Outdoor Solar LED Market Synopsis

Outdoor Solar LED Market Size Was Valued at USD 7.8 Billion in 2023, and is Projected to Reach USD 59.0 Billion by 2032, Growing at a CAGR of 25.2% From 2024-2032.

Outdoor Solar LED is the lighting solutions that uses the light-emitting diodes commonly known as LEDs and gets its power from solar. These lights use solar panels to capture sunlight converting it into electrical energy that is stored in batteries, used at night. These are green from the normal outdoor lights because they consume little power, do not need frequent maintenance and are not connected to the electrical network. For the need of illumination outside the building the most common type of Solar LED lights used is the. These lights are commonly used for the outdoor lighting such as street lights, garden lights, pathways and other comparable uses.

  • Due to increasing environment issues and pollution, there is a gradual upsurge in the demand for solar led outdoor lightings which in turn driving the Outdoor Solar LED market. Another factor which is playing as an additional factor for boosting the Outdoor Solar LED market is the swelling usage of renewable lighting energy and thus there is growing consumers in the developing and emerging country. Solar LED lighting systems have very low maintenance, are environment friendly and cost efficient. Reality is that, solar energy is amongst the most successful type of abundant renewable energy out there and numerous countries are doing a fantastic job at promoting the use of solar panels by households and companies.
  • Continuous improvement of technology is imperative to enhance the prospects and efficiency of the installation of Outdoor Solar LED systems. Changing solar panel technology, batteries, and LED lighting efficiency are increasing the performance and the reliability of these lighting solutions. Such a continuous transformation is now making Outdoor Solar LEDs a more desirable substitute for the normal lights, which is fueling their application in various contexts.
  • The growth in demand for outdoor lighting solutions is therefore fueled by fast developing emerging economies that are establishing infrastructures, and the consequent fast urbanization across the globe. This is specifically true as the cities expand in size; there will be a growing requirement for green and affordable illuminations. Outdoor Solar LEDs satisfy these requirements because they make dependable light sources that do not have to draw power from the grid to efficiently grow outdoor lighting systems.
  • The factors that have big impacts on growth, the actions and encouragements of the Government are very influential in the Outdoor Solar LED Industry. Factors that aid, benefits and stimulants such as policies that support renewable energy projects such as solar lighting can also increase how much they are utilised. These steps make expansion easier and promote further investment in solar LED technologies, mitigating the expenditures that characterise the early days of this kind of system. Such actions are effective for the municipalities, commercial units, as well as the consumers with residence. The two urge the market to grow further.

Outdoor Solar LED Market Trend Analysis

Growing concerns regarding energy drain and cost

  • The rising investment towards this sector, growing concerns towards energy wastage and implementing solar led products in comparison to other traditional lighting products are all expected to bolster future market growth in the next years. Solar LEDs utilise Photovoltaic Modules (PV) to store solar energy and makes solar LEDs to be long term and cheap for commercial and industrial use. This is quite different from conventional lighting where high-pressure sodium lights are used, these are connected to electricity. As a result, end users have an option of purchasing the outdoor solar LEDs at a cheaper price since they do not have to go through the off-grid process or the expenditure on trenching procedure.

Awareness along with stringent regulatory reforms

  • The costs of the Solar LED components are likely to decrease because of battery prices which continue to decrease, the falling prices for LED lighting and innovations in product design, and the increase in the claims of landscape lighting products. Municipalities in underdeveloped and developing regions are likely to embrace solar LEDs due to its reduced cost and other benefits/features including longer span of use, simpler setting up, and minimal or no maintenance and operational costs. Moreover, the increasing concern of shareholders in renewable energy assets and the enhancement of regulatory norms and guidelines aimed at the development of sustainable infrastructure in the developed and developing regions will probably drive the growth of the market.

Outdoor Solar LED Market Segment Analysis:

Outdoor Solar LED Market Segmented based on Application, Wattage, and End-Use.

By Application, solar LED street light segment is expected to dominate the market during the forecast period

  • Based on the application, the market is segmented as Solar LED Street Lights, Solar Garden LED Lights, Solar LED Floodlights, Solar LED Area Lights, and Solar LED Spot Lights. Hence, the solar LED street lights segment led the global market and contributed a fairly large market share in terms of revenue. This is expected to be the scenario during the forecast period because the trend is expected to continue. Thus, it is expected that increasing innovative city programmes and investing in endeavour activities to enhance segment roads in above countries would fuel this segment market growth. In addition, to ensure that consumers practice energy conservation, many local governments around the world are searching for PPPs for the financing how to install solar street lights to promote the development of the segment.

