Research Nester recently published a report titled “Global Solar Outdoor LED Lighting Market: Outlook, Industry Analysis & Opportunity Evaluation – 2018-2027” that delivers a detailed overview of the global market in terms of market segmentation by product, installation, mode, wattage, end use, and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk analysis, market attractiveness, BPS analysis, and Porter’s five force analysis.
Solar outdoor LED lighting have just brought us closer to the utilization of renewable sources for meeting the energy demands of the global population. The global energy demand is never ending and increasing every day, thus, requiring alternative energy sources at cost effective techniques without any hindrance to reach out to the global population.
People opting for the renewable sources of energy is enhancing the market demand for solar outdoor LED lightings. The process of evolution with smart technology has significantly changed the overall lighting industry in terms of energy and money savings, ensuring increased safety and convenience to the users. The government of various developed and developing economies have also adopted techniques to utilize the solar energy in street lighting. In 2018, the global market was valued at USD 3,128.3 million. Also, the market is predicted to grow at a robust CAGR of 12.9% over the forecast period (2019-2027).
Considering the phase for the rural areas of developing countries, there are difficulties in accessing energy due to long transmission lines and inadequate electrification, which has led the population to opt for solar LED lighting solutions. Such lights help to fulfil the requirements of the consumers at a lower cost, which is anticipated to boost the growth of the market, during the forecast period.
While developed countries have adopted various advanced and upgraded solar energy lighting solutions, developing countries have reduced the cost of solar PV, such as China, which has reduced the costs by subsidizing solar PV projects, which is helping them to expand their solar energy capacity at a subsidized rate. Regionally, the market in Asia Pacific had the highest market share in 2018 and is estimated to grow at a CAGR of 13.5% over the forecast period (2019-2027). The growing number of market players, particularly in the developing countries such as China and India, have brightened the prospects for the growth of the market. The second leading market is estimated to be captured by North America on the back of the growing expenditure on initiatives to reduce the carbon footprint. The U.S. is the prominent market driving the growth in this region.
However, the growth of the market is expected to witness hindrance due to climatic factors, such as rainy and cloudy weather conditions that obstruct the sun rays to reach the plates. Additionally, high installation and maintenance costs is also anticipated to limit the market growth in rural areas of developing and under-developed economies, during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the market which includes company profiling of Solar Lighting International, Inc., Signify Holding (Philips Lighting Holding B.V.), Hollandia Power, Hubbell, Carmanah, Shenzhen Spark Co., Ltd, EXIDE Industries Limited, Leadsun, Osram Licht AG, and Solar Electric Power Company (SEPCO). 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 possibilities, and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.