Press Release Description

Solar LED Lighting Market Flourishes as A Sustainable Illumination Solution

The Global Solar LED Lighting Market is projected to grow at a CAGR of 20% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market growth is favorably fostered by the growing inclination of consumers from traditional lighting to advanced solar lighting as a sustainable and renewable choice. Additionally, independency from power grids with low maintenance and operational cost further adds to the industrial expansion. Furthermore, numerous countries focusing on greener solutions and sustainable development by implementing methods to reduce carbon dioxide emissions are also pushing the industry forward. Likewise, favorable governments and related bodies initiating the consumer shift to solar energy and LED lighting are boding well for the industry. Moreover, the trend of installing Solar LED streetlights as an illumination solution in rural and remote areas where traditional power sources do not extend is fueling the market extension, further states the research report, “Global Solar LED Lighting Market Analysis, 2023.”

Segmentation

The market is broadly fragmented based on Application, Product Type, and Component Type. On the basis of Application, the market is distributed into Residential, Commercial, and Industrial. Additionally, on the basis of Product Type the market is divided between Stand-Alone and On-Grid. Finally, based on Component Type the market is segmented into Solar Panel, Battery, Pole, Lamp, and Other Component.

Stand-Alone Product Type’s Independency from Power Grids Benefits Market Expansion

Stand-Alone Product Type wins the larger market share, owing to the off-grid system’s independency from power-grid, meaning it collects and stores solar energy and provides it with power even when there is a grid outage. Besides, countries like Indonesia, India, Tanzania, and Kenya promote installing and deploying off-grid solar lighting systems due to their high dependency on stand-alone product types. Furthermore, as stand-alone lighting systems allow the storage and saving of solar power batteries independent of the connected power grid, unlike the on-grid system, which does not provide power during a grid outage, it is bound to extend the market acceleration.

Several Government Initiatives Garners Asia-Pacific The Largest Market Share

Globally, the Asia-Pacific region is anticipated to dominate the market during the forecasting period, aided by the rising number of smart cities, infrastructural development, and numerous city expansion projects in several countries. China is leading the market growth in the region with increasing government expenditure on public infrastructure and rising commercial and industrial projects. On the other hand, Europe is also expected to experience considerable market expansion, owing to the expansion plans of numerous countries like the UK and Germany to shift to greener energy solutions.

Global Solar LED Lighting Market

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including 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, and Solektra International are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends that have shaped the industry to its current form?
  3. What key factors would propel and impede the Global Solar LED Lighting Market?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition shaped across various countries, followed by their comparative factorial indexing?
  6. How have buying behavior, customer inclination, and expectations from Solar LED Lighting manufacturers evolved during 2018-28?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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