The transition of individuals from traditional lighting to advanced solar lighting has been witnessed due to the robust increase in CO2 emissions and greenhouse gases. The countries are focusing on moving towards greener solutions and sustainable development. Countries such as the US, Germany, China, UK, and India are choosing various methods to lower carbon dioxide emissions. Moreover, governments are establishing smart cities and install solar LED lights and moving towards smarter solutions for electricity.
According to MarkNtel Advisors’ research report “Global Solar LED Lighting Market Analysis, 2020”, the Global Solar LED Lighting market is anticipated to grow at a CAGR of around 20.50% during 2020-25. Companies operating in solar LED lighting are collaborating with other businesses and companies to gain a competitive edge or to provide innovative solutions. VC-backed Sunna Design, a French solar company came into partnership with SOL from Canadian company Carmanah Technologies Thus, the growth of solar LED lighting is foreseen in the future as well.
Stand-Alone Segment Gained the Maximum Market Share
The stand-alone product type is used for solar LED street lighting as there is no dependence on conventional sources of energy that reduce the need for the general grid of any power requirement. These solar LED lightings are operated on the stand-alone mode. The battery type contains a lead-acid battery for storage and photovoltaic modules for charging the battery. Tubular batteries equipped with the solar street lighting systems require remarkably low maintenance and are known to have a long life. Also, the solar LED lighting has automatic functions of dusk and dawn operation with a set timer. Moreover, the adoption of connected and intelligent lighting is inducing due to the integration of LED lights with the Internet of things (IoT).
Establishment of Smart Cities is Galvanizing the Demand for Solar LED Lighting in Emerging Regions
The countries in developing regions have profoundly set standards for the reduction of CO2 and other harmful gases. Also, the governments are focusing on the development of smart cities which is anticipated to skyrocket the demand for solar LED lighting as well. The Indian government is focusing on developing smart cities in the country, with a target of at least 100 such cities by 2030. The market of solar lighting is majorly driven as this lighting system is cost-effective and does not require a grid connection, unlike the conventional lighting system. India’s lighting system observes difficulty in long transmission of lines and inadequate electrification thus, the adoption is mushrooming in the rural areas. Therefore, the demand for solar LED lighting is showcasing an augmented demand, and the growth is foreseen through 2025. North America contributed the largest market share in 2019 and the Middle East and Africa region grabbed a major market share owing to the rising establishment of smart cities as revealed by the MarkNtel Advisors’ research report “Global Solar LED Lighting Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Solar LED Lighting market 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 etc.
“Global Solar LED Lighting Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Solar LED Lighting providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Application (Commercial, Residential and Industrial),
2. By Product Type (Stand-alone and On-Grid),
3. By Component Type (Solar Panel, Battery, Pole, Lamp and Other component),
4. By Country (US, Canada, Mexico, Brazil, Argentina, UK, Germany, Italy, Spain, China, India, Japan, South Korea, Australia, South-East Asia, UAE, Saudi Arabia),
5. By Company (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)
Key questions answered in the study:
1. What are the current and future market trends of the Solar LED Lighting industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Solar LED Lighting industry?
5. What are the customer orientation, purchase behavior, and expectations from the Solar LED Lighting firms across various regions?