and efficiency, as well as the growing awareness of the environmental benefits of renewable energy sources. The market is further bolstered by the implementation of smart city development plans and government initiatives aimed at promoting solar lighting solutions. These efforts are supported by the declining costs of LEDs and solar-powered systems, making them more accessible in developing regions. Despite challenges such as high initial costs and reliance on weather conditions, the market is poised for expansion as municipalities and commercial sectors increasingly adopt solar LED solutions to enhance energy efficiency and reduce carbon footprints.
The Asia Pacific region is a key player in the global outdoor solar LED market, with China leading the charge due to its extensive smart city and infrastructure projects. The region's growth is supported by technological advancements in LED lighting solutions and government policies promoting renewable energy. Countries like India are witnessing significant market expansion due to strict regulations on renewable energy use and infrastructure development initiatives. The market's fragmented nature sees numerous vendors actively participating in international trade to capitalize on the growing demand for solar LED products. Innovations in solar lighting technology, such as those introduced by companies like Signify and SBM-SolarTech, are further driving market growth by offering more efficient and effective lighting solutions.
Outdoor Solar LED Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Industry Attractiveness -Porter's Five Forces Analysis
-
1.2.1 Threat of New Entrants
-
1.2.2 Bargaining Power of Buyers
-
1.2.3 Bargaining Power of Suppliers
-
1.2.4 Threat of Substitute Products
-
1.2.5 Intensity of Competitive Rivalry
-
-
1.3 Impact of COVID-19 on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 Application
-
2.1.1 Solar LED Street Lights
-
2.1.2 Solar Garden LED Lights
-
2.1.3 Solar LED Floodlights
-
2.1.4 Solar LED Area Lights
-
2.1.5 Solar LED Spot Lights
-
-
2.2 Wattage
-
2.2.1 Less than 39W
-
2.2.2 40W to 149W
-
2.2.3 More than 150W
-
-
2.3 End User Industry
-
2.3.1 Residential
-
2.3.2 Commercial
-
2.3.3 Industrial
-
-
2.4 Geography
-
2.4.1 North America
-
2.4.2 Europe
-
2.4.3 Asia Pacific
-
2.4.4 Rest of The World
-
-
Outdoor Solar LED Market Size FAQs
What is the current Outdoor Solar LED Market size?
The Outdoor Solar LED Market is projected to register a CAGR of 23.32% during the forecast period (2024-2029)
Who are the key players in Outdoor Solar LED Market?
CREE Lighting, Gamasonic, Hubbell Outdoor, Ligman Lighting and Sokoyo Solar Lighting Co. Ltd. are the major companies operating in the Outdoor Solar LED Market.