Global Outdoor Solar LED Market by Wattage (40W To 149W, Less Than 39W, More Than 150W), by End-use (Residential, Industrial, Commercial) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2020, the global outdoor solar LED market was valued at USD 4.36 million. The market is expected to grow at a 24.6% compound annual growth rate (CAGR), from 2021-2028. One of the main factors driving market growth is the increasing popularity of LEDs outdoor lighting applications, especially in street lights, due to their improved quality and efficiency. Market growth is likely to be aided by the increasing use of solar energy to light homes across the globe. Market growth will also be driven by the implementation of many smart cities development plans, which is likely to increase outdoor solar LED product adoption.

In countries like the U.S., U.K., Germany, China and India, there has been an increase in road infrastructure and smart cities projects. This is due to growing urbanization and increased vehicular traffic. Many investment plans are linked to aging street lighting and renewable solar lighting projects as part of these development programs. McCann Ltd., an U.K.-based civil engineer construction company, was awarded a contract by the Birmingham City Council in 2019. This contract would have included upgrades to Birmingham's existing lighting units, which include LED technology, and associated infrastructure. Similar to the 2016 U.K. budget, approximately USD 2.03 billion (PS1.5 Billion) was allocated for the upgrade of the A-14 trunk highway between Huntingdon & Cambridge. Prolectric Services Ltd. deployed 24 solar LED lights under the project. These initiatives will likely fuel demand for solar leds in outdoor applications in the near future.

Market growth is expected to be supported by the increasing investments in this area, as well as growing concerns about energy drain and the low cost of solar LED products. Solar LEDs are a more cost-effective option for industrial and commercial properties than traditional lighting, which uses high-pressure sodium lamps connected to an electric grid. Outdoor solar LEDs are a more cost-effective alternative to traditional lighting due to their reduced dependence on the grid and trenching process.

Solar LED component prices are expected to fall due to factors such as falling battery costs, LED lighting cost, innovation in product design, and lighting efficiency improvements of landscape lighting products. In addition to the lower prices, municipalities in developing and underdeveloped regions will be encouraged to use solar LEDs due to their ease-of-use, longer life expectancy, low maintenance, and operational costs. Market growth is expected to be aided by the growing awareness of renewable energy assets and stringent regulatory reforms that focus on sustainable infrastructure development in both developed and developing countries.

Market growth is expected to be stimulated by increased promotional activities such as rebate programs to raise awareness about sustainable lighting products. Public-private Partnerships (PPPs), which are also supported by such initiatives, can be used to help local authorities and municipalities raise funds for solar LED-based street lighting. Market growth is expected to be driven by the increasing number of PPPs globally in this area.

The COVID-19 pandemic had a significant impact on outdoor solar LED markets, leading to a decrease in year-on-year sales. Due to the scarcity of electronic components from China, both commercial and industrial solar led projects have slowed down. However, many ongoing solar LED lighting projects have also been affected by the pandemic. They are expected to recover once the situation stabilizes. The U.K. government delayed all solar project auctions and tenders until September 2021. The market was positively affected by regional government initiatives to protect existing projects during lockdowns. To protect auction processes and avoid project delays, the German government scheduled several solar tenders for 2020.

Application Insights

The market leader in terms of applications was the segment for solar LED street lamps, which accounted for a share of more than 50.0%. This trend is expected to continue for the forecast period. Segment growth is expected to be stimulated by the increase in smart city projects and investments made in road infrastructure improvements in many countries. To promote energy savings, many local municipalities are looking for Public-Private Partnerships to obtain funds to install street lights. This will encourage segment growth.

Over the forecast period, solar LEDs will see a 25.0% CAGR in demand. This segment has seen a lot of growth due to the availability of many solar garden LED products at a low price. It is likely that this trend will continue in the future. The lack of complicated wiring allows homeowners to install solar garden LEDs with much greater ease than other lighting sources. The segment is also seeing a rise in DIY landscaping and gardening.

Wattage Insights

In 2020, the 40W-149W segment was the dominant market segment accounting for over 39.0% of the total market. Floodlights and streetlights are the most popular products with power between 40W and 149W. They can be used in tunnels, roads, streets and paths. During the forecast period, the segment will see continued innovation that has led to products with higher illumination intensity and lower power consumption. This is expected to fuel its growth. The segment is also growing because of the increasing demand for power-efficient lighting solutions to replace traditional street lighting systems.

