Outdoor Solar LED Market: Trends, Opportunities, and Forecasts |...

Outdoor Solar LED Market: Trends, Opportunities, and Forecasts

Posted 2024-12-19 06:24:02

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Outdoor Solar LED Market: Trends, Opportunities, and Forecasts

The global outdoor solar LED market is projected to grow significantly, driven by increasing demand for energy-efficient lighting solutions, decreasing costs of solar panels and LEDs, and government incentives and policies.

The outdoor solar LED market has been gaining significant traction in recent years, driven by the increasing demand for energy-efficient and sustainable lighting solutions. According to a recent report by Straits Research, the global outdoor solar LED market size was valued at USD 7.54 billion in 2023 and is projected to reach from USD 9.41 billion in 2024 to USD 55.77 billion by 2032, growing at a CAGR of 24.9% during the forecast period (2024–2032).

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Market Categorization

The outdoor solar LED market can be categorized into three main segments: application, wattage, and end-use.

Application

Solar LED Street Lights

Solar Garden LED Lights

Solar LED Floodlights

Solar LED Area Lights

Solar LED Spot Lights

Wattage

Less than 39W

40W to 149W

More than 150W

End-Use

Residential

Commercial

Industrial

Geographic Overview

The outdoor solar LED market can be geographically segmented into four main regions: North America, Europe, Asia-Pacific, and the Rest of the World.

North America: The United States and Canada are the dominant countries in this region, driven by the increasing demand for energy-efficient lighting solutions.

Europe: Germany, the United Kingdom, and France are the leading countries in this region, driven by the growing adoption of solar-powered lighting solutions.

Asia-Pacific: China, Japan, and India are the dominant countries in this region, driven by the increasing demand for outdoor lighting solutions in the residential, commercial, and industrial sectors.

Rest of the World: This region includes countries such as Brazil, South Africa, and the Middle East, which are also witnessing a growing demand for outdoor solar LED lighting solutions.

Top Players of Outdoor Solar LED Market

Some of the top players operating in the outdoor solar LED market include:

Greenshine New Energy

Jiawei

LEADS

OkSolar

SBM-SolarTech

SEPCO Solar Electric Power Company

Signify Holding

SOKOTO

Solar Street Lights USA

Sunna Design SA

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Key Unit Economics for Businesses and Startups

The outdoor solar LED market offers attractive unit economics for businesses and startups, driven by the decreasing cost of solar panels and LEDs. Some of the key unit economics include:

Cost per Unit: The cost per unit of outdoor solar LED lighting solutions has been decreasing over the years, making them more competitive with traditional lighting solutions.

Payback Period: The payback period for outdoor solar LED lighting solutions is typically between 2-5 years, depending on the location and usage patterns.

Return on Investment (ROI): The ROI for outdoor solar LED lighting solutions can be as high as 20-30%, making them an attractive investment opportunity for businesses and startups.

Outdoor Solar LED Market Operational Factors

The outdoor solar LED market is driven by several operational factors, including:

Increasing Demand for Energy-Efficient Lighting Solutions: The growing demand for energy-efficient lighting solutions is driving the adoption of outdoor solar LED lighting solutions.

Decreasing Cost of Solar Panels and LEDs: The decreasing cost of solar panels and LEDs is making outdoor solar LED lighting solutions more competitive with traditional lighting solutions.

Government Incentives and Policies: Government incentives and policies are also driving the adoption of outdoor solar LED lighting solutions, particularly in the residential and commercial sectors.

Why Straits Research?

Straits Research is a leading market research company that provides comprehensive and actionable insights to businesses and startups. Our reports are based on rigorous research methodologies and provide a detailed analysis of the market trends, drivers, and challenge.