The global outdoor solar led market was valued at $6.4 billion in 2022, and is projected to reach $44.4 billion by 2032, growing at a CAGR of 21.6% from 2023 to 2032
Outdoor solar LED lighting systems employ solar panels to turn sunlight into electricity, which is then used to power LED lighting fixtures. These lighting systems are intended to be energy efficient, ecologically friendly, and affordable. Outdoor solar LED lighting systems are commonly used to illuminate public spaces, roadways, parks, and other outdoor places, improving safety and security while lowering energy costs and carbon emissions.
In addition, the global outdoor solar LED market size is quickly expanding, owing to rise in demand for energy-efficient lighting solutions and a greater emphasis on renewable energy and sustainable development. Technological improvements, such as the development of more efficient solar panels and LED lighting fixtures, are making outdoor solar LED lighting systems more affordable and accessible. Furthermore, the outdoor solar LED market is also supported by government initiatives and regulations that encourage the adoption of renewable energy and energy-efficient lighting solutions.
The global outdoor solar LED market is expected to witness notable growth during the forecast period, owing to government initiatives and policies promoting the use of solar energy and energy-efficient lighting. Moreover, the decrease in prices of LED lighting and solar panels is expected to drive the outdoor solar LED market size. Furthermore, the increase in demand for eco-friendly and sustainable lighting solutions is reshaping the future of outdoor solar LED industries during the forecast period.
However, high initial installation costs of solar LEDs is one of the prime factors that restrains the outdoor solar LED market growth. Further, surge in adoption of smart city technologies is projected to provide a lucrative opportunity to expand the outdoor solar LED market during the forecast period.
The outdoor solar led market is segmented into Product Type, Voltage and End Use, and Region.
On the basis of product type, the outdoor solar LED market is categorized into streetlights, garden lights, floodlights, wall lights, and others. In 2022, the streetlights segment dominated the market in terms of revenue and is expected to follow the same trend during the forecast period. However, the garden lights segment is expected to emerge as the fastest growing segment of the market during the forecast period.
By voltage, the outdoor solar LED market share is fragmented into low voltage, medium voltage, and high voltage. The low voltage segment accounted for the major share in outdoor solar LED industry in 2022.
By end use, the outdoor solar LED market forecast is classified into residential, commercial, and industrial. The commercial segment dominated the market in 2022 and is expected to follow the same trends during the forecast period. On the other hand, the residential sector is expected to grow at a high CAGR during the forecast period.
Region-wise, the outdoor solar LED market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific, specifically China, remains a significant participant in the outdoor solar LED market. Major organizations and government institutions in the Asia-Pacific region have significantly putting resources into action to develop enhanced renewable energy-based electronics solutions that is driving the growth of the outdoor solar LED industry in Asia-Pacific.
Competitive analysis and profiles of the major global outdoor solar LED market players that have been provided in the report include Signify Holding , OSRAM GmbH, SOKOYO Solar Lighting Co., Ltd., OkSolar.com , SEPCO Solar Electric Power Company , LEADSUN , Polybrite - SBM NewTech Co., Ltd , Sunna Design SA , Solar Street Lights USA , and Jiawei.
In North America, the U.S. acquired a prime share in the outdoor solar LED market in the North American region in 2022 and is expected to grow at a high CAGR of 21.7% during the forecast period. The U.S. held a dominant position in the outdoor solar LED market, owing to the presence of prime players in this region putting resources into action to develop next generation advanced outdoor solar lights solution.
In Europe, Germany dominated the outdoor solar LED market in terms of revenue in 2022 and is expected to follow the same trend during the forecast period. Furthermore, France is expected to emerge as the fastest-growing country in Europe's outdoor solar LED with a CAGR of 22.2%, owing to the government's focus on promoting renewable energy and achieving carbon neutrality has created a favorable environment for the adoption of energy-efficient lighting solutions, including outdoor solar LED lighting systems and solar lights systems.
In Asia-Pacific, China holds a dominant market share in Asia-Pacific region and is expected to follow the same trend during the forecast period, owing to advancements in technology and decreasing costs of solar-powered lighting systems. However, India is expected to emerge as a dominant country in outdoor solar LED market in Asia-Pacific region. The combination of increasing demand, government policies, technological improvements, and environmental concerns have all contributed to India's growth in solar lights solutions.
In LAMEA, Latin America held a significant market share in 2022 owing to the presence of prime vendors in this region. The governments in several Latin American countries have implemented initiatives to promote renewable energy and sustainable development, creating favorable conditions for the adoption of outdoor solar LED lighting systems. Moreover, the Middle East is expected to emerge as the fastest growing region of LAMEA region, which a high CAGR of 23.0% from 2023 to 2032.
