PUBLISHER: Allied Market Research | PRODUCT CODE: 1344389
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344389
According to a new report published by Allied Market Research, 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 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.