The global outdoor solar led market was valued at $6.4 billion in 2022, and is projected to reach $44.4 billion by 2032, growing at a CAGR of 21.6% from 2023 to 2032.
The outdoor solar LED lighting is an enhanced eco-friendly and cost-effective solution for illuminating outdoor spaces. Solar panels collect energy from the sun during the day, which is stored in batteries and are used to power LED lights at night. It eliminates the need for wiring and reduces energy consumption and costs.
The growth of global outdoor solar LED is majorly driven by the Increase in demand for eco-friendly and sustainable lighting solutions paired with the government initiatives and policies promoting the use of solar energy and energy-efficient lighting. Moreover, the decrease in prices of LED lighting and solar panels is expected to drive market growth. However, high initial installation costs of solar LEDs are acting as prime restraints for the growth of the global market. On the contrary, the growing adoption of smart city technologies is anticipated to provide lucrative opportunities for the outdoor solar LED industry during the forecast period.
The outdoor solar LED market is segmented into product type, voltage, end use, and region. On the basis of product type, the market is categorized into streetlights, garden lights, floodlights, wall lights, and others. On the basis of voltage, the market is fragmented into low voltage, medium voltage, and high voltage. On the basis of end use, the market is classified into residential, commercial, and industrial.
Region-wise, the outdoor solar LED market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players operating in the market Include Signify Holding, OSRAM GmbH., SOKOYO Solar Lighting Co., Ltd., OkSolar.com, SEPCO Solar Electric Power Company, LEADSUN, Polybrite - SBM NewTech Co., Ltd, Sunna Design SA, Solar Street Lights USA, and Jiawei.
The outdoor solar LED lighting is an enhanced eco-friendly and cost-effective solution for illuminating outdoor spaces. Solar panels collect energy from the sun during the day, which is stored in batteries and are used to power LED lights at night. It eliminates the need for wiring and reduces energy consumption and costs.
The growth of global outdoor solar LED is majorly driven by the Increase in demand for eco-friendly and sustainable lighting solutions paired with the government initiatives and policies promoting the use of solar energy and energy-efficient lighting. Moreover, the decrease in prices of LED lighting and solar panels is expected to drive market growth. However, high initial installation costs of solar LEDs are acting as prime restraints for the growth of the global market. On the contrary, the growing adoption of smart city technologies is anticipated to provide lucrative opportunities for the outdoor solar LED industry during the forecast period.
The outdoor solar LED market is segmented into product type, voltage, end use, and region. On the basis of product type, the market is categorized into streetlights, garden lights, floodlights, wall lights, and others. On the basis of voltage, the market is fragmented into low voltage, medium voltage, and high voltage. On the basis of end use, the market is classified into residential, commercial, and industrial.
Region-wise, the outdoor solar LED market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players operating in the market Include Signify Holding, OSRAM GmbH., SOKOYO Solar Lighting Co., Ltd., OkSolar.com, SEPCO Solar Electric Power Company, LEADSUN, Polybrite - SBM NewTech Co., Ltd, Sunna Design SA, Solar Street Lights USA, and Jiawei.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the outdoor solar led market analysis from 2022 to 2032 to identify the prevailing outdoor solar led market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the outdoor solar led market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global outdoor solar led market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Floodlights
- Spot Lights
- Others
- Street Lights
- Garden Lights
By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
By End Use
- Residential
- Commercial
- Industrial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- UK
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Greenshine New Energy
- Jiawei
- LEADSUN
- OkSolar.com
- OSRAM GmbH.
- Polybrite - SBM NewTech Co., Ltd
- SEPCO Solar Electric Power Company
- Signify Holding
- SOKOYO Solar Lighting Co., Ltd.
- Solar Street Lights USA
- Solex Energy Limited
- Sunna Design SA
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: OUTDOOR SOLAR LED MARKET, BY PRODUCT TYPE
CHAPTER 5: OUTDOOR SOLAR LED MARKET, BY VOLTAGE
CHAPTER 6: OUTDOOR SOLAR LED MARKET, BY END USE
CHAPTER 7: OUTDOOR SOLAR LED MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Outdoor Solar LED Market,' The outdoor solar led market was valued at $6.4 billion in 2022, and is estimated to reach $44.4 billion by 2032, growing at a CAGR of 21.6% from 2023 to 2032.The Outdoor solar LED Market is likely to experience a significant growth rate of 21.6% from 2023-2032 owing to increasing market demand from the commercial sector.
