Portland, OR, May 12, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Outdoor Solar LED Market By Product Type (Street Lights, Garden Lights, Floodlights, Wall Lights, and Others), Voltage (Low Voltage, Medium Voltage, and High Voltage), and End Use (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 202-2032". According to the report, the global outdoor solar LED industry generated $6.4 billion in 2022 and is expected to generate $44.4 billion by 2032, witnessing a CAGR of 21.6% from 2023 to 2032.
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Prime Determinants of Growth
The growth of the global Outdoor Solar LED market is driven by factors such as the decreasing prices of LED lighting and solar panels, government initiatives, and policies promoting the use of solar energy and energy-efficient lighting. However, the high initial installation costs of solar LEDs limit their adoption, thereby hampering the market growth. The growing adoption of smart city technologies is projected to create lucrative opportunities to expand the outdoor solar LED market during the forecast period.
Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $6.4 billion |
| Market Size in 2032 | $44.4 billion |
| CAGR | 21.6% |
| No. of Pages in Report | 340 |
| Segments Covered | Product Type, Voltage, End Use, and Region. |
| Drivers | Increase in demand for eco-friendly and sustainable lighting solutions |
| Decrease in prices of LED lighting and solar panels | |
| Government initiatives and policies promoting the use of solar energy and energy-efficient lighting | |
| Opportunities | The surge in the adoption of smart city technologies |
| Restraints | High initial installation costs |
COVID-19 Scenario:
- The COVID-19 pandemic had a mixed impact on the outdoor solar LED market, the increased demand for outdoor lighting because of the pandemic-related restrictions led to a surge in demand for solar LED lighting products.
- In contrast, the disruptions in the global supply chain and manufacturing caused by the pandemic led to a shortage of key components, such as solar panels and batteries, and increased the prices of these products.
- The long-term outlook for the outdoor solar LED market remains positive, driven by factors such as increasing urbanization, growing demand for energy-efficient lighting solutions, and government initiatives promoting renewable energy.
The Streetlights segment to maintain its leadership status throughout the forecast period.
Based on product type, the street lights segment held the highest market share in 2022, accounting for more than two-fifths of the global outdoor solar LED market revenue, and is estimated to maintain its leadership status throughout the forecast period. Surge in demand for public safety and security in urban areas is expected to fuel the demand for outdoor solar LED streetlights. However, the floodlights segment is projected to manifest the highest CAGR of 22.9% from 2023 to 2032, owing to the rise in the adoption of intelligent lighting systems paired with the rise in government efforts to promote renewable energy and energy-efficient lighting.
The Low Voltage segment to maintain its leadership status throughout the forecast period.
Based on voltage, the low voltage segment held the highest market share in 2022, accounting for more than two-thirds of the global outdoor solar LED market, and is estimated to maintain its leadership status throughout the forecast period. The rise in demand for low voltage outdoor solar LED solutions in residential and commercial sectors in emerging economies such as India, Japan, Brazil, France, and others drives the growth of the segment. However, the medium voltage segment is projected to manifest the highest CAGR of 22.8% from 2023 to 2032, owing to the increasing focus on energy-efficient solutions, advancements in technology, government incentives, and growing demand for smart lighting systems.
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The Commercial segment maintained its lead position during the forecast period.
Based on end use, the commercial segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global outdoor solar LED market. The same segment is estimated to showcase the fastest CAGR of 22.1% throughout the forecast time period. The growth is attributed to the need for energy-efficient and cost-effective lighting solutions and an increase in demand for intelligent lighting systems that can be easily controlled and monitored.
Asia-Pacific region to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global outdoor solar LED market revenue and is likely to dominate the market during the forecast period. Furthermore, the same region is expected to witness the fastest CAGR of 22.7% from 2023 to 2032.This is due to factors such as rapid urbanization, rising demand for sustainable solutions, abundant solar energy resources, investment in infrastructure development, use in agriculture, and a diverse range of applications.
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Leading Market Players:
- 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
- Jiawei
The report provides a detailed analysis of these key players in the global outdoor solar LED market. These players have adopted different strategies such as new product launches, partnerships, product development, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the outdoor solar led market analysis from 2022 to 2032 to identify the prevailing outdoor solar led market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the outdoor solar led market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global outdoor solar led market trends, key players, market segments, application areas, and market growth strategies.
Outdoor Solar LED Market Key Segments:
By Product Type:
- Street Lights
- Garden Lights
- Floodlights
- Spot Lights
- Others
By Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
By End Use:
- Residential
- Commercial
- Industrial
By Region:
- North America (U.S., Canada, and Mexico)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East and Africa)
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