PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1133422
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1133422
According to Stratistics MRC, the Global Outdoor Solar LED Market is accounted for $8.25 billion in 2022 and is expected to reach $33.98 billion by 2028 growing at a CAGR of 26.6% during the forecast period. Outdoor Solar LED lights are defined as the type of lights that are powered by photovoltaic panels. These panels recharge a battery that provides enough power for outdoor LED lights. The popularity of solar outdoor LED lights is growing, and the global residential and commercial sectors are expanding quickly at the same time. Extremes in temperature, weather, and UV rays are not a problem for solar LED lights' robustness.
According to the Birmingham City Council offered a contract to McCann Ltd., a U.K.-based civil engineering construction company, to upgrade Birmingham's 3,000 existing lighting units with updated LED technology and associated street lighting infrastructure.
Growing investment initiatives in the constructions
Growing investment initiatives in the construction of highways, buildings, street lights, and other industrial institutions, as well as improved population living standards, have increased this market's sales revenue. The industry has grown because to the advantages that these LED lights offer, including protection from UV radiation, resistance to temperature changes, and longer lifespan than traditional lights. The market's expansion has also been impacted by a drop in LED pricing and the widespread use of LEDs for outdoor lighting applications.
High installation costs
The market is anticipated to be constrained by lower customer demand as a result of the initial installation expenses of LED lighting. The manufacture and operation of the lights are anticipated to be impacted by the buildup of snow and dust particles on the horizontal surface of the panels, thus limiting the market's potential.
Awareness about green and energy-saving products
The usage of solar LED light products is expected to expand as a result of government measures that promote awareness of green and energy-saving solutions in commercial projects. In order to ensure the adoption of solar LED lighting, Pacific Gas and Electric Company (PG&E) has extended financial aid by offering interest-free loans to the consumers for non-residential projects. This shows enormous growth potential during the forecast period.
Lack of understanding about the weather dependency
A major barrier affecting market expansion is a lack of understanding regarding weather dependency or conditions influencing manufacturing or operation. The inadequacy of money, as well as plans for the institutionalization of solar LED lighting, are likely to stymie growth over the projection period.
Many companies are concerned about the pandemic's impact on the solar industry as a whole and its hazy future. The economic slowdown in China has also affected global output and investments in renewable energy since the country is the world's largest market for solar energy generation. The COVID-19 outbreak in India took place in the last quarter of the year, when the nation's solar project implementation was at its peak. The nation has high expectations for itself, aiming to produce 100 GW of solar energy by 2022. As of January 2020, India had about 35GW of installed solar power facilities. In a standalone solar photovoltaic street lighting system, batteries are charged using PV (photovoltaic) modules. As a result of the crisis, PV module production has slowed and solar photovoltaic cell power generation has been hampered.
The 40W to 149W is expected to be the largest during the forecast period
The 40W to 149W segment is estimated to have a lucrative growth, due to the growing demand to replace outdated street lighting systems with energy-efficient lighting options. Floodlights, street lights, and path lights are common items with power ranging from 40W to 149W and are used in tunnels, highways, streets, and path lights. The category is anticipated to grow during the projected period due to the introduction of products that offer increased illumination intensity with reduced power usage.
The residential segment is expected to have the highest CAGR during the forecast period
The residential segment is anticipated to witness the fastest CAGR growth during the forecast period, due to an increase in expenditure on residential outdoor spaces for hosting gatherings, parties, and various events. Additionally, during the course of the projection period, the adoption of outdoor solar LEDs in residential settings is anticipated to benefit from the rising popularity of decorative external lighting for yards and garden pavers. Over the course of the projection period, the segment is also anticipated to benefit from the growing use of solar PV modules that offer energy savings.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the expansion of the regional market can be ascribed to the rise in smart city, infrastructure, and city expansion projects across a number of the region's nations. Government programmes targeted at implementing street lighting solutions in China, India, and Southeast Asian nations' rural and urban markets have exploded throughout the area; this is projected to support market expansion.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period. Over the forecast period, European countries are expected to stimulate demand for solar LED streetlights. The expansion of public-private partnership programmes to raise money for solar projects in each of these nations is also projected to fuel industry expansion. Furthermore, over the coming few years, the market is anticipated to be driven by the rising demand for decorative and outdoor architectural lighting throughout Europe.
Key players in the market
Some of the key players in Outdoor Solar LED market include Greenshine New Energy Sunna Design SA, SOKOYO, Solar Street Lights USA, Signify Holding, SEPCO Solar Electric Power Company, SBM-SolarTech, OkSolar, LEADSUN, Jiawei, Solar Lighting International Inc, Solas Ray, Philips, Gamasonic, Ligman
In Dec, 2021, the leading specialist in the design and production of the solar street lights, was introduced all in one solar street light, powered using efficient technology. These light lamps are provided with the best features and specifications, ensuring high performance for the highways, during the daytime, and night, using solar energy. Additionally, these lights offer a microwave motion sensor, which is designed with an intelligent lighting mode, which is expected to best output and growth of the market during the forecast period.
In Jan, 2021, Greenshine New Energy, announced the delivery of its two new solar pathway lighting projects for public use and caught the attention of the media companies. These projects are intended to increase the safety and security in the high-foot traffic area, which will increased the usage of energy-efficiency lighting.
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Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances