Solar LED Lighting is the light built through light sources powered by numerous components like solar panels mounted on the lighting structure or integrated into the pole itself. These solar panels are rechargeable and help in powering LED lights at night.
According to MarkNtel Advisors’ research report, “Global Solar LED Lighting Market Analysis, 2021,” the market is likely to grow at a CAGR of around 20% in the forecast period of 2021-26. It owes to the growing inclination of individuals from traditional lighting to advanced solar lighting primarily due to the sturdy increase of CO2 emissions & greenhouse gases in the environment. Numerous countries are focusing on shifting toward greener solutions & sustainable development. The countries taking initiatives are the US, Germany, China, UK, and India, and actively looking for various methods to reduce carbon dioxide emissions by installing solar LED lights and moving toward Smart electricity solutions.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy and Others|
|Asia-Pacific: China, India, Japan, South Korea, Australia, South East Asia|
|South America: Brazil, and Argentina|
|Middle East & Africa: UAE, Saudi Arabia|
|Key Companies Profiled||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|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The outbreak of the Covid-19 pandemic has considerably disrupted the momentum of various industries across the world, and the Global Solar LED Lighting Market is no exception. The governments are actively looking for ways to tackle these challenges & determine the pace of deployment of solar energy in the coming years. Moreover, countries like China are one of the largest producers of solar energy generation and face a massive slowdown in economic growth. The imposition of lockdown and movement restrictions have affected the overall energy generation and renewable energy investment globally. However, with the gradual upliftment of lockdown & easing norms by governments and market players, the market is likely to recover from the losses in the forecast years.