Outdoor Solar LED Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 23.32 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Outdoor Solar LED Market Analysis
The Global Outdoor Solar LED market is expected to register a CAGR of 23.32% during the forecast period. One of the main factors influencing market growth is the rising popularity of LEDs for outdoor lighting settings, particularly in street light applications, due to improved quality and efficiency. The growing use of solar energy as a renewable source for lighting across nations is likely to spur market expansion.
- The adoption of outdoor solar LED products is likely driven by the increased implementation of several smart city development plans, opening up opportunities for vendors in this market. Additionally, the government's expanding initiatives and investments to raise public awareness of the advantages of solar lights present a chance for the market to grow over the forecast period.
- Moreover, the market is anticipated to grow due to increasing awareness about the benefits of using renewable energy sources to reduce pollution and the effects of global warming. The market is expanding due to the falling price of LEDs and the growing use of solar-powered LEDs in developing nations.
- It also accelerates consumer adoption of solar lighting. For instance, Electric Company (PG&E) and Pacific Gas offer customers in non-residential projects who ensure to use Outdoor Solar LED lights extended financial assistance in the form of interest-free loans. Governments in numerous nations are also replacing outdated, conventional streetlights with solar LED lights due to their low maintenance requirements.
- The COVID-19 pandemic had a significant effect on the outdoor solar LED market, but a number of ongoing solar LED lighting initiatives also increased demand and helped the market bounce back after the pandemic. The market, however, benefited from regional government initiatives to guarantee the continuation of ongoing projects during lockdowns.
- Additionally, it is anticipated that factors like falling battery prices, LED lighting costs, product design innovations, and increases in the lighting efficacy of landscape lighting products will lower the price of solar LED components. Municipalities in underdeveloped and developing regions are anticipated to choose solar LEDs due to the price decline and additional advantages, including solar LEDs' increased lifespan, simplicity of installation, and low maintenance and operating costs.
- However, the problems impeding the market's expansion are the high initial costs, the lack of understanding regarding financing and payback, and the reliance on the weather. One of the leading obstacles to the growth of the outdoor solar LED industry is the absence of institutionalization plans for LEDs worldwide. To promote the use of significant inventions, governments in some nations have put in place strict regulations; however, they have refrained from institutionalizing their actions.
Outdoor Solar LED Market Trends
This section covers the major market trends shaping the Outdoor Solar LED Market according to our research experts:
Solar LED Street Lights are Anticipated to Grow at the Robust Pace
- Solar LED streetlights are the market segment with the largest share. The market's growth is fueled by the government's installation of Solar LED street lights in various cities, particularly close to local municipalities worldwide.
- Additionally, expenditures in projects to upgrade the road infrastructure in various countries will stimulate segment growth. In order to finance the installation of solar street lights and promote segment expansion, several local governments from various countries also look at Public-Private Partnerships (PPP).
- The demand for solar LEDs in the commercial sector is anticipated to rise as investments in infrastructure development initiatives for solar street lighting increase. Additionally, several utilities, the federal government, and local governments provide tax breaks and incentive programs to commercial users to encourage the use of solar LED lights. Thus, the demand for solar LEDs is anticipated to increase in the commercial sector over the forecast period to facilitate the adoption of renewable energy systems and energy efficiency.
- For instance, in October 2022, the City of Princeton, Texas, installed 37 smart off-grid solar street lights in the Princeton Municipal Park, located around the Municipal Center. The city has improved its local infrastructure in an effort to increase energy resilience and promote sustainable alternatives. EnGoPlanet, a Houston-based manufacturer, makes solar-powered LED streetlights that don't need any wiring and are powered entirely by solar energy.
- Furthermore, products with increased lighting intensity and low power consumption have been developed as a result of ongoing innovation, and this is what is anticipated to fuel the segment's growth over the forecast period. The demand for replacing outdated street lighting systems with energy-efficient lighting solutions is also a major factor in the segment's growth.
Asia Pacific to Witness the Significant Growth
- The Asia Pacific market is proliferating and holds a significant share of the global solar outdoor LED lighting market. The increased efforts to reduce carbon emissions by increasing renewable technologies can be attributed to the market growth in the Asia Pacific region. Additionally, it is anticipated that technological advancement in LED lighting solution design will fuel the market in the Asia Pacific.
- China led the regional market's growth, and the trend is anticipated to last throughout the forecast period. The regional market expansion can be attributed to the rising number of smart cities, infrastructure, and city expansion projects in several regional nations. Government efforts to implement street lighting solutions in rural and urban markets in China, India, and Southeast Asian countries have accelerated; this is expected to support market expansion.
- For instance, India's solar LED street lighting market will expand significantly due to strict government rules regarding the use of renewable energy sources and the rising popularity of environmentally friendly technologies. According to a report by the India Brand Equity Foundation (IBEF), India intends to produce 175 GW of energy from renewable sources by 2022, of which 100 GW will come from solar energy. The solar LED lighting market will also grow due to reforms and policies, such as the Deendayal Upadhyaya Gram Jyoti Yojana for rural electrification.
- Due to the advantages of outdoor solar LED lights over traditional outdoor lights, the post-pandemic global market appears promising in Asia-Pacific and several other nations.
- Additionally, as the area's population is expanding quickly, investments are being made in infrastructure development, which raises demand for outdoor solar LEDs. Manufacturers and governments from many nations actively seeking cost-effective energy production are drawn to the recent innovations that revolve around integrating solar systems with greener energy sources.
Outdoor Solar LED Industry Overview
- The market for outdoor solar LED features is fragmented because there are many solar LED lighting vendors in this market. The increasing demand for renewable energy sources encourages market vendors to concentrate on opportunities for the international export of their solar LED products. Important players like SOKOYO, Signify Holding, and Sunna Design SA participate in numerous trade shows and exhibitions worldwide to grow their businesses.