TOP IMPACTING FACTORS
Significant factors that impact the growth of the global outdoor solar LED industry include, government initiatives and policies promoting the use of solar energy and energy-efficient lighting paired with the decreasing prices of LED lighting and solar panels. Moreover, the increase in demand for eco-friendly and sustainable lighting solutions is expected to drive market opportunity. However, the high initial installation costs of solar LEDs are acting as a prime barrier to early adoption, which hampers the growth of the market. On the contrary, a surge in the adoption of smart city technologies is expected to offer potential growth opportunities for the outdoor solar LED market during the forecast period.
HISTORICAL DATA & INFORMATION
The outdoor solar LED market is highly competitive, owing to the strong presence of existing vendors. Vendors of outdoor solar LED machines with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in the market is expected to increase as technological innovations, product extensions, and different strategies adopted by key vendors increase.
KEY DEVELOPMENTS/ STRATEGIES
Signify Holding, OSRAM GmbH., SOKOYO Solar Lighting Co., Ltd., OkSolar.com, SEPCO Solar Electric Power Company. are the top 5 companies holding a prime share in the outdoor solar LED market. Top market players have adopted various strategies, such as product launch, partnership, product upgrade, and product development, and others to expand their foothold in the outdoor solar LED market.
In January 2023- Signify, teamed up with the University of Cambridge’s Estates Division to illuminate the University’s West Cambridge site with energy-efficient outdoor LED lighting. With more than 300 upgraded lights, the project was delivered in six months – from initial discussions through to project completion – and generated significant cost savings on energy.
In-March 2021- Signify and the National Hockey League (NHL) announced their partnership to help the more than 4,800 ice rinks across North America, from major arenas to community facilities, transition to sustainable LED and connected lighting.
In January2022- OSRAM launched its OPTOTRONIC 1DIM and 4DIM LED families and thus considerably extended their power spectrum. The 1DIM LED driver family also supports the 75 and 165 W power classes. With double isolation and enhanced power levels, this future-oriented driver family can serve many more purposes while offering high levels of safety when used in outdoor or industrial applications.
In January 2022- Sokoto launched the CAPSOL all in one solar garden light, which is simple, fashionable, lightweight and practical, providing customers with more and more suitable product choices.
In June 2021- OkSolar.com launched solar-powered outdoor light It eliminated the environmental impact of lighting around Hospitals, schools, public parks, corporate campuses and commercial establishments, is easy to install requiring no costly trenching, no underground wiring, no transformers or monthly utility bills.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the outdoor solar led market analysis from 2022 to 2032 to identify the prevailing outdoor solar led market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the outdoor solar led market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global outdoor solar led market trends, key players, market segments, application areas, and market growth strategies.
Outdoor Solar LED Market Report Highlights
Market Size By 2032
USD 44.4 billion
CAGR of 21.6%
2022 - 2032
By Product Type
By End Use
Key Market Players
Solex Energy Limited, Signify Holding, Jiawei, Greenshine New Energy, Sunna Design SA, Solar Street Lights USA, LEADSUN, SOKOYO Solar Lighting Co., Ltd., Polybrite - SBM NewTech Co., Ltd, OSRAM GmbH., OkSolar.com, SEPCO Solar Electric Power Company
The outdoor solar LED market is predicted to grow rapidly in the next years. This is due to a combination of factors, including rise in demand for energy-efficient and sustainable lighting solutions, decline in solar technology costs, and initiatives by government to promote renewable energy sources. Furthermore, technological advancements have enhanced the efficacy and dependability of outdoor solar LED lighting, making it an appealing option for commercial, residential, and industrial applications.
The global outdoor solar LED market is highly competitive, owing to strong presence of existing vendors. Outdoor solar LED vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in the market is expected to further intensify with an increase in technological innovations, product extensions, and different strategies adopted by key vendors.
Rise in demand for outdoor solar LED solution in residential and commercial sectors applications has witnessed a surge, owing to increase in demand for renewable energy solution across emerging as well as developed economies. Moreover, prime economics, such as the U.S., China, Germany, and Japan, plan to developing and deploying next generation solar-powered - advanced lighting and security solution in emerging economies is anticipated to provide lucrative opportunities for market growth.
Among the analyzed geographical regions, Asia-Pacific exhibits the highest adoption of outdoor solar LED and has been experiencing a massive expansion of the market. On the other hand, North America is expected to grow at a faster pace, predicting lucrative growth due to emerging countries such as U.S. and Mexico investing in these technologies. Regions such as Middle East and Africa are expected to offer new opportunities for the growth of the outdoor solar LED market in the future.