Outdoor Solar LED Market to Reach $58.5 Billion by 2030; Government Initiatives for Energy Efficient and Green Products in Commercial Projects Can Benefit Market Growth: Smart Insights
The demand for
outdoor solar LED lights in the region has been growing due to the increasing number of infrastructure developments, smart cities, and city expansion projects. This report contains relevant data and information that has been verified by leading industry professionals and experts around the world.
NEWARK, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The global outdoor solar LED market is expected to grow from $7.8 billion in 2021 to $58.5 billion in 2030, at a CAGR of $58.5 billion by 2030, according to a report released by The Brainy Insights The rate is 25.1 percent over the forecast period 2022-2030.
Rising awareness of energy efficient and green products in commercial, industrial and residential sectors has increased the demand for outdoor solar LED lights. This has also increased consumer adoption of solar lights. For example, Electric Company (PG&E) and Pacific Gas provide long-term financial assistance with interest-free loans to customers who secure non-residential projects using solar LED lights. Governments in many countries are also replacing old and traditional street lights with solar LED lights as they require little maintenance. For example, the UK government spent around $2.03bn (£1.5bn) to upgrade the A-14 arterial road between Cambridge and Huntingdon.
Market Growth and Trends:
Rising awareness of the use of renewable energy to reduce pollution and global warming is expected to drive market growth. Furthermore, decreasing the cost of LEDs and increasing penetration of solar LEDs in developing countries are propelling the growth of the market. However, the high initial installation cost of LED lamps is a factor restricting the market growth. Many consumers are refusing to use these outdoor solar LED lights due to their high prices, hindering the growth of the market. Rising government initiatives and investments to make people aware of the benefits of solar lamps provide an opportunity for the growth of the market over the forecast period. However, the outbreak of the Covid-19 pandemic has negatively impacted the market due to the imposition of lockdown restrictions, with some industries temporarily shutting down to stop the spread of the disease, posing a challenge to the market’s growth. In addition, the shortage of raw materials supplied by China poses a challenge to the growth of the market.
Main Findings
● In 2021, the 40W to 149W segment will dominate the market with the largest market share of 43% and market revenue of 3.3 billion.
The wattage segment is divided into below 39W, 40W to 149W, and above 150W. In 2021, the 40W to 149W segment will dominate the market with the largest market share of 43% and market revenue of 3.3 billion. Most of the outdoor solar LED lights in use today, such as floodlights, street lights, and path lights that pass through streets, highways, tunnels, and roads, ranging from 40W to 149W, which is driving the growth of this segment.
● In 2021, the
solar LED street light segment will have the largest market share, accounting for 26%, with market revenue of 3.09 billion.
The application fields are divided into solar garden LED lights, solar LED street lights, solar LED area lights,
solar LED flood lights, and solar LED spotlights. In 2021, the market share of solar LED street lights will be the largest, accounting for 26%, and the market revenue will be 2 billion yuan. To promote renewable energy, the government is installing solar LED street lights in several places in the city, especially near local municipalities in various countries, driving the growth of the field.
● In 2021, the commercial segment will have the largest market share, accounting for 39%, with market revenue of 3 billion yuan.
End users are segmented into commercial, residential and industrial. In 2021, the commercial sector will account for the largest market share, accounting for 39%, with market revenue of 3 billion yuan. The segment has been growing due to the increasing use of solar LED streetlights by the government in commercial spaces.
Regional segmentation analysis of outdoor solar LED market
● North America (US, Canada, Mexico)
● Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
● Asia Pacific (China, Japan, India, Rest of Asia Pacific)
● South America (Brazil and the Rest of South America)
● the Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia Pacific emerged as the largest market in the global outdoor solar LED market with a market share of approximately 41% and market revenue of USD 3.19 billion in 2021. Rising investment in development activities across several countries in the Asia Pacific is expected to drive market growth in regions such as China and India. Furthermore, increasing demand for infrastructure development, smart cities, and city expansion projects is driving the growth of the market.
This study forecasts income at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global outdoor solar LED market on the basis of the following segments:
Global Outdoor Solar LED Market by Wattage:
● Less than 39W
● 40W to 149W
● Above 150W
Global Outdoor Solar LED Market by Application:
● Solar garden LED lights
● Solar LED street light
● Solar LED area lights
● Solar LED flood light
● Solar LED spotlight
Global Outdoor Solar LED Market by End User:
● Commercial
● Residential
● Industrial
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