Solar LED Lighting Market Projected to Expand at 20% CAGR Through 2028

The Global Solar LED Lighting Market was valued at USD 9.1 billion in 2022 and is projected to grow at a CAGR of around 20% during the forecast period, i.e., 2023-28. It owes to the growing inclination of individuals from traditional lighting to advanced solar lighting primarily due to the sturdy increase of CO2 emissions & greenhouse gases in the environment. As a result, numerous countries are focusing on shifting toward greener solutions & sustainable development. Several countries are actively looking for various methods to reduce carbon dioxide emissions by installing solar LED lights and moving toward Smart electricity solutions due to rapid urbanization.

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Strategic Takeaways from the Report:

• Market Sizing and Forecasting
• Regulatory and Policy Influence
• Competitive Trends and M&A Activity
• Innovation Drivers and Disruptive Technologies
• Investment Hotspots and Emerging Niches
• Geographical Dynamics and Trade Flows

Solar LED Lighting Market Segment Overview & Classification

This market is categorized to offer targeted insights across various operational and consumer-related verticals.

Segment List:

By Application

• Residential
• Commercial
• Industrial

Among all, Commercial Application is projected to acquire the largest market share in the forecast period. It is attributed to the surging initiatives by various country governments and civic authorities opting for solar lighting and other renewable energy sources. As a result, solar lighting solutions are getting implemented in streets, roadways, and other commercial establishments.

By Product Type

• Stand-Alone
• On-Grid

Among the two, Stand-alone Product Type has acquired a higher market share during the historical period and is bound to continue in the same flow during the forecast period. It is owed to Stand-Alone power systems being off-grid and independent of electricity grids. They collect and store solar energy and provide it with power even when the on-grid electricity is off. Besides, countries like Indonesia, India, Tanzania, and Kenya promote installing and deploying off-grid solar lighting systems due to their high dependency on stand-alone product types. Moreover, a stand-alone allowing the storage and saving of solar power in batteries and utilization independent of the grid, compared with the on-grid system, which does not provide power during grid outages, is adding to the market extension.

By Component Type

• Solar Panel
• Battery
• Pole
• Lamp
• Other Component

By Region

• North America
• South America
• Europe
• Asia-Pacific
• Middle East & Africa.

Globally, the Asia-Pacific region accounted for the largest market share during the historical period and is anticipated to continue in the same trend during the forecasting period. The market is expanding owing to the rising number of smart cities, infrastructure development, and numerous city expansion projects in several countries. In addition, China is leading the region’s growth with increasing government expenditure on public infrastructure and rising commercial and industrial projects.

These divisions help clarify demand patterns and expected shifts.

Market Driver

Rising Urbanization Instigating the Need for Sustainable Energy Sources - With the growing population, the introduction of new technologies, and infrastructural development, urbanization is spreading globally, consecutively raising demands for sustainable sources and utilization of energy and electricity. Therefore, the need for energy-efficient tools such as solar energy panels to fulfill the goals of smart cities in developing countries is driving the market growth. Besides, the minimal maintenance and lower operational costs compared to conventional lighting have increased the installation of solar lighting in numerous underdeveloped areas. Furthermore, lucrative features such as energy efficiency, low operating and maintenance costs, quick fault detection, and real-time control decisions via central control units or devices are further driving the market.

Solar LED Lighting Market Competitive Snapshot from 2023-2028

The report highlights established and emerging players in the global Solar LED Lighting Market, evaluating their strengths, challenges, and potential for innovation.

Key Competitors Include:

• Bisol
• Greenshine New Energy
• Solar Lighting International
• Anuhi Longvolt Energy Co., Ltd.
• Solar Electric Power Company (SEPC)
• Solux
• Orion Solar
• Leadsun
• Bridgelux, Inc
• SOKOYO Solar Group
• Urja Global
• Solektra International.

Their activities include partnerships, product launches, and geographic expansions.

Solar LED Lighting Industry Prime Challenge

Independency from the Power Grid Resulting in Increased Adoption in Rural & Remote Areas - Solar LED lighting provides a productive solution to dependency on the power grid and power lines. Thus, raising its adoption in rural and remote areas, where connecting power grid and lines would be more financially draining. Hence, it has made possible transmission of electricity to areas where currently lighting system implementation through traditional methods is not possible. Consecutively, installing different lighting, such as street lights, completely independent from the power grid, has turned into a trend, extending the industry. Furthermore, added benefits such as low-maintenance costs & declining prices of solar panels have been further curating the positive graph of the industry, hence enhancing the Global Solar LED Lighting Market size.

Frequently Asked Questions (FAQs):

• What industries are most impacted by this market?
• How is technology reshaping operations and offerings?
• Which competitors dominate the landscape?
• What risks could disrupt market expansion?
• How should businesses respond to demand fluctuations?

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