Global Outdoor Solar LED Market Size, Share & Industry Trends Analysis Report By Application (Street Lights, Garden Lights, Floodlights, Area Lights, and Spot Lights), By End Use, By Wattage, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Outdoor Solar LED Market
Market Report Description
The Global Outdoor Solar LED Market size is expected to reach $19.8 billion by 2028, rising at a market growth of 23.5% CAGR during the forecast period.
Single crystalline silicon, a semiconductor material, is used in the majority of solar panels. Two layers of silicon make up a solar cell. Due to the negative charge characteristic of electrons, the lower layer contains fewer electrons and hence has a little positive charge. The higher layer also contains more electrons and has a little negative charge. Between these two layers, a potential barrier is formed. When photons, a stream of light particles, enter, they give it up to their energy to the silicon atoms.
It moves one electron from the top layer to the bottom level by promoting one electron from a sharing of electrons to the next energy level. The promotion of an electron allows for more free mobility within the crystal, resulting in the generation of a current. Because more light shines through, more electrons move around, and more current flows between them, more current flows between them. Photovoltaic and photoelectric effects are terms used to describe this phenomenon. Photovoltaic (PV) systems turn sunlight directly into electricity.
One of the important reasons driving market expansion is the rising trend of LEDs for outdoor lighting applications, particularly in street light applications, due to better efficiency and quality. The rising use of solar as an alternative energy source for lighting in different nations is also expected to drive market expansion. The usage of outdoor solar LED goods is projected to increase as a result of the increased implementation of numerous smart city development initiatives, providing potential for suppliers in this market.
Utilizing solar lights instead of conventional outdoor lighting can result in significant cost savings because they don't use electricity and can last for several years before needing to be updated. Not to mention how well it affects the environment. Through regular maintenance, users can ensure that lights last as long as possible, illuminating space while demonstrating their worth. The batteries to last roughly two years before they need to be replaced, however they may live longer. LEDs typically last 10 to 15 years unless they need to be replaced.
COVID-19 Impact Analysis
Many businesses are concerned about the influence of the pandemic on the solar sector as a whole, and its uncertain future. Furthermore, because China is the world's largest market for solar energy generating, the country's economic slowdown has had an impact on worldwide production and renewable energy investment. In India, the COVID-19 outbreak occurred during the last financial quarter year, when the country's solar project implementation is at its highest. The country has set lofty goals for itself, with a goal of 100 GW of solar energy by 2022. India has roughly 35GW of solar power plants installed as of January 2020. PV (photovoltaic) modules are used to charge batteries in a freestanding solar photovoltaic street lighting system. As a result of the crisis, PV module production has slowed and solar photovoltaic cell power generation has been hampered.
Market Growth Factors
Increasing solar energy generation investments
The increasing environmental restrictions, some corporations are developing numerous renewable energy-generating units. Furthermore, to reduce carbon emissions, several countries are focusing on environmentally friendly power-producing methods. Solar energy is one of the most cost-effective renewable energy sources. As a result, governments are boosting their solar energy investments. The Institute Of technology did research on flexible solar cells, in which the active component of thin-film cells, which is normally made of glass for better performance, collects solar energy and creates electricity.
Installation of a solar-powered LED is easy.
Solar lighting is an excellent choice for anyone looking to create lighting in areas where there is no connection to the electrical grid or in distant locations where the main power source is unreliable. Solar lighting can be a stand-alone device with its solar panel, battery, and bulb, but pipelines driven lighting can be time-consuming and expensive to install. This also means that, if necessary, they may be easily and inexpensively transported to new locations. Since there is no mains wire required, solar lighting is especially popular in gardens. It allows achieving results fast and easily anyplace in the garden, all without an electrician.
Market Restraining Factors
Sunlight Availability & Location are the main issue of the solar led
One of the most important criteria in influencing the effectiveness of solar power latitude. Move further from the equator, the efficiency of solar energy decreases dramatically, and not all areas earn the same quantity of continuous sunlight. As a result, citizens in regions like Canada and Russia are at a disadvantage when it comes to solar energy. However, in regions like Hawaii, where rain and clouds fall on average 277 days per year, proximity to the equator is useless because there isn't enough unclouded sunshine reaching the ground. Since the earth is oriented such that the sun is closer to a particular position in the summer, people can create more electricity than they require. During the winter, the earth's tilt pulls location further from the sun, preventing the production of enough electricity to meet demands.
Based on Application, the market is segmented into Street Lights, Garden Lights, Floodlights, Area Lights, and Spot Lights. The street lights segment acquired the highest revenue share in the Outdoor Solar LED Market in 2021. Due to the increase in smart city initiatives and investment in road infrastructure investment operations in numerous nations is expected to boost segment growth. Furthermore, in order to increase energy savings, several local governments around the world are exploring Public-Private Partnerships (PPP) to secure financing for the installation of solar street lights, hence promoting segment expansion.
End Use Outlook
Based on End Use, the market is segmented into Commercial, Residential, and Industrial. The residential segment witnessed a significant revenue share in the Outdoor Solar LED Market in 2021. Due to the expansion of the market can be ascribed to an increase in expenditure on residential outside settings for hosting events, parties, and a range of activities. Furthermore, over the projected period, the rising popularity of decorative outside lighting for yards and garden pavers is expected to encourage the usage of outdoor solar LEDs in residential settings
Based on Wattage, the market is segmented into 40W to 149W, Less than 39W, and More than 150W. The 40W to 149W segment procured the highest revenue share in the Outdoor Solar LED Market in 2021. Due to the street lights, floodlights, and path lights are popular items with power ratings ranging from 40 to 149 watts and are used in highways, tunnels, paths, and streets. Continuous innovation has resulted in the creation of products that provide high emphasis intensity with lower energy consumption, which is projected to boost the segment's growth throughout the forecast period.
|Market size value in 2021||USD 4.6 Billion|
|Market size forecast in 2028||USD 19.8 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 23.5% from 2022 to 2028|
|Number of Pages||194|
|Number of Tables||369|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Wattage, Application, End-use, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific segment acquired the largest revenue share in the Outdoor Solar LED Market in 2021. China is likely to continue to lead regional market growth over the projection period. The growth of the regional market can be attributed to the increasing number of smart urban, infrastructure building, and metropolitan expansion projects in numerous nations in the region.
Free Valuable Insights: Global Outdoor Solar LED Market size to reach USD 19.8 Billion by 2028
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.
Scope of the Study
Market Segments Covered in the Report:
- Street Lights
- Garden Lights
- Area Lights
- Spot Lights
By End Use
- 40W to 149W
- Less than 39W
- More than 150W
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Greenshine New Energy LLC
- Jiawei Renewable Energy Co. Ltd.
- SBM NewTech Co., Ltd
- Solar Electric Power Company
- Signify N.V.
- Jiangsu Sokoyo Solar Lighting Co., Ltd
- Solar Street Lights USA
- Sunna Design SA
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