July 20, 2020
According to the research report titled ‘Global Solar LED Lighting Market Analysis, 2020’, available with Market Study Report LLC, global solar LED lighting market is expected to grow with a CAGR of 20.50% over 2020-2025.
Rising awareness among individuals about clean energy along with growing government investments on renewable energy production is driving the growth of global solar LED lighting market. Also, other factors such as demand for solar technologies, renovations of existing electricity generation infrastructure along with rapid technological advancements in the product design are contributing to the demand for solar LED lighting across the globe. Also, the ongoing advancements and innovations in product design that will help reduce lighting costs in remote areas has fueled the demand for solar LED lighting.
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Among the applications, commercial sector acquired largest market share in 2019, owing to growing government’s measures to increase the adoption of solar LED lighting and reduce the CO2 emissions. Solar street lighting has commercial uses on subways, highways, tunnels, and streets. Moreover, the rising trend of automatic dawn and dusk lighting systems contribute to the market growth. Furthermore, subways, parking lots, pathways and parks have solar LED installations, hence, rise in construction of such infrastructure is expected to drive solar LED lighting market share during 2020-2025.
In 2019, North America held the highest stake in the market. Whereas, Asia-Pacific region held a major market share in 2019 and is expected to witness huge demand over 2025 mainly due to increasing infrastructural activities and the establishment of residential units in the region.
Key players in global solar LED lighting market include Solar Electric Power Company (SEPC), Bridgelux, Inc, Orion Solar, Bisol, Solar Lighting International, Urja Global, Anuhi Longvolt Energy Co., Ltd., Greenshine New Energy, Solux, Leadsun, SOKOYO Solar Group, and Solektra International among others.