The lowest-power segment of solar LEDs (less than 39W) is expected to see the greatest CAGR during the forecast period. Solar LEDs of power less than 39W are most commonly used in garden lighting and wall lighting. This segment is expected to grow due to the increasing use of decorative lighting in outdoor areas. The segment is also being driven by the wide availability of DIY and power-efficient solar LEDs that can be used for garden and wall lighting.

End-use Insights

In 2020, the commercial end-use segment was the dominant market segment accounting for over 50.0% of total revenue. The demand for solar LEDs for commercial spaces will be driven by increased investments in street lighting infrastructure development. Many utilities, governments, and local authorities offer tax rebates and incentive programs to encourage and promote the adoption of solar-powered LED lights. The demand for solar LEDs will increase in the commercial sector over the forecast period to encourage the adoption of renewable energy systems as well as energy efficiency.

Over the forecast period, the residential segment will grow at a steady rate of CAGR. This segment's growth can be attributed in part to an increase in outdoor spaces for hosting parties and other events. The increasing popularity of decorative exterior lighting for gardens and lawns will encourage outdoor solar LEDs to be used in residential settings during the forecast period. The segment will also benefit from the increasing adoption of solar PV modules with energy saving features.

Regional Insights

Asia Pacific was the dominant market, accounting for over 40.0% of global revenue share in 2020. China was the leader in regional market growth, and this trend is expected to continue for the forecast period. This is due to the growing regional market. There has been a significant increase in government initiatives in the region to deploy street lighting solutions in both rural and urban markets in India, China, and other Southeast Asian countries. This is expected to help market growth.

Europe's outdoor solar LEDs demand is highest, followed closely by Asia Pacific. With a CAGR of approximately 25.0%, the regional market will likely maintain its position throughout the forecast period. The forecast period will see increased demand for solar streetlights from Europe, including the U.K. and France. These countries have ongoing and future road and highway infrastructure construction plans. Additionally, growth in public-private-partnership initiatives to raise funds for solar projects across these countries is anticipated to drive market growth. The market will be driven by the increasing demand for outdoor and decorative lighting in Europe over the next few decades.

Market Share Insights & Key Companies

With the many solar LED lighting companies, the market for outdoor solar led has a fragmented landscape. Market vendors are focusing on international export opportunities for their solar lighting products due to the rising demand for renewable energy. To expand their business, key players like SOKOYO and Signify Holding, LEADSUN and Sunna Design SA take part in various trade shows and exhibitions across the globe. SOKOYO was among the exhibitors at the Philippine Electric Power and Solar Photovoltaic Exhibition in May 2019. The company also displayed its portfolio of solar lighting and stated its intention to export to the country.

Key players are also looking at strategic strategies such as mergers, acquisitions and partnerships in order to expand their business across different regions. Sunna Design SA (a French solar lighting company) purchased SOL Inc. in March 2020 to expand its business into North America. This was done with the goal of selling solar LED lighting solutions throughout developing countries. To secure long-term contracts, other market players and local players participate in auctions for different renewable energy development projects. The following are some of the major players in the outdoor solar LED market:

• Greenshine New Energy

• Jiawei

• LEADSUN

• OkSolar

• SBM-SolarTech

• SEPCO Solar Electric Power Company

• Signify Holding

• SOKOYO

• Solar Street Lights USA

• Sunna Design SA

Up Market Research published a new report titled “Outdoor Solar LED Market research report which is segmented by Wattage (40W To 149W, Less Than 39W, More Than 150W), by End-use (Residential, Industrial, Commercial), By Players/Companies SEPCO Solar Electric Power Company, Solar Street Lights USA, Sunna Design SA, SBM-SolarTech, OkSolar, SOKOYO, Signify Holding, LEADSUN, Greenshine New Energy, Jiawei”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Outdoor Solar LED Market Report Segments:

The market is segmented by Wattage (40W To 149W, Less Than 39W, More Than 150W), by End-use (Residential, Industrial, Commercial).

Outdoor Solar LED Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Outdoor Solar LED Market

Overview of the regional outlook of the Outdoor Solar LED Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Outdoor Solar LED Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Outdoor Solar LED Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. 40W To 149W

                2. Less Than 39W

                3. More Than 150W

                1. Residential

                2. Industrial

                3. Commercial

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Outdoor Solar LED Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
• Market Entry Strategies
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Reasons to Purchase the Outdoor Solar LED Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.