Solar Outdoor LED Lighting: Introduction
- Solar outdoor LED lighting is powered by solar panels mounted on the lighting structure. The panels charge a rechargeable battery, which in turn, powers an LED lamp during the night.
- Solar outdoor LED lighting consists of four main components: solar panel, rechargeable battery, lighting fixture, and controllers
Key Drivers of Global Solar Outdoor LED Lighting Market
- Rise in demand for reliable, cost-effective, and eco-friendly outdoor lighting solutions in residential and commercial sectors is likely to drive the global solar outdoor LED lighting market during the forecast period. Solar outdoor LED lighting utilizes solar energy to power LED lights; therefore, it does not require external electric input. This feature makes its adoption attractive in lighting solutions.
- Shift in trend in adoption of renewable technologies to reduce greenhouse gas emissions is also expected to propel the global solar outdoor LED lighting market during the forecast period. Policymakers have introduced several norms & directives to achieve renewable targets and reduce GHG emissions. For instance, regulators in the European Union aim to minimize GHG emissions by 20% by 2020 from the 1990 levels, thus enhancing the utilization of renewable resources.
- Technological innovations in solar panels with respect to design specifications and other developments, such as solar tracking mounts and thin film technology, are anticipated to augment the adoption of solar outdoor LED lighting during the forecast period.
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COVID-19 Impact Analysis
- The Government of China had enforced a nationwide lockdown as part of measures to limit the spread of COVID-19. As a result, photovoltaic equipment manufacturers had to halt their production.
- China is the major hub for companies involved in manufacture of photovoltaic equipment. Majority of the top 10 solar photovoltaic manufacturers in terms of module shipments are based in China.
- Halt in production capacity of photovoltaic equipment has raised concerns regarding material supply and logistics. Restrictions imposed due to closure of borders are estimated to result in increase in prices of solar modules.
Solar LED Streetlights Product Type Segment Expected to Hold Major Share of Global Market
- The global solar outdoor LED lighting market can be segmented based on product type, application, installation, and region
- In terms of product type, the global solar outdoor LED lighting market can be divided into solar LED spotlights, solar LED garden lights, solar LED floodlights, solar LED streetlights, solar LED area lights, and others. Solar LED streetlights is one of the extensively used products in the solar outdoor LED lighting market. Growth of the solar LED streetlights segment can be ascribed to benefits associated with these lights. For instance, they require low maintenance; and are cost effective and ecofriendly.
- Based on application, the global solar outdoor LED lighting market can be divided into highway & roadways, park & playground, and commercial & industrial
- Based on installation, the global solar outdoor LED lighting market can be segregated into new & retrofit
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North America to Constitute Major Share of Global Solar Outdoor LED Lighting Market
- In terms of region, the global solar outdoor LED lighting market can be classified into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- North America held major share of the global solar outdoor LED lighting market in 2019. This trend is anticipated to continue throughout the forecast period. Growth of the market in North America can be ascribed to the increase in efforts to reduce carbon emissions by enhancing the utilization of renewable technologies. Furthermore, technological innovation in the design of LED lighting solutions is anticipated to propel the market in North America.
- The solar outdoor LED lighting market in Asia Pacific is likely to expand at a significant pace during the forecast period, due to surge in demand for energy efficient and cost-effective lighting solutions in the region. Furthermore, rapid urbanization, rise in investments in the industrial sector, and growth in standard of living are expected to drive the market in Asia Pacific in the near future.
- The solar outdoor LED lighting market in Europe is projected to expand at a rapid CAGR during the forecast period. Growth of the market in the region can be ascribed to introduction of several norms and targets to limit carbon emissions across establishments in Europe. Furthermore, increase in efforts to reduce dependence on imported fossil fuel along with increase in tax on fossil fuel is likely to propel the market in the region during the forecast period.
- The solar outdoor LED lighting market in Latin America and Middle East & Africa is expected to expand at a sluggish pace during the forecast period, due to high untapped potential for solar energy in these regions. Increase in demand for cost effective outdoor lighting solutions in residential, commercial, and industrial establishments is also propelling the solar outdoor LED lighting market as. They also possess longer shelf life and require minimal maintenance.
Key Players Operating in Global Market
Leading companies operating in the global market are:
- Solar Electric Power Company
- Solar Lighting International
- Signify Holding
- Carmanah Technologies Corp.
- Shenzhen Spark Co., Ltd.
Global Solar Outdoor LED Lighting Market: Research Scope
Global Solar Outdoor LED Lighting Market, by Product Type
- Solar LED Spotlights
- Solar LED Garden Lights
- Solar LED Floodlights
- Solar LED Streetlights
- Solar LED Area Lights
Global Solar Outdoor LED Lighting Market, by Installation
Global Solar Outdoor LED Lighting Market, by Application
- Highways & Roadways
- Commercial & Industrial
- Park & Playgrounds
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