By End-Use, Commercial segment held the largest share in 2023

  • According to the End-use segment, the Global Insulated Wall Panels market is divided into Residential, Commercial & Industrial. The commercial end-use segment was majorly responsible for the market’s revenue and had a highly significant market share. The growth in the application of solar LEDs for commercial purposes is expected to grow due to the continued investment in development projects of solar street lighting. Also, the general public and the federal and local governments have tax exemptions and incentive programs in place to induce and encourage commercial users adopt solar LED lights. Hence, it is expected that policy maker will demand solar LEDs for commerce and other sectors during the forecast period to support the use of renewable energy sources and energy conservation.

Outdoor Solar LED Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

  • The largest revenue share was delivered by Asia Pacific which took the largest share of the whole market. A noticeable pattern through the forecast period is that China has had a particularly significant market share in the development of regional markets. It can therefore be said that the Regional market growth can be linked to the increased adoption of smart cities infrastructures and city expansion projects across a number of the region’s countries. The rural and urban market for street light solutions that involves the Chinese government, the Indian government and the governments of various SEA countries have boomed in the region due to increased government programmes aiming to implement the street light solutions; this is likely to drive the market. European market is the largest consumer of outdoor solar LEDs followed by the Asia Pacific region. For the duration of the forecasting period, there are forecasts that the regional market will be sustained at the same level. Over the analysis period, solar LED streetlight demand in the U. K. , Germany, France, and other European countries is expected to be spurred by development plans concerning roads and highways.

Active Key Players in the Outdoor Solar LED Market

  • Greenshine New Energy
  • Jiawei
  • LEADS
  • OkSolar
  • SBM-SolarTech
  • SEPCO Solar Electric Power Company
  • Signify Holding
  • SOKOTO
  • Solar Street Lights USA
  • Sunna Design SA, Other Key Players

Key Industry Developments in the Outdoor Solar LED Market:

  • In April 2024, Bluebolt Outdoor LLC, an affiliate of Blue Outdoor, installed solar shade structures changed benches on campus with the help of California State University – Dominguez Hills’ sustainability section. The benches with charging opportunities that are using solar energy are free of charge facilities for students, teachers, and guests of the university. The good and rising number of cheap colleges that commit to sustainability matches this endeavor.

Global Outdoor Solar LED Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 7.8 Bn.

Forecast Period 2024-32 CAGR:

25.2 %

Market Size in 2032:

USD 59.0 Bn.

Segments Covered:

By Application

  • Solar LED Street Lights
  • Solar Garden LED Lights
  • Solar LED Floodlights
  • Solar LED Area Lights
  • Solar LED Spot Lights

By Wattage

  • Less than 39W
  • 40W to 149W
  • More than 150W

By End-Use

  • Residential
  • Commercial
  • Industrial

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rapid urbanization and growth of infrastructures

Key Market Restraints:

  • High initial costs

Key Opportunities:

  • Technological advancements

Companies Covered in the report:

  • Greenshine New Energy, Jiawei, LEADS, OkSolar, SBM-SolarTech, SEPCO Solar Electric Power Company, Signify Holding, SOKOTO, Solar Street Lights USA, Sunna Design SA, and Other Major Players.

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Outdoor Solar LED Market by Application
 4.1 Outdoor Solar LED Market Snapshot and Growth Engine
 4.2 Outdoor Solar LED Market Overview
 4.3 Solar LED Street Lights
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Solar LED Street Lights: Geographic Segmentation Analysis
 4.4 Solar Garden LED Lights
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Solar Garden LED Lights: Geographic Segmentation Analysis
 4.5 Solar LED Floodlights
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Solar LED Floodlights: Geographic Segmentation Analysis
 4.6 Solar LED Area Lights
  4.6.1 Introduction and Market Overview
  4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.6.3 Key Market Trends, Growth Factors and Opportunities
  4.6.4 Solar LED Area Lights: Geographic Segmentation Analysis
 4.7 Solar LED Spot Lights
  4.7.1 Introduction and Market Overview
  4.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.7.3 Key Market Trends, Growth Factors and Opportunities
  4.7.4 Solar LED Spot Lights: Geographic Segmentation Analysis

Chapter 5: Outdoor Solar LED Market by Wattage
 5.1 Outdoor Solar LED Market Snapshot and Growth Engine
 5.2 Outdoor Solar LED Market Overview
 5.3 Less than 39W
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Less than 39W: Geographic Segmentation Analysis
 5.4 40W to 149W
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 40W to 149W: Geographic Segmentation Analysis
 5.5 More than 150W
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 More than 150W: Geographic Segmentation Analysis