- In November 2022, Signify added twelve new lamps and luminaires to its "Ultra Efficient" line of LEDs that it claims are up to 50% more efficient than its standard LED offerings. The new products include two indoor diamond cut luminaires, two outdoor arbor luminaires, and two outdoor solar-powered Tyla luminaires.
- In June 2022, SBM-SolarTech made available for purchase the Model D-143, the fourth generation of solar road studs. Road construction companies use solar road studs flashing LED lighting to mark centerlines and edges of roads. Road studs with embedded solar lights significantly increase traffic safety and effectiveness. Through actual use, solar-powered road studs have been shown to reduce accident rates and the likelihood of route errors.
Outdoor Solar LED Market Leaders
-
CREE Lighting
-
Gamasonic
-
Hubbell Outdoor
-
Ligman Lighting
-
Sokoyo Solar Lighting Co. Ltd.
*Disclaimer: Major Players sorted in no particular order
Outdoor Solar LED Market News
- July 2022: A Baghdad-based power company was awarded a contract on July 12 to provide solar-powered street lights to western Iraq. Ummet Al Salam Co. Ltd. will supply and install street lights that run on solar power in Anbar province. The USD 362,620 contract is from the United Nations Office for Project Services. Iraq could become electricity self-sufficient with the aid of solar energy.
- January 2022: Kuro, a new solar-powered outdoor lantern from British lighting company Astro, has a simple design that will go with any decor. The Kuro lantern has a shape similar to a traditional lantern but has a simple, modern form and a hidden LED light that directs light downward from its top.
Outdoor Solar LED Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
-
4.2 Industry Attractiveness -Porter's Five Forces Analysis
- 4.2.1 Threat of New Entrants
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Bargaining Power of Suppliers
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
-
5.1 Market Drivers
- 5.1.1 Solar Street Lighting is becoming More and More Popular
- 5.1.2 Rise in Number of Smart City Projects and Highway and Road Infrastructure
- 5.1.3 The decline in Prices of Solar Panels and LEDs
-
5.2 Market Challenges
- 5.2.1 Initial Deployment Costs and Impact due to Climate Change
6. MARKET SEGMENTATION
-
6.1 Application
- 6.1.1 Solar LED Street Lights
- 6.1.2 Solar Garden LED Lights
- 6.1.3 Solar LED Floodlights
- 6.1.4 Solar LED Area Lights
- 6.1.5 Solar LED Spot Lights
-
6.2 Wattage
- 6.2.1 Less than 39W
- 6.2.2 40W to 149W
- 6.2.3 More than 150W
-
6.3 End User Industry
- 6.3.1 Residential
- 6.3.2 Commercial
- 6.3.3 Industrial
-
6.4 Geography
- 6.4.1 North America
- 6.4.2 Europe
- 6.4.3 Asia Pacific
- 6.4.4 Rest of The World
7. COMPETITIVE LANDSCAPE
-
7.1 Company Profiles
- 7.1.1 CREE Lighting
- 7.1.2 Gamasonic
- 7.1.3 Hubbell Outdoor
- 7.1.4 Ligman
- 7.1.5 Greenshine New Energy
- 7.1.6 Jiawei
- 7.1.7 LEADSUN
- 7.1.8 OkSolar
- 7.1.9 SBM-SolarTech
- 7.1.10 SEPCO Solar Electric Power Company
- 7.1.11 Signify Holding
- 7.1.12 Sokoyo Solar Lighting Co. Ltd
- 7.1.13 Solar Street Lights USA
- 7.1.14 Sunna Design SA
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE MARKET OUTLOOK
Outdoor Solar LED Industry Segmentation
Solar lights are outdoor LED lights that are powered by photovoltaic panels. These panels recharge a battery that supplies enough power for outdoor LED lights. As the global residential and commercial sectors experience increasing popularity and rapid expansion, there is a rising demand for solar outdoor LED lights. Solar LED lights are robust and can withstand harsh weather, temperatures, and UV rays.
Furthermore, the Outdoor Solar LED Market is segmented into Applications (Solar LED Street Lights, Solar Garden LED Lights, Solar LED Floodlights, Solar LED Area Lights, and Solar LED Spot Lights), Wattages (Less than 39W, 40W to 149W, and More than 150W), End User Industries (Residential, Commercial, and Industrial), and Geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| Application | Solar LED Street Lights |
| Solar Garden LED Lights | |
| Solar LED Floodlights | |
| Solar LED Area Lights | |
| Solar LED Spot Lights | |
| Wattage | Less than 39W |
| 40W to 149W | |
| More than 150W | |
| End User Industry | Residential |
| Commercial | |
| Industrial | |
| Geography | North America |
| Europe | |
| Asia Pacific | |
| Rest of The World |
Outdoor Solar LED Market Research FAQs
What is the current Outdoor Solar LED Market size?
The Outdoor Solar LED Market is projected to register a CAGR of 23.32% during the forecast period (2024-2029)
Who are the key players in Outdoor Solar LED Market?
CREE Lighting, Gamasonic, Hubbell Outdoor, Ligman Lighting and Sokoyo Solar Lighting Co. Ltd. are the major companies operating in the Outdoor Solar LED Market.
Which is the fastest growing region in Outdoor Solar LED Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Outdoor Solar LED Market?
In 2024, the North America accounts for the largest market share in Outdoor Solar LED Market.
What years does this Outdoor Solar LED Market cover?
The report covers the Outdoor Solar LED Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Outdoor Solar LED Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Outdoor Solar LED Industry Report
Statistics for the 2024 Outdoor Solar LED market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Outdoor Solar LED analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
