This article is soley based on a Market Research Report (not open source).
Increasing usage of Solar Outdoor LED Lights on the back of the rising demand for sustainable energy generation would boost the global market growth
Research Nester recently published a report titled “Global Solar Outdoor LED Lighting Market Outlook: Industry Analysis & Opportunity Evaluation 2018-2027”, which delivers detailed overview of the global solar outdoor LED lighting market in terms of market segmentation by end-use, installation, product, wattage, mode, and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
In 2017, OSRAM Licht AG had launched a new product for the lighting of outdoor residential surfaces and areas. This product is anticipated to showcase a vibrant growth in solar outdoor led lighting segment for the company. The global solar outdoor LED lighting market is significantly driven by the significant growth in residential and commercial sectors, across the globe. With the increasing demand for solar outdoor LED lighting increases, the size of the global market held a market revenue of USD 3,128.3 million in 2018. Several key factors such as the increase in awareness and concern for environment coupled with rise in purchasing power are anticipated to significantly drive the market. It is estimated that the market would expand at a robust pace (CAGR of 12.9%),
On the basis of geography, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The market in Asia Pacific was estimated to hold highest market share (41.6%) in 2018, on account of enhancement in government investments to develop smart cities coupled with the rising awareness among people about green energy sources. With the drop in the cost of solar PV, China is accelerating reductions in subsidies for solar PV projects, which is helping them to expand their solar energy capacity at a subsidized rate, which in turn increases the demand for the solar outdoor LED lights in Asia Pacific.
Several factors such as rapid cost reduction and increase in solar energy application, across the globe, along with concern for environment influence the market growth. Moreover, the growth in people opting for the renewable source of energy and technological improvements led to significant growth in the efficiency of LED lights. The process of evolution with smart technology has significantly changed the overall lighting industry in terms of energy and money saving, ensuring increased safety and convenience to the end-users. Such factors are estimated to drive the market growth.
The global market has been segmented by installation type into retrofit & new installations. Among these, the new installations segment held the largest market share in 2018, which was due to the increasing installations of solar powered municipal lamps and area lights across developing regions of their countries. On the basis of product, the market is segmented into solar LED street lights, solar LED flood lights, solar LED garden lights, solar LED spotlights, solar LED area lights, and others. Among these, the solar LED street lights segment held the major share on the back of growing initiatives of building smart cities across the developing economies of the world with incorporation of advanced technologies and energy efficiency in the residential and commercial sectors.
Limitations of market growth
The growth of the market may be impeded by a few limitations such as high cost of installation, maintenance for solar outdoor LED lights, climate constraints, and availability of substitute of solar electric power, all of which might hamper the growth of the market, during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global solar outdoor LED lighting market which includes company profiling:
Osram Licht AG,
EXIDE Industries Limited,
The profiling enfolds key information of the companies, which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts detailed overview of the global solar outdoor LED lighting market that will help industry consultants, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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