Chapter 6: Outdoor Solar LED Market by End-Use
 6.1 Outdoor Solar LED Market Snapshot and Growth Engine
 6.2 Outdoor Solar LED Market Overview
 6.3 Residential
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Residential: Geographic Segmentation Analysis
 6.4 Commercial
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Commercial: Geographic Segmentation Analysis
 6.5 Industrial
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Industrial: Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Outdoor Solar LED Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 GREENSHINE NEW ENERGY
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 JIAWEI
 7.4 LEADS
 7.5 OKSOLAR
 7.6 SBM-SOLARTECH
 7.7 SEPCO SOLAR ELECTRIC POWER COMPANY
 7.8 SIGNIFY HOLDING
 7.9 SOKOTO
 7.10 SOLAR STREET LIGHTS USA
 7.11 SUNNA DESIGN SA
 7.12 OTHER KEY PLAYERS

Chapter 8: Global Outdoor Solar LED Market By Region
 8.1 Overview
8.2. North America Outdoor Solar LED Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Application
  8.2.4.1 Solar LED Street Lights
  8.2.4.2 Solar Garden LED Lights
  8.2.4.3 Solar LED Floodlights
  8.2.4.4 Solar LED Area Lights
  8.2.4.5 Solar LED Spot Lights
  8.2.5 Historic and Forecasted Market Size By Wattage
  8.2.5.1 Less than 39W
  8.2.5.2 40W to 149W
  8.2.5.3 More than 150W
  8.2.6 Historic and Forecasted Market Size By End-Use
  8.2.6.1 Residential
  8.2.6.2 Commercial
  8.2.6.3 Industrial
  8.2.7 Historic and Forecast Market Size by Country
  8.2.7.1 US
  8.2.7.2 Canada
  8.2.7.3 Mexico
8.3. Eastern Europe Outdoor Solar LED Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Application
  8.3.4.1 Solar LED Street Lights
  8.3.4.2 Solar Garden LED Lights
  8.3.4.3 Solar LED Floodlights
  8.3.4.4 Solar LED Area Lights
  8.3.4.5 Solar LED Spot Lights
  8.3.5 Historic and Forecasted Market Size By Wattage
  8.3.5.1 Less than 39W
  8.3.5.2 40W to 149W
  8.3.5.3 More than 150W
  8.3.6 Historic and Forecasted Market Size By End-Use
  8.3.6.1 Residential
  8.3.6.2 Commercial
  8.3.6.3 Industrial
  8.3.7 Historic and Forecast Market Size by Country
  8.3.7.1 Bulgaria
  8.3.7.2 The Czech Republic
  8.3.7.3 Hungary
  8.3.7.4 Poland
  8.3.7.5 Romania
  8.3.7.6 Rest of Eastern Europe
8.4. Western Europe Outdoor Solar LED Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Application
  8.4.4.1 Solar LED Street Lights
  8.4.4.2 Solar Garden LED Lights
  8.4.4.3 Solar LED Floodlights
  8.4.4.4 Solar LED Area Lights
  8.4.4.5 Solar LED Spot Lights
  8.4.5 Historic and Forecasted Market Size By Wattage
  8.4.5.1 Less than 39W
  8.4.5.2 40W to 149W
  8.4.5.3 More than 150W
  8.4.6 Historic and Forecasted Market Size By End-Use
  8.4.6.1 Residential
  8.4.6.2 Commercial
  8.4.6.3 Industrial
  8.4.7 Historic and Forecast Market Size by Country
  8.4.7.1 Germany
  8.4.7.2 UK
  8.4.7.3 France
  8.4.7.4 Netherlands
  8.4.7.5 Italy
  8.4.7.6 Russia
  8.4.7.7 Spain
  8.4.7.8 Rest of Western Europe
8.5. Asia Pacific Outdoor Solar LED Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Application
  8.5.4.1 Solar LED Street Lights
  8.5.4.2 Solar Garden LED Lights
  8.5.4.3 Solar LED Floodlights
  8.5.4.4 Solar LED Area Lights
  8.5.4.5 Solar LED Spot Lights
  8.5.5 Historic and Forecasted Market Size By Wattage
  8.5.5.1 Less than 39W
  8.5.5.2 40W to 149W
  8.5.5.3 More than 150W
  8.5.6 Historic and Forecasted Market Size By End-Use
  8.5.6.1 Residential
  8.5.6.2 Commercial
  8.5.6.3 Industrial
  8.5.7 Historic and Forecast Market Size by Country
  8.5.7.1 China
  8.5.7.2 India
  8.5.7.3 Japan
  8.5.7.4 South Korea
  8.5.7.5 Malaysia
  8.5.7.6 Thailand
  8.5.7.7 Vietnam
  8.5.7.8 The Philippines
  8.5.7.9 Australia
  8.5.7.10 New Zealand
  8.5.7.11 Rest of APAC
8.6. Middle East & Africa Outdoor Solar LED Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Application
  8.6.4.1 Solar LED Street Lights
  8.6.4.2 Solar Garden LED Lights
  8.6.4.3 Solar LED Floodlights
  8.6.4.4 Solar LED Area Lights
  8.6.4.5 Solar LED Spot Lights
  8.6.5 Historic and Forecasted Market Size By Wattage
  8.6.5.1 Less than 39W
  8.6.5.2 40W to 149W
  8.6.5.3 More than 150W
  8.6.6 Historic and Forecasted Market Size By End-Use
  8.6.6.1 Residential
  8.6.6.2 Commercial
  8.6.6.3 Industrial
  8.6.7 Historic and Forecast Market Size by Country
  8.6.7.1 Turkey
  8.6.7.2 Bahrain
  8.6.7.3 Kuwait
  8.6.7.4 Saudi Arabia
  8.6.7.5 Qatar
  8.6.7.6 UAE
  8.6.7.7 Israel
  8.6.7.8 South Africa
8.7. South America Outdoor Solar LED Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Application
  8.7.4.1 Solar LED Street Lights
  8.7.4.2 Solar Garden LED Lights
  8.7.4.3 Solar LED Floodlights
  8.7.4.4 Solar LED Area Lights
  8.7.4.5 Solar LED Spot Lights
  8.7.5 Historic and Forecasted Market Size By Wattage
  8.7.5.1 Less than 39W
  8.7.5.2 40W to 149W
  8.7.5.3 More than 150W
  8.7.6 Historic and Forecasted Market Size By End-Use
  8.7.6.1 Residential
  8.7.6.2 Commercial
  8.7.6.3 Industrial
  8.7.7 Historic and Forecast Market Size by Country
  8.7.7.1 Brazil
  8.7.7.2 Argentina
  8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
 

