February 05, 2021
According to the research report titled ‘Global Solar Outdoor LED Lighting Market Size study, by Type (Street Lights, Flood Lights, Garden Lights, Spotlights, Area Lights) by Application (Residential, Commercial, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global solar outdoor LED lighting market is predicted to expand significantly during the period of 2020-2027.
Increasing environmental concerns and growing demand for wind as well as solar energy sources are some of the key factors driving the growth of global solar outdoor LED lighting industry. For those unaware, solar outdoor LED lights are typically powered by photo-voltaic cells and are primarily used for street lighting.
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Widespread deployment of solar panels coupled with technological breakthroughs are favoring the overall market scenario. However, high development and maintenance costs associated with the product could potentially hamper global solar outdoor LED lighting market remuneration in the upcoming years.
As per type, the market is segmented into area lights, spotlights, garden lights, flood lights, and streetlights. The application scope of worldwide solar outdoor LED lighting industry consists of commercial, residential, and others.
From a regional perspective, North America current holds the largest market share in terms of revenue and is likely to depict similar growth trends in the upcoming years, primarily driven by rising deployment of solar panels and improving consumer cognizance.
Meanwhile, Asia-Pacific is expected to develop as a major revenue generator for global solar outdoor LED lighting industry by the year 2027. Supportive regulatory outlook and escalating investments towards clean sources of energy are facilitating the business scenario in Asia-Pacific.
The competitive landscape of global solar outdoor LED lighting market is defined by companies such as Exide Industries Limited, Shenzhen Spark Co. Ltd., Hollandia Power, Signify Holding B.V., Osram Licht AG, Solar Electric Power Company, Solar Lighting International Inc., Leadsu, Hubbell Inc., and Carmanah Technologies among others.