Solar Outdoor LED Lights Market is expected to flourish at a significant CAGR of 22.9% during the forecast period.
Global solar outdoor LED lights market is expected to flourish at a significant CAGR of 22.9% during the forecast period. Factors such as increasing solar utilities installation, favorable government reimbursement policies and rising environmental concerns are driving the growth of the solar outdoor LED lights market. Moreover, the global solar outdoor LED lights market is expected to garner noteworthy revenue of USD 22.6 Billion by the end of 2024.
The between 50W and 150W segment by power is predicted to mark a notable CAGR by the end of 2024. Further, growing adoption of solar LED light of power between 50W and 150W for streets and highway lightning purposes is projected to fuel the growth of between 50W and 150W segment. In terms of regional platform, Asia-Pacific region seized the largest market for solar outdoor LED lights across the globe due to rapid urbanization and positive GDP figures. Additionally, China and Japan are the major countries witnessing the augmented demand for solar outdoor LED lights.
Government Initiatives and Regulation
Government of various nations such as India and China are increasing the solar energy production capacity which is anticipated to impel the growth of solar outdoor LED lights market. Rapid pace of urbanization coupled with government initiatives for the adoption of solar LED lighting as they are eco-friendly and cost-efficient are the major factors driving the growth of outdoor LED lights.
However, the growth of solar outdoor LED lights market may be hampered by the higher initial installing cost of solar LED light. Snow, dust and moisture can accumulate on horizontal panels, further which will lead to reduction of energy production and the product might not work properly.
Our in-depth analysis segmented the solar outdoor LED lights market in the following segments:
- Less than 50W
- Between 50W and 150W
- More than 150W
Global solar outdoor LED lights market is further classified on the basis of region as follows:
- North America (U.S. & Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, South Korea &Rest of Asia-Pacific)
- Middle East and North Africa (MENA)
The major key players for solar outdoor LED lights market are as follows:
- Hubbell outdoor</li>
- Blooma aurora</li>
- Okawa Screw manufacturing</li>
- Cree lightning</li>
- Solas Ray</li>
- UM Green</li>
- ↑ 1.0 1.1 1.2 https://www.researchnester.com/reports/solar-outdoor-led-lights-market-global-demand-analysis-opportunity-outlook-2024/317