Outdoor Solar LED Market: Solar LED Street Lights Segment Dominated And Capturing A Revenue Share
Outdoor Solar LED Industry Overview
The global outdoor solar LED market size is expected to reach USD 24.75 billion by 2028, registering a CAGR of 24.6% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The use of solar PV cells in urban spaces for outdoor lighting applications has substantially increased over the last couple of years. The increased demand for these products can be attributed to their benefits on the fronts of energy efficiency, maintenance cost, and power cost over traditional lighting. As of 2020, the Europe market, closely following the Asia Pacific market in terms of market size, has witnessed a slight uptick in market demand with favorable regulations and incentive schemes supporting large-scale adoption.
Such government rebates and initiatives aimed at creating awareness about green, energy-saving products are anticipated to drive the adoption of solar LED products in commercial applications. For instance, Pacific Gas and Electric Company (PG&E), a U.S.-based combined electric energy company, provides zero percent interest loans to non-residential customers for energy-saving projects, including implementing solar LED lighting systems. Similarly, the U.K. government implemented the Enhanced Capital Allowance (ECA) initiative to promote the adoption of energy-efficient lighting solutions among businesses in exchange for tax benefits.
Solar LEDs are also making their way in the DIY/decorative lights category. Several residential owners are spending on solar LEDs as a part of small-scale residential landscape projects and events. Furthermore, to promote the adoption of renewable and energy-efficient products such as solar lightings and LEDs, several utilities, and local governing bodies are offering rebates and discount schemes for residential owners. Thus, the increasing awareness about energy conservation and collaborative efforts taken by governments are likely to drive the adoption of solar LEDs in the residential sector.
Outdoor Solar LED Market Segmentation
Grand View Research has segmented the global outdoor solar LED market based on application, wattage, end-use, and region:
Based on the Application Insights, the market is segmented into Solar LED Street Lights, Solar Garden LED Lights, Solar LED Floodlights, Solar LED Area Lights, and Solar LED Spot Lights.
- The solar LED street lights segment dominated the market in 2020, capturing a revenue share exceeding 50.0%. The trend is expected to continue over the forecast period. The rise in the number of smart city projects and investments in road infrastructure improvement activities in several countries is projected to stimulate segment growth. Additionally, to promote energy savings, several local municipalities across countries are seeking Public-Private Partnerships (PPP) to secure funds for installing solar street lights, thereby favoring segment growth.
- The demand for solar LEDs for gardening applications is estimated to witness a CAGR exceeding 25.0% over the forecast period. The availability of a wide range of solar garden LED products at an affordable price point has favored the growth of the segment so far, a trend that is expected to continue in the forthcoming years.
Based on the Wattage Insights, the market is segmented into Less than 39W, 40W to 149W, and More than 150W.
- The 40W to 149W segment dominated the market in 2020, accounting for more than 39.0% share of the overall market. Popular products having power between 40W to 149W are floodlights, street lights, and path lights that find applications across tunnels, highways, streets, and path lights.
- The less than 39W segment is expected to register the highest CAGR over the forecast period. The majority of the solar LEDs with a power of less than 39W find use in wall lighting and garden lighting applications. The increasing popularity of decorative lighting among residential users to illuminate outdoor environments is anticipated to drive the segment growth.
Based on the End-use Insights, the market is segmented into Residential, Commercial, and Industrial.
- The commercial end-use segment dominated the market in 2020, accounting for more than 50.0% share of the overall revenue. Increasing investments in solar street lighting infrastructure development initiatives are expected to drive the demand for solar LEDs in commercial space.
- The residential segment is anticipated to expand at a steady CAGR over the forecast period. The rise in spending on residential outdoor settings for organizing functions, parties, and a variety of events can be attributed to the growth of the segment.
Outdoor Solar LED Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market for outdoor solar LED features a fragmented competitive landscape with the presence of several solar LED lighting vendors. The rising demand for renewable energy sources is encouraging market vendors to focus on export opportunities for their solar LED products across countries. Key players such as SOKOYO, Signify Holding, LEADSUN, and Sunna Design SA participate in several exhibitions and trade shows across countries to expand their businesses. For instance, in May 2019, SOKOYO participated in the Philippine Electric Power and Solar Photovoltaic Exhibition. At the event, the company displayed its solar lighting portfolio and its intention to export its solar lighting products to the country.
Furthermore, key players are also focusing on establishing several strategic measures such as mergers and acquisitions and partnerships to expand their businesses across regions. For instance, in March 2020, Sunna Design SA, a French solar lighting company, acquired SOL Inc., a North American solar lighting company, intending to commercialize solar LED lighting solutions across developing countries. Other prominent market players and local players are participating in auctions of different renewable energy development projects to obtain long-term contracts.
Recent developments
- On Dec 30, 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
- As stated on Jan 26, 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
- On May 14, 2021, a premium solar lighting company, Greenshine New Energy, partnered with Balboa Solutions, to offer funding, for helping their clients in making payments for the solar lighting projects. It would, however, support the overall economy, along with ensuring a reduction in carbon emissions. Thus, this development has been evaluated to provide energy-efficient solutions, and lighting for various commercial, residential, and other industrial projects
Some of the prominent players operating in the global outdoor solar LED market are:
- Greenshine New Energy
- SBM-SolarTech
- Signify Holding
- Greenshine New Energy
- Jiawei
- LEADSUN
- OkSolar
- SEPCO Solar Electric Power Company
- SOKOYO
- Solar Street Lights USA
- Sunna Design SA
Order a free sample PDF of the Outdoor Solar LED Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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