Solar Outdoor LED Lighting Market

According to a new report published by Introspective Market Research, titled “Solar Outdoor LED Lighting Market by Type and End-User: Global Opportunity Analysis and Industry Forecast 2024-2032, “

Solar Outdoor LED Lighting Market Size Was Valued at USD 8.26 Billion in 2023, and is Projected to Reach USD 65.18 Billion by 2032, Growing at a CAGR of 25.8 % From 2024-2032.” 

The expanding environmental problems and rising pollution increase the demand for renewable energy sources. Solar energyis one such source of energy that is available and can be utilized wisely to light up the surroundings. These days it is essential to light up the outdoor areas as it helps keep the surroundings safe and protects against any mishappening. Thus, solar LED lights are used to provide quality and efficiency. Renewable lighting energy is widely used in developing and developed countries. These lights require much less maintenance and are ecologically and economically beneficial for the environment and the user. Solar energy is the most effective and limitless form of renewable energy, and many countries are encouraging the use of solar panels by enterprises and families. There is growth in the popularity of LEDs lights for outdoor lighting settings, specifically for lighting up the streets, due to the improved efficiency and quality. The rising demand for the development of smart cities across several countries is likely to increase the adoption of outdoor solar LED products. Growing urbanization and rising demand for vehicles also propel the market's growth.

The growing concern about the rising global warming and pollution is expected to drive the market's growth. Government initiatives have been launched to make people aware of energy-saving and green products in commercial projects. This is anticipated to increase the adoption rates of outdoor solar LED light products.

The growing investment by the government in the construction of eco-friendly buildings, highways, street lights, and other industrial establishments is expected to provide an opportunity for the market's growth over the forecast period. The changing living standards of people these days also enhance the market's growth. Furthermore, solar LED lights provide several benefits such as UV rays protection, temperature resistance, and long-lasting than other lights, propelling the market's growth during the forecast period.

Global Solar Outdoor LED Lighting Market, Segmentation

Solar Outdoor LED Lighting Market Segmented based on Type, Power Source, Wattage End- User and Distribution Channel.

End- User

By End- User, Residential segment is expected to dominate the market during the forecast period. The residential segment is anticipated to dominate the Solar Outdoor LED Lighting market, reflecting the growing demand for sustainable and energy-efficient lighting solutions in residential settings. As homeowners increasingly seek environmentally friendly alternatives, solar outdoor LED lighting stands out for its ability to provide illumination powered by renewable energy. These fixtures are easy to install, require minimal maintenance, and operate independently of the traditional power grid, making them an attractive choice for residential applications.

Type:

By Type, Solar LED Street Lights segment held the largest share of 49.34% in 2022. The Solar LED Street Lights segment has asserted its dominance, capturing the majority share in the Solar Outdoor LED Lighting market. This leadership position is driven by the escalating global adoption of solar LED street lights, fueled by the increasing emphasis on energy efficiency, sustainability, and smart city initiatives. Solar LED streetlights offer a dependable and cost-effective lighting solution for both urban and rural areas, harnessing renewable energy sources for efficient illumination.

Region:

The Asia Pacific market is proliferating and holds a significant share of the global solar outdoor LED lighting market. The increased efforts to reduce carbon emissions by increasing renewable technologies can be attributed to the market growth in the Asia Pacific region. Additionally, it is anticipated that technological advancement in LED lighting solution design will fuel the market in the Asia Pacific.

China led the regional market's growth, and the trend is anticipated to last throughout the forecast period. The regional market expansion can be attributed to the rising number of smart cities, infrastructure, and city expansion projects in several regional nations. Government efforts to implement street lighting solutions in rural and urban markets in China, India, and Southeast Asian countries have accelerated; this is expected to support market expansion.

For instance, India's solar LED street lighting market will expand significantly due to strict government rules regarding the use of renewable energy sources and the rising popularity of environmentally friendly technologies. According to a report by the India Brand Equity Foundation (IBEF), India intends to produce 175 GW of energy from renewable sources by 2022, of which 100 GW will come from solar energy. The solar LED lighting market will also grow due to reforms and policies, such as the Deendayal Upadhyaya Gram Jyoti Yojana for rural electrification.

Some of The Leading/Active Market Players Are-

• CREE Lighting (United States)
• Eaton Corporation (United States)
• Gamasonic (United States)
• Hubbell Outdoor (United States)
• Greenshine New Energy (United States)
• Solar Street Lights USA (United States)
• OkSolar (United States)
• SBM-SolarTech (United States)
• SEPCO Solar Electric Power Company (United States)
• Carmanah Technologies (Canada)
• Signify Holding (Netherlands)
• Hollandia Power (Netherlands)
• Osram Licht AG (Germany)
• Sunna Design SA (France)
• FlexSol Solutions (United Kingdom)
• Ligman (Thailand)
• Jiawei (China)
• LEADSUN (China)
• Sokoyo Solar Lighting Co. Ltd (China)
• Shenzhen Spark (China), and Other Active Players

Key Industry Developments

• In August 2023, Eaton announced a $500 million investment in North American manufacturing to support electrification, energy transition, and digitalization. With a focus on transformers and infrastructure projects, expansions in Texas and Wisconsin aim to meet surging utility demand.
• In May 2023, Signify, a global leader in lighting listed on Euronext as LIGHT, introduced the inaugural 'Philips Solar Light Hub' in India. This initiative aims to provide customers with an engaging environment to discover solar lighting solutions and exhibit an extensive array of products. The store is designed to serve diverse user segments, ranging from residential and garden to industrial and street lighting applications.