According to MarkNtel Advisors' research report, "Global Solar LED Lighting Market Analysis, 2021," the market is likely to witness around 20% CAGR in the forecast period, i.e., 2021-26. The growth of solar LED lighting owes prominently to the emerging traction of the individuals coming forward to bring clean energy. For the same purpose, several governments across regions made extensive investments. Moreover, the overall demand to install Solar LED Lighting has witnessed exponential growth in the previous few years and is likely to expand further in the forecast years. The investment towards refurbishing conventional electricity generation sources and swift technological developments while designing the Solar LED Lighting are other critical aspects likely to propel their demand globally.
Key Questions Answered in the Study
LED Lamps to Witness the Fastest Growth
Based on the Product, the Global LED Lighting Market segments into LED Lamps and Luminaires. Here, the LED Lamps segment is more likely to witness robust growth in the forecast years due to the rapidly growing adoption of Solar LEDs in developing countries to combat the growing environmental concerns. Over incandescent lamps, these lamps come with multiple advantages, including energy efficiency and suitable temporal stability. Furthermore, these lamps are available in several designs & applications, therefore with the strengthened regulations to phase out incompetent light bulbs, they shall witness propelling demand, especially in residential & commercial applications, in the years to come.
"Global Solar LED Lighting Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Solar LED Lighting providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Asia-Pacific to Witness the Fastest Growth
Undoubtedly the Global Solar LED Lighting Market is growing widely, yet the Asia-Pacific region is more likely to witness the fastest growth in the forecast years. It owes prominently to various supporting factors, such as the active participation of Taiwan, Japan, and China toward the market growth due to the massive initiatives taken by the respective governments toward adopting light-emitting diodes. Besides, the fastest-developing countries in the region like China, India, Indonesia, Vietnam, and Malaysia are booming their construction industry because of the rising local & migrated population.
Thus, all these factors altogether are helping in the rapid growth of the construction sector in Asia-Pacific and contributing to the Solar LED Lighting demand in the region. Therefore, based on these aspects, Asia-Pacific is very likely to contribute to the overall market growth in the forecast period, reveals MarkNtel Advisors in their research report, "Global Solar LED Lighting Market Analysis, 2021."
According to MarkNtel Advisors, the leading players in the Global Solar LED Lighting Market are 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.