Published Date: 30-Jun-2022
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According to a new report, published by KBV research, 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.
The Garden Lights segment is showcasing a CAGR of 23.9% during (2022 - 2028). Due to the availability of a wide selection of solar garden LED products at an inexpensive price point, a trend that is projected to continue in the coming years. In addition to affordability and product selection, the lack of complex wire architecture provides homeowners with much-needed installation freedom as compared to alternative lighting sources.
The Commercial segment is leading the Global Outdoor Solar LED Market by End-use in 2021, thereby, achieving a market value of $10.2 billion by 2028. Due to the investment initiatives in solar street lighting infrastructure increase, the demand for outdoor solar LEDs in the business space is expected to rise. Furthermore governments and local governments give tax refunds and incentive schemes to business customers to encourage and support the adoption of renewable energy LED lighting.
The Less than 39W segment has shown growth rate of 24.2% during (2022 - 2028). Due to the majority of solar LEDs with a power of less than 39W are used in applications such as wall illumination and garden lighting. The category is expected to rise due to the growing popularity of decorative lights among residential users to brighten outdoor spaces.
The Asia Pacific market dominated the Global Outdoor Solar LED Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $7.82 billion by 2028. The Europe market is estimated to witness a CAGR of 22.7% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 23.2% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/outdoor-solar-led-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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
Unique Offerings from KBV Research
North America Outdoor Solar LED Market Size & Opportunities 2022-2028
Europe Outdoor Solar LED Market & Growth Forecast 2022-2028
Asia Pacific Outdoor Solar LED Market Share & Industry Outlook to 2028
LAMEA Outdoor Solar LED Market Growth, Trends & Forecasts 2022-2028