Global Outdoor Solar LED Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 7.8 Bn.

Forecast Period 2024-32 CAGR:

25.2 %

Market Size in 2032:

USD 59.0 Bn.

Segments Covered:

By Application

  • Solar LED Street Lights
  • Solar Garden LED Lights
  • Solar LED Floodlights
  • Solar LED Area Lights
  • Solar LED Spot Lights

By Wattage

  • Less than 39W
  • 40W to 149W
  • More than 150W

By End-Use

  • Residential
  • Commercial
  • Industrial

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rapid urbanization and growth of infrastructures

Key Market Restraints:

  • High initial costs

Key Opportunities:

  • Technological advancements

Companies Covered in the report:

  • Greenshine New Energy, Jiawei, LEADS, OkSolar, SBM-SolarTech, SEPCO Solar Electric Power Company, Signify Holding, SOKOTO, Solar Street Lights USA, Sunna Design SA, and Other Major Players.
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Frequently Asked Questions :

What would be the forecast period in the Outdoor Solar LED Market research report?

The forecast period in the Outdoor Solar LED Market research report is 2024-2032.

Who are the key players in the Outdoor Solar LED Market?

Greenshine New Energy, Jiawei, LEADS, OkSolar, SBM-SolarTech, SEPCO Solar Electric Power Company, Signify Holding, SOKOTO, Solar Street Lights USA, Sunna Design SA, and Other Major Players.

What are the segments of the Outdoor Solar LED Market?

The Outdoor Solar LED Market is segmented into application, wattage, end-use, and region. By application, the market is categorized into Solar LED Street Lights, Solar Garden LED Lights, Solar LED Floodlights, Solar LED Area Lights, and Solar LED Spot Lights. By wattage, the market is categorized into Less than 39W, 40W to 149W and More than 150W. By end-use, the market is categorized into Residential, Commercial and Industrial. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Outdoor Solar LED Market?

An outside solar LED lighting system uses solar panel to convert light energy from the sun into electrical energy to power LED lamps. This therefore requires that these lighting systems should be energy efficient, friendly to the natural environment and should be cheap. Outdoor solar LED lighting systems are applied to different outdoor areas such as parking lots, roads, parks, squares, and other outdoor territories that need lighting, thus increasing safety and reducing costs as well as emissions.

How big is the Outdoor Solar LED Market?

Outdoor Solar LED Market Size Was Valued at USD 7.8 Billion in 2023, and is Projected to Reach USD 59.0 Billion by 2032, Growing at a CAGR of 25.2% From 2024-2032.