The global Outdoor Solar LED market size is expected to be worth around US$ 34.75 billion by 2030, according to a new report by Vision Research Reports.
The global Outdoor Solar LED market size was valued at US$ 10.36 billion in 2020 and is anticipated to grow at a CAGR of 30.6% during forecast period 2021 to 2030.
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Outdoor Solar LED Market (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) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
Growth Factors
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.
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.
Report Highlights
In terms of application, the solar LED street lights segment dominated the market in 2020, capturing a revenue share exceeding 51.0%. The trend is expected to continue over the forecast period.
The demand for solar LEDs for gardening applications is estimated to witness a CAGR exceeding 30.0% over the forecast period. The availability of a wide range of solar garden LED products at an affordable price-point has favored the growth of the segment so far, a trend that is expected to continue in the forthcoming years. In addition to cost and product range, the absence of complex wiring structures offers much-needed installation flexibility to homeowners compared to other sources of lighting. Furthermore, a growing preference for DIY gardening and landscaping is contributing to the segment growth.
The 40W to 149W segment dominated the market in 2020, accounting for more than 49.0% share of the overall market. Popular products having power between 40W to 149W are floodlights, streetlights, and path lights that find applications across tunnels, highways, streets, and path lights. Continued innovations have led to the development of products offering higher lighting intensity with limited power consumption, which is expected to drive the growth of the segment over the forecast period. Additionally, the rising demand to upgrade traditional street lighting systems with power-efficient lighting solutions is driving the growth of the segment.
The less than 39W segment is expected to register the highest CAGR over the forecast period. The majority of the solar LEDs with a power of less than 39W find use in wall lighting and garden lighting applications. The increasing popularity of decorative lighting among residential users to illuminate outdoor environments is anticipated to drive the segment growth. Furthermore, the availability of a diverse range of power-efficient and DIY solar LEDs suitable for wall and garden lighting applications is driving the segment growth.
The commercial end-use segment dominated the market in 2020, accounting for more than 60.0% share of the overall revenue. Increasing investments in solar street lighting infrastructure development initiatives are expected to drive the demand for solar LEDs in commercial space. Furthermore, to promote and encourage the adoption of solar LED lights, several utilities, government, and local bodies offer tax rebates and incentive schemes to commercial users. Thus, to facilitate the adoption of renewable energy systems and energy efficiency, the demand for solar LEDs is expected to grow in the commercial space over the forecast period.
The residential segment is anticipated to expand at a steady CAGR over the forecast period. The rise in spending on residential outdoor settings for organizing functions, parties, and a variety of events can be attributed to the growth of the segment. Moreover, the growing popularity of decorative exterior lightings for yards and garden pavements is expected to promote the adoption of outdoor solar LEDs in residential settings over the forecast period. Additionally, the increased adoption of solar PV modules that offer energy savings is also expected to work in favor of the segment over the forecast period.
Asia Pacific dominated the market accounting for more than 50.0% revenue share in 2020. China led the regional market growth and the trend is expected to continue over the forecast period. The increasing number of smart cities, infrastructure development, and city expansion projects in several countries in the region can be attributed to the growth of the regional market. The region has witnessed a surge in government initiatives aimed at deploying street lighting solutions in rural as well as the urban market in China, India, and Southeast Asian countries, which is expected to contribute to market growth.
| Report Coverage | Details |
| Market Size | US$ 34.75 billion by 2030 |
| Growth Rate | CAGR of 30.6% From 2021 to 2030 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Application , Wattage , End-use, Region |
| Companies Mentioned | Greenshine New Energy, Jiawei, LEADSUN, OkSolar, SBM-SolarTech, SEPCO Solar Electric Power Company, Signify Holding, SOKOYO, Solar Street Lights USA, Sunna Design SA |
Key Players
Market Segmentation
The study objectives of this report are:
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