Newark, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global outdoor solar LED market is expected to grow from USD 7.8 billion in 2021 to USD 58.5 billion by 2030, at a CAGR of 25.1% during the forecast period 2022-2030.
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The increasing awareness regarding energy saving and green products in the commercial, industrial and residential sectors increases the need for outdoor solar LED lights. This also increases the adoption rate of solar lights among consumers. For example, Electric Company (PG&E) and Pacific Gas provide extended financial assistance with interest-free loans to customers in non-residential projects who ensure to use of solar LED lights. Many countries' governments are also changing old and conventional streetlights with solar LED lights as they require very little maintenance. For instance, the U.K. government spent around USD 2.03 billion (£1.5 billion) to upgrade the A-14 trunk road between Cambridge and Huntingdon.
Competitive Landscape:
To enhance their market position in the global outdoor solar LED market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In Jan 2021, Greenshine New Energy announced the provision of two new solar pathway lighting projects to be used by the public. The main aim of the projects is to increase security and safety in the high-foot-traffic area.
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Market growth and trends:
The increasing awareness about using renewable sources of energy to reduce pollution and global warming is expected to drive the market's growth. Furthermore, decreasing the cost of LEDs and the rising penetration of solar-powered LEDs in developing countries propels the market's growth. But the high initial installation cost of LED lights is a restraining factor for the market's growth. Many consumers decline to use these outdoor solar LED lights because of their high prices, hampering the market's growth. The growing initiative and investment by the government for making people aware of the benefits of solar lights provide an opportunity for the market's growth during the forecast period. However, the outbreak of the Covid-19 pandemic negatively affected the market as lockdown restrictions were imposed, and several industries were temporarily closed to stop the spread of the disease, challenging the market's growth. Moreover, there was a shortage of raw materials supplied by China, which challenged the market's growth.
Key Findings
● In 2021, the 40W to 149W segment dominated the market with the largest market share of 43% and market revenue of 3.3 billion.
The wattage segment is divided into less than 39W, 40W to 149W, and more than 150W. In 2021, the 40W to 149W segment dominated the market with the largest market share of 43% and market revenue of 3.3 billion. Most of the outdoor solar LED lights being used at present, such as floodlights, street lights, and path lights across streets, highways, tunnels, and roads, power between 40W to 149W, which drives the segment's growth.
● In 2021, the solar LED street lights segment accounted for the largest share of the market, with 26% and a market revenue of 3.09 billion.
The application segment is divided into solar garden LED lights, solar LED street lights, solar LED area lights, solar LED floodlights, and solar LED spotlights. In 2021, the solar LED street lights segment accounted for the largest share of the market, with 26% and market revenue of 2.0 billion. To promote renewable energy sources, the government is installing solar LED street lights in several parts of the city, especially near the local municipalities across countries, driving the segment's growth.
● In 2021, the commercial segment accounted for the largest market share, with 39% and a market revenue of 3.0 billion.
The end-user segment is divided into commercial, residential, and industrial. In 2021, the commercial segment accounted for the largest share of the market, with 39% and a market revenue of 3.0 billion. The segment has been growing owing to the increasing initiatives by the government to use solar LED streetlights in commercial spaces.
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Regional Segment Analysis of the Outdoor Solar LED Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia Pacific emerged as the largest market for the global outdoor solar LED market, with a market share of around 41% and 3.19 billion of the market revenue in 2021. The increasing investment in development activities across several countries in the Asia Pacific region, such as China and India, is expected to drive the market's growth. Furthermore, increasing demand for infrastructure development, smart cities, and city expansion projects propel the market's growth.
Key players operating in the global outdoor solar LED market are:
● Greenshine New Energy
● Signify Holding
● SBM-SolarTech
● Greenshine New Energy
● LEADSUN
● SEPCO Solar Electric Power Company
● OkSolar
● SOKOYO
● Sunna Design SA
● Solar Street Lights
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This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global outdoor solar LED market-based on the below-mentioned segments:
Global Outdoor Solar LED Market by Wattage:
● Less than 39W
● 40W to 149W
● More than 150W
Global Outdoor Solar LED Market by Application:
● Solar Garden LED Lights
● Solar LED Street Lights
● Solar LED Area Lights
● Solar LED Floodlights
● Solar LED Spot Lights
Global Outdoor Solar LED Market by End-user:
● Commercial
● Residential
● Industrial
About the report:
The global outdoor solar LED market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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