Global Outdoor Solar LED Market : Industry Analysis and Forecast (2021-2027)

Global Outdoor Solar LED Market : Industry Analysis and Forecast (2021-2027)

Global Outdoor Solar LED Market Market size was valued at US$ 4.20 Bn in 2019 and the total revenue is expected to grow at 24.6% through 2021 to 2027, reaching nearly US$ 17.40 Bn.

The global Outdoor Solar LED Market market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global Outdoor Solar LED Market report also provides trends by market segments, technology, and investment with a competitive landscape.
Global Outdoor Solar LED Market Overview:

Due to the expanding environmental problems and pollution, the increased demand for energy-efficient solar LED lighting systems is driving the market growth. Another contributing element in growth is the increasing use of renewable lighting energy, which is increasing demand in developing and emerging countries. Solar LED lights offer little maintenance, are ecologically beneficial and economical. Solar energy is one of the most effective forms of limitless renewable energy, and many countries are doing a fantastic job of encouraging the use of solar panels by families and enterprises. In the UAE, Asia, the Middle East, and Africa, for several years, solar LED street lighting projects have been running. The City Council of Birmingham has given McCann Ltd. a contract to replace the existing Birmings 3.000 lighting units with updated LED technology and related street lighting infrastructure. In 2016, the UK government similarly made provision for upgrading the A-14 route between Huntingdon and Cambridge for about $2.03 billion (€1.5 billion). Prolectric Services Ltd has put up a total of 24 solar LED lights for the project.

2019 is considered as a base year to forecast the market from 2021 to 2026. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2026. 2020 is a year of exception and analyzed specially with the impact of lockdown by region.
Global Outdoor Solar LED Market Market Dynamics:

The global outdoor solar LED lighting market will probably be driven by increasing demand for reliable, economical, and eco-friendly external lighting solutions in the residential and commercial sectors during the forecast period. Outdoor solar lights use solar energy to power the LEDs, so no external electrical supply is required. The use of this feature in lighting systems is attractive. The worldwide solar outdoor LED lighting market is also estimated to propel a shift in the tendency towards using renewed technologies to lower greenhouse gas emissions throughout the projected timeframe. Several standards and guidelines have been developed by policymakers to achieve and minimize renewable emissions. Regulators in the European Union, for example, aim at reducing GHG emissions by 20% from 1990 levels by 2020, thereby boosting the use of renewables.

Certain restrictions and challenges are obstacles to the expansion of the industry. The issues hindering market growth include high initial costs, a lack of understanding of financing and payback, and weather dependency. One of the key aspects inhibiting the growth of the solar road lighting industry is the lack of LED institutionalization plans throughout the world. In certain countries, governments have granted stringent rules to promote the use of inventions that are important, but without institutionalizing decisions. The LED solar road lighting gauges will then fluctuate around the world.

Powered by photovoltaic panels, solar outdoor LED lights are mostly utilized for street lighting. Market growth is driven largely by rising consumer environmental concerns with respect to renewable energy sources, such as solar and wind energy. In addition, the growing use of solar panels should boost the growth of the industry in the near future.

Apart from targeted renewable energy integration into the grid, some nations are depending on solar street lighting to serve rural regions that are hard to cover with traditional choices. Due to extended service life, ecological operations, high energy efficiency, and low emissions, these systems have a great opportunity in the forecast period. Asia-Pacific and Africa's emerging economies are making major attempts to harness solar power and build solar power networks.
Global Outdoor Solar LED Market Segment Analysis:

Based on the light source, the Outdoor Solar LED Market is sub-segmented into LED and others (CFL and Induction). Because of its broad use in solar lighting systems, the LED segment is expected to have the most important CAGR in the projection period. Eco-friendly, durable, long-term, low UV emissions are also supplied by LEDs.

On the basis of wattage, the outdoor solar LED market is classified into three types. Less than 39W, 40W to 149W, Greater than 150W. In 2020, the 40W to 149W segment led the market, accounting for more than 39.0% of the total market. Popular goods with power between 40W and 149W include street lamps and luminaires, which may be used in tunnels, roads, and road lights. The development of goods with increased illumination intensity, with restricted energy use, has led to more developments that will fuel category expansion during the projection period. Furthermore, the growing need for up-gradation of traditional road lights with powerful illumination, solutions drive the segment's growth.

