Global Outdoor Solar LED Market Is Expected to Reach USD 25.15 billion by 2028 : Fior Markets

Outdoor Solar LED Market Size, Share & Trends Analysis Report By Application (Commercial, Residential, Others), By Wattage (Less Than 39W, 40W To 149W, More Than 150W), By Product (Solar LED Street Lights, Solar LED Garden Lights, Solar LED Flood Lights, Solar LED Area Lights, Solar LED Spotlights), By Region, and Segment Forecasts 2021 to 2028

Pune, INDIA


Newark, NJ, June 16, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global Outdoor Solar LED Market is expected to grow from USD 4.50 billion in 2020 and to reach USD 25.15 billion by 2028, growing at a CAGR of 24% during the forecast period 2021-2028.

Due to tremendous growth in the residential and commercial sectors around the world, the global demand for solar outdoor LED lighting is expanding. Furthermore, over the forecast period, rising need for sustainable energy generation and fossil fuel substitution will be significant growth factors for the global solar outdoor LED lighting market. Furthermore, as consumer preference for clean energy grows, leading players in the solar outdoor LED lighting market would see a significant increase in market share.

Photovoltaic panels are used to power solar outdoor LED lights. These panels charge a rechargeable battery that powers outdoor LED lights. With their expanding popularity and quick expansion in the residential and commercial sectors around the world, the demand for solar outdoor LED lights is continuously expanding. Solar LED lights are extremely long-lasting, withstanding fluctuations in temperature, weather, and UV rays.

The growing popularity of LEDs for outdoor lighting applications, notably in street lighting applications, is one of the major factors driving market growth. The increasing popularity of solar as a source of renewable energy for lighting in various nations is predicted to enhance market growth. As a result of the increased implementation of numerous smart city development programmes, the use of outdoor solar LED goods is expected to rise, giving potential for providers in this industry.

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The COVID-19 pandemic, on the other hand, has had a substantial impact on the outdoor solar LED market, with demand dropping year on year. Commercial and industrial solar LED projects have delayed due to a scarcity of electronic components from China. Due of the pandemic, some active solar LED lighting projects have been paused, but are expected to resume once the situation has stabilised. Furthermore, the high costs of solar outdoor LED lighting, and the associated maintenance costs, are expected to stymie the market's overall expansion.

Key players operating in global outdoor solar LED market include Solar Electric Power Company, Hollandia Power, Hubbell, Carmanah, Shenzhen Spark, Solar Lighting International Inc., Signify Holding, EXIDE Industries, Leadsun, and Osram Licht AG. To develop their operations across areas, prominent players are working on adopting different strategic measures such as mergers & acquisitions and alliances.

  • For instance, In March 2020, Sunna Design SA, a French solar lighting company, bought SOL Inc., a North American solar lighting company, with the purpose of commercialising solar LED lighting solutions in underdeveloped nations.
  • SOKOYO attended the Philippine Electric Power and Solar Photovoltaic Exhibition in May 2019. The company presented its solar lighting portfolio as well as its plans to export its solar lighting solutions to the country at the event.

Commercial segment dominated the market and held the largest market share of 52% in the year 2020
On the basis of application, the global outdoor solar LED market is segmented into commercial, residential, and others. The commercial segment dominated the market and held the largest market share of 52% in the year 2020. The demand for solar LEDs in the business space is predicted to rise as expenditures in solar street lighting infrastructure development programmes increase. Furthermore, numerous utilities, governments, and local governments give tax refunds and incentive schemes to business customers to promote and support the adoption of solar LED lighting.

40W to 149W segment dominated the market and held the largest market share of 38% in the year 2020
On the basis of wattage, the global outdoor solar LED Market is segmented into less than 39W, 40W to 149W, and more than 150W. 40W to 149W segment dominated the market and held the largest market share of 38% in the year 2020 Floodlights, streetlights, and path lights are popular products with power ratings ranging from 40 to 149 watts and are used in tunnels, highways, streets, and path lights. Constant development has resulted in the creation of products that provide higher lighting intensity with lower power consumption, which is projected to propel the market forward throughout the forecast period.

Solar LED Street Lights segment dominated the market and held the largest market share of 55% in the year 2020
On the basis of product, the global outdoor solar LED Market is segmented into solar LED street lights, garden lights, flood lights, area lights, and spotlights. Street lights segment dominated the market and held the largest market share of 55% in the year 2020. The increase in smart city initiatives and investments in road infrastructure improvement operations in numerous nations is expected to boost segment growth. Furthermore, in order to increase energy savings, a number of local governments around the world are exploring Public-Private Partnerships (PPP) to secure financing for the installation of solar street lights, hence promoting segment growth.

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Regional Segment of 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 Rest of South America)
  • Middle East and Africa (UAE, South Africa, Rest of MEA)

On the basis of geography, the global Outdoor Solar LED Market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2020, Asia Pacific dominated the market, accounting for about 41% of total revenue. China is likely to continue to lead regional market growth over the projection period. The growth of the regional market can be due to the increasing number of smart cities, infrastructure development, and city expansion projects in numerous nations in the region. In China, India, and Southeast Asian countries, there has been a spike in government programmes focused at implementing street lighting solutions in rural and urban areas, which is projected to contribute to market growth. Outdoor solar LED demand is highest in Europe, followed by Asia Pacific. Over the forecast period, the regional market is expected to maintain its dominance. Additionally, demand for solar LED streetlights will be driven by ongoing and future road and highway infrastructure development plans in the United Kingdom, Germany, France, and other European nations.

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About the report:
The global outdoor solar LED market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.

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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.

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