The global Outdoor Solar LED market size is expected to be worth around US$ 34.75 billion by 2030, according to a new report by Vision Research Reports.
The global Outdoor Solar LED market size was valued at US$ 10.36 billion in 2020 and is anticipated to grow at a CAGR of 30.6% during forecast period 2021 to 2030.
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.
In terms of application, the solar LED street lights segment dominated the market in 2020, capturing a revenue share exceeding 51.0%. The trend is expected to continue over the forecast period.
The demand for solar LEDs for gardening applications is estimated to witness a CAGR exceeding 30.0% 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. In addition to cost and product range, the absence of complex wiring structures offers much-needed installation flexibility to homeowners compared to other sources of lighting. Furthermore, a growing preference for DIY gardening and landscaping is contributing to the segment growth.
The 40W to 149W segment dominated the market in 2020, accounting for more than 49.0% share of the overall market. Popular products having power between 40W to 149W are floodlights, streetlights, and path lights that find applications across tunnels, highways, streets, and path lights. Continued innovations have led to the development of products offering higher lighting intensity with limited power consumption, which is expected to drive the growth of the segment over the forecast period. Additionally, the rising demand to upgrade traditional street lighting systems with power-efficient lighting solutions is driving the growth of the segment.
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. Furthermore, the availability of a diverse range of power-efficient and DIY solar LEDs suitable for wall and garden lighting applications is driving the segment growth.
The commercial end-use segment dominated the market in 2020, accounting for more than 60.0% 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. Furthermore, to promote and encourage the adoption of solar LED lights, several utilities, government, and local bodies offer tax rebates and incentive schemes to commercial users. Thus, to facilitate the adoption of renewable energy systems and energy efficiency, the demand for solar LEDs is expected to grow in the commercial space over the forecast period.
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. Moreover, the growing popularity of decorative exterior lightings for yards and garden pavements is expected to promote the adoption of outdoor solar LEDs in residential settings over the forecast period. Additionally, the increased adoption of solar PV modules that offer energy savings is also expected to work in favor of the segment over the forecast period.
Asia Pacific dominated the market accounting for more than 50.0% revenue share in 2020. China led the regional market growth and the trend is expected to continue over the forecast period. The increasing number of smart cities, infrastructure development, and city expansion projects in several countries in the region can be attributed to the growth of the regional market. The region has witnessed a surge in government initiatives aimed at deploying street lighting solutions in rural as well as the urban market in China, India, and Southeast Asian countries, which is expected to contribute to market growth.
|Market Size||US$ 34.75 billion by 2030|
|Growth Rate||CAGR of 30.6% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Application , Wattage , End-use, Region|
|Companies Mentioned||Greenshine New Energy, Jiawei, LEADSUN, OkSolar, SBM-SolarTech, SEPCO Solar Electric Power Company, Signify Holding, SOKOYO, Solar Street Lights USA, Sunna Design SA|
Greenshine New Energy
SEPCO Solar Electric Power Company
Solar Street Lights USA
Sunna Design SA
Solar LED Street Lights
Solar Garden LED Lights
Solar LED Floodlights
Solar LED Area Lights
Solar LED Spot Lights
Less than 39W
40W to 149W
More than 150W
The Outdoor Solar LED market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Outdoor Solar LED market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Outdoor Solar LED market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Outdoor Solar LED market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Outdoor Solar LED market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Outdoor Solar LED capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Outdoor Solar LED by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Outdoor Solar LED market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Outdoor Solar LED market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Outdoor Solar LED market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Outdoor Solar LED industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Outdoor Solar LED market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Outdoor Solar LED market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Outdoor Solar LED market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Outdoor Solar LED market. These factors have benefited the growth of the global market for Outdoor Solar LED. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Outdoor Solar LED. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Outdoor Solar LED are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Circuit Protection Market (By Product: Circuit Breaker, Fuse, GFCI, HD Pro, Inrush Current Limiter, Mobile Power Protection; By Application: Agriculture, Automotive, Commercial & Residential Building, Household Appliances, HVAC, Power Generation, Recreational Vehicle (RV), Telecom; By Channel: OEM, Retail, Wholesale) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030Read more...
Industrial Refrigeration Systems Market (By Component: Compressors, Condensers, Evaporators, Controls, Others; By Capacity: Less than 100 kW, 100-500 kW, 500kW-1,000kW, 1,000kW-5,000kW, More than 5,000 kW; By Application: Refrigerated Warehouse, Food & Beverage, Chemical, Petrochemical, & Pharmaceutical, Refrigerated Transportation) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030Read more...
Webcam Market (By Product: USB, Wireless; By Technology: Analog, Digital; By Distribution Channel: Brick & Mortar, E-commerce; By End-use: Security & surveillance, Entertainment, Video conferencing, Live events, Visual marketing, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030Read more...
Smart Lighting Market (By Component: Hardware, Software, Services; By Connectivity: Wired, Wireless; By Application: Indoor, Outdoor) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030Read more...
Oxygen Flow Meters Market (By Type: Double Flange Type, Plug-in Type, Others; By Application: Healthcare, Industrial, Aerospace, Chemical, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030Read more...