Solar Outdoor LED Lights Market Overview
Solar outdoor LED lights refer to the type of lights which are powered by photovoltaic panels. The photovoltaic panels charge a rechargeable battery, which provide sufficient power to outdoor LED lights. It is rapidly increasing its popularity, as more and more homeowners seek cost effective and environmental friendly ways to illuminate their outdoor living spaces and gardens. Solar LED lights are durable and reliable surviving extremes of temperature, weather and UV rays.
Market Size and Forecast
The global solar outdoor LED lights market is expected to grow at a robust pace over the forecast period i.e. 2017-2024. The growth of the outdoor LED lighting market is driven by the increasing demand for energy-efficient lighting systems across the globe and development of infrastructure such as smart cities that led to the implementation of solar outdoor LED lighting systems.
Asia-Pacific holds the largest market share in terms of revenue in solar outdoor LED lighting globally. Led by China and India, the market in this region is expected to showcase significant growth owing to favorable government policies in order to utilize renewable power sources and rising environmental concerns.
North America solar outdoor LED lights market is expected to show a tremendous growth over the forecast period owing to early adoption of solar LED lighting across the region. It has been notified that top manufacturers such as Osram and GE have started to emphasize more on their solar outdoor LED lighting products. Europe stood at third position in this market. U.K and Germany are the leading revenue contributors in solar outdoor LED lights market in Europe. The Africa and Middle East countries furnish maximum potential for expansion in this market. Solar outdoor LED market in these regions is particularly driven by initiatives such as awareness campaigns, subsidies and many programs aimed to boost the adoption for solar LED outdoor lighting.
Our in-depth analysis segmented the solar outdoor LED lights market in the following segments:
Global solar outdoor LED lights market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The factors propelling the growth of solar outdoor LED lights market are the lighting systems based on Internet of Things (IoT), reduction in the prices of LEDs and penetration of LEDs as a light source in outdoor lighting applications such as architectural, highways & roadways and public places.
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.
Increase in per capita income and rise in purchasing power of the consumers are anticipated to be the dynamic factors behind the rapid growth of solar LED lighting market.
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.
The major key players for solar outdoor LED lights market are as follows
Scope and Context
Overview of the Parent Market
The global solar outdoor LED lights market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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