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The Asia Pacific Outdoor Solar LED Market would witness market growth of 24.0% CAGR during the forecast period (2022-2028).
An outdoor solar led street light is a type of light that is powered by the sun and is used to illuminate parking lots and streets. It is powered by a battery and photovoltaic panel that is recharged throughout the day and used for nighttime lights. Other features of the solar led street light include motion detectors and remote controls, which come in useful when lighting up hard-to-reach regions.
Solar-powered lights provide a variety of characteristics to outdoor gardening, allowing consumers to be more creative with garden design. Individuals still manage and operate solar outdoor lights appropriately and get the most out of them. If properly cared for, outdoor solar landscape lights can survive for so many years of continuous operation. Solar panels and one or even more battery packs are used to power solar garden lights. Solar panels produce power from sunlight and charge the batteries throughout the day due to the PV effect. The energy saved in the batteries powers an LED light when it gets dark.
The presence of important market players, as well as favorable government policies in China that provide rebates and financial incentives for PV projects, are all contributing to the rising interest of new market players throughout the area. Aside from being the world's largest panel manufacturing hub, China is home to several solar farms, including the world's largest floating farm, capable of generating 40 MW of power. Furthermore, the country is a major exporter of solar PV panels internationally.
A study by the China Photovoltaic Industry Association found that China surpassed in 2015 with 43 GW of solar capacity. As the largest solar PV producer, India is the industry's driving force. In 2019, India installed 30 GW of solar power. With solar now accounting for 38% of renewable energy, the regional market is expanding at a rapid pace, reaching 30% of its 100 GW targets by 2022.
The China market dominated the Asia Pacific Outdoor Solar LED Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,253.7 million by 2028. The Japan market is estimated to grow at a CAGR of 23.1% during (2022 - 2028). Additionally, The India market would witness a CAGR of 24.7% during (2022 - 2028).
Based on Application, the market is segmented into Street Lights, Garden Lights, Floodlights, Area Lights, and Spot Lights. Based on End Use, the market is segmented into Commercial, Residential, and Industrial. Based on Wattage, the market is segmented into 40W to 149W, Less than 39W, and More than 150W. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Greenshine New Energy LLC, Jiawei Renewable Energy Co. Ltd., Leadsun, SBM NewTech Co., Ltd., Solar Electric Power Company, Signify N.V., Jiangsu Sokoyo Solar Lighting Co., Ltd., Solar Street Lights USA, and Sunna Design SA.
By End Use
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