Outdoor solar LED lights are a form of lighting fixture that uses solar panels to turn sunlight into electricity, which powers outdoor LED lights. Due to their durability, energy economy, and ease of installation, these lights are a popular choice for outdoor lighting. The market for outdoor solar LED lights has expanded rapidly in recent years, owing to rising environmental awareness and demand for energy-efficient lighting options. The market offers a diverse range of goods, including various types of solar LED lights for residential, commercial, and industrial applications. The market for outdoor solar LED lights is likely to develop in the next years due to continuing advancements in solar technology.
Key factors driving the growth of the outdoor solar LED market include government initiatives and policies promoting the use of solar energy and energy-efficient lighting paired with the rise in demand for eco-friendly and sustainable lighting solutions. Governments globally are taking steps to promote the use of solar energy and energy-efficient lighting solutions as part of their efforts to reduce carbon emissions and promote sustainability. This includes initiatives such as tax credits, subsidies, and grants that encourage consumers and businesses to adopt renewable energy sources like solar. The promotion of solar LED lighting has been identified as a key strategy for achieving sustainable energy goals. These government initiatives have led to increased investments in the development of solar-powered LED lighting technologies, thereby driving the growth of the outdoor solar LED market.
In addition, Consumers worldwide are becoming environmentally conscious and are looking for eco-friendly and sustainable lighting solutions. Outdoor solar LED lighting solutions are a sustainable and energy-efficient lighting option that helps reduce carbon emissions and energy costs. In addition, solar LED lighting solutions do not require any electrical wiring, thereby reducing the environmental impact of the installation. The increase in demand for eco-friendly and sustainable lighting solutions is driving the growth of the outdoor solar LED lighting market. Therefore, the growing awareness regarding next-generation advanced outdoor solar LED solutions in residential and commercial sectors is expected to drive the market during the forecast period.
The market also offers growth opportunities to the key players in the market. The adoption of smart city technologies is creating new opportunities for the outdoor solar LED lighting market. Smart city technologies, such as sensors, wireless networks, and data analytics, are being integrated with solar LED lighting systems to create intelligent lighting solutions. These solutions can be remotely controlled, monitored, and optimized for energy efficiency, improving the performance of the lighting systems while reducing energy consumption. The increase in the adoption of smart city technologies is expected to drive the demand for outdoor solar LED lighting solutions, as more cities are looking for sustainable lighting solutions, thereby providing growth opportunities for the stakeholders in the coming years.
- On the basis of product type, the market is categorized into streetlights, garden lights, floodlights, wall lights, and others. By voltage, the market is fragmented into low voltage, medium voltage, and high voltage. By end use, the market is classified into residential, commercial, and industrial. Region-wise, the outdoor solar LED market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key Market Insights
- By product type, the streetlights segment was the highest revenue contributor to the market and is estimated to reach $18.5 billion by 2032, with a CAGR of 21.2%. However, the floodlights segment is estimated to be the fastest-growing segment with a CAGR of 22.9% during the forecast period.
- Based on voltage, the low voltage segment was the highest revenue contributor to the market, with $4.48 billion in 2022, and is estimated to reach $30.8 million by 2032, with a CAGR of 21.4%.
- By end use, the residential segment is expected to emerge as the fastest growing segment of the market with a CAGR of 21.3% during the period of 2023-2032. The commercial segment dominated the market in the year 2022.
- Based on region, Asia-Pacific was the highest revenue contributor, accounting for $2.25 billion in 2022, and is estimated to reach $17.1 billion by 2032, with a CAGR of 22.7%.
Companies Mentioned
- Greenshine New Energy
- Jiawei
- LEADSUN
- OkSolar.com
- OSRAM GmbH.
- Polybrite - SBM NewTech Co., Ltd
- SEPCO Solar Electric Power Company
- Signify Holding
- SOKOYO Solar Lighting Co., Ltd.
- Solar Street Lights USA
- Solex Energy Limited
- Sunna Design SA
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 340 |
| Published | May 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 6.4 billion |
| Forecasted Market Value ( USD | $ 44.4 billion |
| Compound Annual Growth Rate | 21.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
