Market Overview
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.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR(2021-26) | 20% |
| 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.
Market Segmentation
Solar Panel Accounted for the Largest Market Share
Based on the Component Type, the Global Solar LED Lighting Market segments into Solar panels, batteries, Pole, Lamp, and Other components. Here, the Solar Panel category dominated the global market with the largest share in the previous few years and is likely to continue its dominance in the forecast period, too. It owes to solar panels being one of the most crucial components of a solar lighting system. Moreover, these are relatively expensive than other components, generate the maximum share in the market, and provide electricity to charge the battery during the daytime, which illuminates the lamps in the absence or less presence of light. Hence, based on these aspects, Solar Panels are very likely to witness a substantial share in the forecast years.
Residential Areas to Witness the Fastest Growth
Amongst the Application, the Global Solar LED Lighting Market segments into Commercial, Industrial and Residential areas. Of all, the Residential area is more likely to grow at the fastest pace in the forecast years. The residential sector consists of numerous portable plug-in fixtures, like table lamps & floor lamps, and permanently installed fixtures, live under recessed sconces & cabinet lights. Besides, the growing adoption of LED lamps due to reducing product prices & increasing subsidy programs by governments & market players is another crucial aspect likely to fuel the overall segment growth in the forecast years, states MarkNtel Advisors in their research report, “Global Solar LED Lighting Market Analysis, 2021.”
Regional Landscape
North America Accounts for the Largest Market Share
The Global Solar LED Lighting Market is witnessing exponential expansion throughout the globe. However, of all regions, North America dominated the overall market in the previous few years with the largest share and is likely to continue its dominance in the forecast period. It owes to factors, such as numerous infrastructural activities and the establishment of residential units in the region. Besides, the governments and market players are actively investing in the regional market, increasing the demand for Solar LED Lights in North America.
Market Driver
One of the major driving factors for the growth of the Global Solar LED Lighting Market is the rapidly increasing energy consumption across the globe. The growing energy demand is transforming the traditional lighting products due to their low energy efficiency, inclining manufacturers & consumers toward more energy-efficient products. Besides, the ongoing energy consumption trends suggest that countries will require alternate energy sources to fulfill the increasing energy demand.
Furthermore, the rising electricity consumption & CO2 emissions in cities due to rapid urbanization and the reducing costs of components used in solar LED lighting are other crucial aspects likely to drive the overall market in the forecast period. The governments of different countries are actively looking forward to initiatives to promote using Solar LED lighting worldwide. Hence, all these factors are likely to drive the Global Solar LED Lighting Market during the forecast period.
Competitive Landscape
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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. Global Solar LED Lighting Market is likely to grow at a CAGR of around 20% in the forecast period of 2021-26
A. Bisol, Greenshine New Energy, Solar Lighting International, Anuhi Longvolt Energy Co., LtdSolar Electric Power Company (SEPC), Solux, Orion Solar, Leadsun, Bridgelux, Inc, SOKOYO Solar Group, Urja Global, Solektra International are a few of the leading players in the Global Solar LED Lighting Market.
A. Solar Panel is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. North America continues to grow at the highest CAGR in the forecast period of 2021-26, presenting immense opportunities for market players of the Global Solar LED Lighting Market.
A. Rapid urbanization resulting in the increasing consumption of electricity & CO2 emissions in the cities and reducing costs of components used in solar LED lighting are the prime factors likely to drive the Global Solar LED Lighting Market in the forecast period. Moreover, the governments of different countries are actively looking forward to initiatives to promote using Solar LED lighting worldwide.
A. The largest producers of solar energy generation faced 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 & ease of norms by governments & market players, the market is likely to recover from the losses in the forecast years.