On the End User, The Outdoor Solar LED market is segmented into residential, commercial, and industrial. Commercial end-user was dominated the market in 2020, accounted for over 50.0 percent of total revenue. As expenditures on solar street lighting infrastructure development initiatives grow, demand for solar LEDs in the commercial market is expected to surge. Furthermore, to encourage and support the use of solar LED lighting, several utilities, municipalities, and local governments provide tax rebates and incentive programmes for corporate customers. As a result, solar LED demand in the commercial sector is expected to increase.

Over the projection period, the residential category is expected to grow at a stable CAGR during the forecast period. The growth of the category may be linked to an increase in expenditure on outdoor settings for arranging gatherings, parties, and a range of activities. This industry is also projected to benefit from solar PV modules that save electricity.

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On the basis of application, the Outdoor Solar LED Market is classified into Solar LED street lights, Solar LED garden lights, Solar LED floodlights, Solar LED area lights, Solar LED spotlights. In 2020, the solar LED street lighting segment led the market, with a revenue share of more than 50.0 percent. Over the forecast period, the trend is likely to continue. The increase in smart city initiatives and investments in road infrastructure upgrade operations in various nations are expected to boost sector growth. Furthermore, in order to encourage energy savings, a number of local governments across the world are pursuing Public-Private Partnerships (PPP) to acquire money for the installation of solar street lights, thus supporting sector growth.

Over the projected period, the demand for solar LEDs for gardening applications is expected to grow at a CAGR of more than 25.0 percent. The segment's growth has been helped by the availability of a wide selection of solar garden LED products at an accessible price point, a trend that is likely to continue in the coming years. In addition to affordability and product selection, the lack of complicated wire systems provides homeowners with much-needed installation freedom as compared to alternative lighting sources. In addition, the rising popularity of do-it-yourself gardening and landscaping are also boosting the segment's development.

Based on grid type, the outdoor solar LED market is differentiated into two types. On-grid and off-grid. The characteristics can be attributed to off-grid solar energy systems, which if required, convert to electricity and gather and store solar energy. The dependence on off-grid systems in many developing countries is substantial, and in those countries, governments encourage the construction and implementation of off-grid solar lights.
Global Outdoor Solar LED Market Regional Insights:

In terms of regional insight, Asia Pacific leads the market, holding more than 50% of the market in 2020. China is on top of the regional market growth. The growth of the regional market may be due to the rising number of smart cities, infrastructure development, and city expansion projects in various nations in the area. In China, India, and Southeast Asian nations, there has been a rise in government efforts focused on implementing street lighting solutions in rural and urban areas, which is likely to contribute to market growth.

Europe has the largest demand for outdoor solar LEDs, followed by the Asia Pacific. Over the projection period, the regional market is expected to maintain its position, with a CAGR of about 25.0 percent. Over the projection period, ongoing and future road and highway infrastructure development plans in the United Kingdom, Germany, France, and other European nations are projected to increase demand for solar LED streetlights. Furthermore, an increase in public-private partnership efforts to raise funds for solar projects in these countries is projected to fuel market growth. Furthermore, the market is expected to be fuelled by the growing demand for decorative and outdoor architectural lighting across Europe.

Global Outdoor Solar LED Market 1

The objective of the report is to present a comprehensive analysis of the global Outdoor Solar LED Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Outdoor Solar LED Market dynamics, structure by analyzing the market segments and project the global Outdoor Solar LED Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Outdoor Solar LED Market make the report investor’s guide.

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Global Outdoor Solar LED Market 2
Global Outdoor Solar LED Market, by Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Outdoor Solar LED Market Key Players

• Green shine New Energy
• Jiawei
• LEADSUN
• OkSolar
• SBM-SolarTech
• SEPCO Solar Electric Power Company
• Signify Holding
• SOKOYO
• Solar Street Lights USA
• Sunna Design SA
• Signify Holding
• Eaton
• Solar Electric Power Company
• Su-Kam Power System
• Clear Blue Technologies
• Jinhua Sunmaster Solar Lighting Co.Ltd

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