Market Trends of Outdoor Solar LED Industry
This section covers the major market trends shaping the Outdoor Solar LED Market according to our research experts:
Solar LED Street Lights are Anticipated to Grow at the Robust Pace
- Solar LED streetlights are the market segment with the largest share. The market's growth is fueled by the government's installation of Solar LED street lights in various cities, particularly close to local municipalities worldwide.
- Additionally, expenditures in projects to upgrade the road infrastructure in various countries will stimulate segment growth. In order to finance the installation of solar street lights and promote segment expansion, several local governments from various countries also look at Public-Private Partnerships (PPP).
- The demand for solar LEDs in the commercial sector is anticipated to rise as investments in infrastructure development initiatives for solar street lighting increase. Additionally, several utilities, the federal government, and local governments provide tax breaks and incentive programs to commercial users to encourage the use of solar LED lights. Thus, the demand for solar LEDs is anticipated to increase in the commercial sector over the forecast period to facilitate the adoption of renewable energy systems and energy efficiency.
- For instance, in October 2022, the City of Princeton, Texas, installed 37 smart off-grid solar street lights in the Princeton Municipal Park, located around the Municipal Center. The city has improved its local infrastructure in an effort to increase energy resilience and promote sustainable alternatives. EnGoPlanet, a Houston-based manufacturer, makes solar-powered LED streetlights that don't need any wiring and are powered entirely by solar energy.
- Furthermore, products with increased lighting intensity and low power consumption have been developed as a result of ongoing innovation, and this is what is anticipated to fuel the segment's growth over the forecast period. The demand for replacing outdated street lighting systems with energy-efficient lighting solutions is also a major factor in the segment's growth.
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Asia Pacific to Witness the Significant Growth
- The Asia Pacific market is proliferating and holds a significant share of the global solar outdoor LED lighting market. The increased efforts to reduce carbon emissions by increasing renewable technologies can be attributed to the market growth in the Asia Pacific region. Additionally, it is anticipated that technological advancement in LED lighting solution design will fuel the market in the Asia Pacific.
- China led the regional market's growth, and the trend is anticipated to last throughout the forecast period. The regional market expansion can be attributed to the rising number of smart cities, infrastructure, and city expansion projects in several regional nations. Government efforts to implement street lighting solutions in rural and urban markets in China, India, and Southeast Asian countries have accelerated; this is expected to support market expansion.
- For instance, India's solar LED street lighting market will expand significantly due to strict government rules regarding the use of renewable energy sources and the rising popularity of environmentally friendly technologies. According to a report by the India Brand Equity Foundation (IBEF), India intends to produce 175 GW of energy from renewable sources by 2022, of which 100 GW will come from solar energy. The solar LED lighting market will also grow due to reforms and policies, such as the Deendayal Upadhyaya Gram Jyoti Yojana for rural electrification.
- Due to the advantages of outdoor solar LED lights over traditional outdoor lights, the post-pandemic global market appears promising in Asia-Pacific and several other nations.
- Additionally, as the area's population is expanding quickly, investments are being made in infrastructure development, which raises demand for outdoor solar LEDs. Manufacturers and governments from many nations actively seeking cost-effective energy production are drawn to the recent innovations that revolve around integrating solar systems with greener energy sources.
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