Portland, OR, June 22, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Solar Landscape Lighting Market by Type (Solar Post Lights, Solar Flood Lights, Solar Lanterns, Solar Deck Light, Solar Wall Lights, Solar Step Lights, Solar Walkways Lights, Solar Fence Lights, Solar Porch Lights, Solar Driveways Lights, Solar Lawn Lights, and Others), by Panel Type (Monocrystalline, Polycrystalline, and Amorphous), by Solar Power System (Off-Grid, On-Grid, and Hybrid), by End Use (Residential, Commercial, and Others), by Application (Lighting, Decoration, and Security): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global solar landscape lighting industry generated $3.0 billion in 2022 and is anticipated to generate $5.6 billion by 2032, witnessing a CAGR of 7.0% from 2023 to 2032.
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Prime Determinants of Growth:
The global solar landscape lighting market is driven by an inclination towards eco-friendly, cost-effective, and energy-efficient solutions; an increase in demand for off-grid lighting solutions; an inclination towards low-maintenance and waterproof wall lighting solutions; and an increase in demand for security-related lighting solutions. On the other hand, long-term sun exposure led to problems related to performance degradation and sunlight absorption. On the contrary, advancements in battery technology and the adoption of simple energy-conservation measures and methods will create lucrative growth opportunities in the coming years.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $3.0 Billion |
| Market Size in 2032 | $5.6 Billion |
| CAGR | 7.0% |
| No. of Pages in Report | 227 |
| Segments Covered | Type, Pannel Type, Solar Power System, End Use, Application, and Region |
| Drivers | The inclination toward eco-friendly, cost effective, and energy-efficient solutions |
| Increase in demand for off-grid lighting solutions | |
| Inclination towards the low maintenance and waterproof wall lighting solution | |
| Increase in demand for security-related lighting solutions | |
| Opportunities | Advancements in battery technology |
| Adoption of simple energy-conservation measures and methods | |
| Restraints | Long-term sun exposure led to problems related to performance degradation and sunlight absorption |
COVID-19 Scenario:
- The outbreak of COVID-19 had a negative impact on the solar landscape lighting market. Due to the subsequent global lockdowns and disruptions in the supply chain, raw materials were unavailable, which led to a halt in workforce growth.
- However, as the global situation has recovered, the demand for solar decorative lighting has been restored. This, in turn, presented various growth opportunities for companies operating in the solar landscape lighting market.
The solar post lights segment is expected to maintain its leadership throughout the forecast period-
Based on type, the solar post lights segment held the highest market share in 2022, accounting for around one-fifth of the global solar landscape lighting market, and is expected to maintain its leadership throughout the forecast period. The same segment is projected to manifest the highest CAGR of 7.6% from 2023 to 2032. Solar post lights are known for providing beautiful effects and a relaxing vibe to any garden, which drives the demand for solar post lights products in the market. The ability of solar post lighting to significantly improve security and adorn gardens is anticipated to propel the solar post lights segment expansion in the solar landscape lighting market during the forecast period. Improvement in the battery storage technology in the solar post lights is expected to create growth opportunities for this segment.
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The monocrystalline segment is expected to maintain its lead position throughout the forecast period-
Based on pannel type, the monocrystalline segment accounted for the largest share in 2022, contributing to around half of the global solar landscape lighting market, and is expected to maintain its lead position throughout the forecast period. However, the same segment would also cite the fastest CAGR of 7.3% from 2023 to 2032. The growth is attributed to monocrystalline solar panels, which can hold a high-power capacity and work efficiently. Monocrystalline solar panels can reach efficiencies higher than 20%, making them the most efficient panel on the market. Monocrystalline solar panels tend to generate more power than other types of panels, as they come with higher-wattage modules with more than 300 watts of power capacity.
The off-grid segment to rule the roost by 2032-
Based on solar power system, the off-grid segment accounted for the largest share in 2022, nearly three-fourths of the global solar landscape lighting market, and is projected to rule the roost by 2032. The same segment would portray the fastest CAGR of 7.1% from 2023 to 2032. This is due to the fact that off-grid systems help lower the burden of electricity costs, as no electricity bill is attached to the off-grid. Off-grid systems operate independently as the system is powered by batteries, which are already installed in off-grid solar illumination solutions.
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Asia-Pacific 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 solar landscape lighting market, and is likely to dominate the market during the forecast period. The same region, simultaneously, is expected to witness the fastest CAGR of 7.2% from 2023 to 2032. The Asia-Pacific solar landscape lighting market share will be prominently driven by an increase in focus on the design and technology of solar products. Solar energy is considered the most feasible and environmentally friendly energy option for a region. Ongoing R&D activities towards solar energy storage, collection, and transportation technologies are projected to boost the demand for solar landscape lighting in the region.
Leading Market Players:
- Lee Valley Tools Ltd.
- Wentronic GmbH
- LITOM
- Smart Detect UK
- LYX – Luminaires
- LEDVANCE GmbH. As a subsidiary of MLS CO, LTD
- CGC Interiors
- Koninklijke Philips N.V.
- SDD HONGKONG TRADING LIMITED
- Hugo Brennenstuhl GmbH and co. kg
- Kon Lighting
- Fonroche Lighting America, Inc.,
- Greenshine New Energy
- Wipro Lighting
The report provides a detailed analysis of these key players in the global solar landscape lighting market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, 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 portfolios, and strategic moves of market players to showcase the competitive scenario.
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