Outdoor Solar LED Market Size Worth $24.75 Billion By 2028 | CAGR: 24.6%: Grand View Research, Inc.
SAN FRANCISCO, June 15, 2021 /PRNewswire/ — The global outdoor solar LED market size is expected to reach USD 24.75 billion by 2028, registering a CAGR of 24.6% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The use of solar PV cells in urban spaces for outdoor lighting applications has substantially increased over the last couple of years. The increased demand for these products can be attributed to their benefits on the fronts of energy efficiency, maintenance cost, and power cost over traditional lighting. As of 2020, the Europe market, closely following the Asia Pacific market in terms of market size, has witnessed a slight uptick in market demand with favorable regulations and incentive schemes supporting large-scale adoption.
Key suggestions from the report:
- In terms of application, the solar garden LED lights segment is expected to register the highest CAGR over the forecast period. The increasing spending on garden landscape designing in the residential and commercial spaces, to make the gardens aesthetically pleasing, is expected to drive the adoption of solar garden LEDs over the forecast period
- In terms of wattage, the 40W to 149W segment captured the largest revenue share in 2020. These products are gaining popularity due to their attributes such as higher lumen and brightness, which make them particularly suitable for landscaping and street lighting applications
- The demand for outdoor solar LEDs in commercial spaces is estimated to record a CAGR of around 25% from 2021 to 2028. The often large scale of commercial projects calls for a large number of lighting products, which is expected to favor the segment growth
- With an increase in infrastructure development projects in China, India, and Japan, the Asia Pacific market held a substantial market share exceeding 40.0% in 2020 Growing investments in renewable and energy-saving programs across several countries in the region are anticipated to favor the growth of the regional market over the forecast period
Read 80 page research report with ToC on “Outdoor Solar LED Market Size, Share & Trends Analysis Report By Application, By Wattage (Less Than 39W, 40W To 149W, More Than 150W), By End-use (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2021 – 2028” at: https://www.grandviewresearch.com/industry-analysis/outdoor-solar-led-market
Such government rebates and initiatives aimed at creating awareness about green, energy-saving products are anticipated to drive the adoption of solar LED products in commercial applications. For instance, Pacific Gas and Electric Company (PG&E), a U.S.-based combined electric energy company, provides zero percent interest loans to non-residential customers for energy-saving projects, including implementing solar LED lighting systems. Similarly, the U.K. government implemented the Enhanced Capital Allowance (ECA) initiative to promote the adoption of energy-efficient lighting solutions among businesses in exchange for tax benefits.
Solar LEDs are also making their way in the DIY/decorative lights category. Several residential owners are spending on solar LEDs as a part of small-scale residential landscape projects and events. Furthermore, to promote the adoption of renewable and energy-efficient products such as solar lightings and LEDs, several utilities, and local governing bodies are offering rebates and discount schemes for residential owners. Thus, the increasing awareness about energy conservation and collaborative efforts taken by governments are likely to drive the adoption of solar LEDs in the residential sector.
Grand View Research has segmented the global outdoor solar LED Market on the basis of application, wattage, end-use and region:
- Outdoor Solar LED Application Outlook (Revenue, USD Million, 2016 – 2028)
- Solar LED Street Lights
- Solar Garden LED Lights
- Solar LED Floodlights
- Solar LED Area Lights
- Solar LED Spot Lights
- Outdoor Solar LED Wattage Outlook (Revenue, USD Million, 2016 – 2028)
- Less than 39W
- 40W to 149W
- More than 150W
- Outdoor Solar LED End-use Outlook (Revenue, USD Million, 2016 – 2028)
- Outdoor Solar LED Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Southeast Asia
- South Asia
- Latin America
- List of Key Players of the Outdoor Solar LED Market
- Solar Street Lights USA
- Jiangsu Beier Lighting Electrical Appliance Co., Ltd.
- SEPCO Solar Electric Power Company
Find more research reports on Electronic Devices Industry, by Grand View Research:
- LED Lighting Market – The global LED lighting market size was valued at USD 50.91 billion in 2020 and is expected to witness a compound annual growth rate (CAGR) of 12.5% from 2021 to 2028.
- Industrial and Commercial LED Lighting Market – Industrial and commercial LED lighting market size was estimated at USD 21.53 billion in 2014 and is expected to witness significant growth over the forecast period.
- North America LED Lighting Market – The North America LED lighting market size was valued at USD 7.3 billion in 2018 and is expected to register a CAGR of 9.6% from 2019 to 2025.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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