Global Outdoor Solar LED Market Ascends at a Healthy CAGR of 24.9%

Introduction

Solar lighting refers to outdoor LED lights that are powered by photovoltaic systems. These solar panels recharge a battery that powers outdoor LED lighting. Solar outdoor LED lighting is gaining popularity, and the global residential and commercial markets are expanding rapidly. Extremes of temperature, weather, and UV rays pose no problem for the durability of solar LED lights.

Batteries power solar lighting systems that photovoltaic solar panels have charged. This device includes a battery, a solar panel, an LED light, and a charge controller. The photovoltaic effect, which is utilised in solar and photovoltaic panels, is central to the operation of the solar lighting system. It gathers solar energy and converts it to illumination. The captured energy is stored in a rechargeable gel cell battery, which is subsequently utilised to produce nighttime lighting. Primarily, it is utilised for streetlights and small areas such as porches and gardens.

Photovoltaic panels power solar-powered LED outdoor lighting. These solar panels charge a rechargeable battery that powers LED outdoor lights. Due to their increasing popularity and rapid global expansion in the residential and commercial sectors, the demand for solar-powered outdoor LED lighting is rising. Solar LED lights have a long lifespan and are resistant to temperature fluctuations, elements, and UV rays.

Market Dynamics

Increasing concerns for sustainability and cost are driving the market.

In the upcoming years, it is anticipated that increasing investments in this sector, growing concerns about energy waste, and the cost-effectiveness of solar LED products compared to conventional lighting products will all contribute to market growth. Solar LEDs store solar energy in Photovoltaic Modules (PV) and offer a cost-effective, long-term solution for commercial and industrial properties. In contrast, conventional lighting employs high-pressure sodium lights connected to the electrical grid. Due to reduced dependencies on the off-grid process and the trenching procedure, outdoor solar LEDs are a more affordable option for end users.

Stringent regulatory reforms by governments

Several factors, including falling battery prices, prices for LED lighting, innovations in product design, and improvements in the lighting efficiency of landscape lighting products, are expected to reduce the cost of solar LED components. It is anticipated that municipalities in developing and underdeveloped regions will be encouraged to adopt solar LEDs due to price reductions and other benefits, such as a longer life expectancy, ease of installation, and low maintenance and operational costs. In addition, growing awareness about renewable energy assets and stringent regulatory reforms to establish sustainable infrastructure in both developed and developing regions are expected to boost the market.

Regional Analysis

According to the region, the market is segmented into North America, Europe; Asia Pacific; Latin America and MEA. The largest revenue share was contributed by the Asia Pacific region, which dominated the market. China has dominated regional market expansion, and the trend is anticipated to last throughout the forecast period. The regional market expansion can be attributed to the rise in smart cities, infrastructure, and city expansion projects across several of the region's nations. Europe has the highest demand for outdoor solar LEDs, followed by the Asia Pacific region. Over the forecast period, the regional market is likely to maintain its position. Throughout the forecast period, road and highway infrastructure development plans in the U.K., Germany, France, and other European nations are anticipated to propel the demand for solar LED streetlights.

Key Highlights:

• The Global Outdoor Solar LED Market was valued at USD 5.42 billion in 2021 and is projected to reach USD 40.09 billion by 2030, registering a CAGR of 24.9% from 2022 to 2030. The Global Outdoor Solar LED Market is segmented into application, Wattage, end-use and region. By application, the market is divided into Solar LED Street Lights, Solar Garden LED Lights, Solar LED Floodlights, Solar LED Area Lights, and Solar LED Spot Lights. The solar LED street light segment dominated the market and had the highest revenue share.
• Based on Wattage, the market is categorized into Less than 39W, 40W to 149W and More than 150W. The 40W to 149W segment dominated the market with the largest market share.
• Based on End-use, the market is categorized into Residential, Commercial and Industrial. Most of the market's revenue came from the commercial end-use segment, which dominated the market.

Competitive Players

1. Greenshine New Energy
2. Jiawei
3. LEADS
4. OkSolar
5. SBM-SolarTech
6. SEPCO Solar Electric Power Company
7. Signify Holding
8. SOKOTO
9. Solar Street Lights USA
10. Sunna Design SA

Recent Developments

• April 2024 - A Blue Outdoor subsidiary, Bluebolt Outdoor LLC, constructed solar-powered benches on campus in partnership with the sustainability section of California State University - Dominguez Hills. The benches, which are powered by the sun and can charge devices, are a free resource that the university provides to its students, teachers, and guests. The increasing number of colleges adopting affordable sustainability is in line with this initiative.

Segmentation

1. Application
   1. Solar LED Street Lights
   2. Solar Garden LED Lights
   3. Solar LED Floodlights
   4. Solar LED Area Lights
   5. Solar LED Spot Lights
2. Wattage
   1. Less than 39W
   2. 40W to 149W
   3. More than 150W
3. End-Use
   1. Residential
   2. Commercial
   3. Industrial