Recent report published by research nester “Solar Outdoor LED Lights Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global solar outdoor LED lights market in terms of market segmentation by application, by power and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global solar outdoor LED lights market is segmented into application segment such as residential, commercial and others. Among these segments, commercial solar light segment is expected to occupy top position in overall solar outdoor LED lights market during the forecast period.
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Growing utilization of solar LED lights in utilities and industries is aiding to the growth of the market. Expansion of the outdoor LED lighting market is driven by the increasing demand for energy-efficient lighting systems across the globe and development of infrastructure such as smart cities that led to the implementation of solar outdoor LED lighting systems.
Global solar outdoor LED lights market is expected to flourish at a significant CAGR of 22.9% during the forecast period. Factors such as increasing solar utilities installation, favorable government reimbursement policies and rising environmental concerns are driving the growth of the solar outdoor LED lights market. Moreover, the global solar outdoor LED lights market is expected to garner noteworthy revenue of USD 22.6 Billion by the end of 2024.
In the regional platform, Asia Pacific dominated the overall solar outdoor LED lights market and is expected to continue its dominance over the forecast period. This can be attributed to increasing government investment in commercial and industrial outdoor lights. Further, rising environmental concerns among individuals is expected to accelerate the growth of residential solar outdoor LED lights market in Asia Pacific. North America solar outdoor LED lights market is anticipated to witness robust growth during the forecast period. Favorable government policies are anticipated to contribute to the growth of the solar outdoor LED lights market.
Apart from this, government incentives to promote solar energy are believed to positively impact the growth of the solar outdoor LED lights market across the globe.
Rising consumer awareness about the environmental benefits of solar outdoor LED lights is anticipated to positively impact the growth of solar outdoor LED lights market. Further, growth of solar outdoor LED lights market are the lighting systems based on Internet of Things (IoT), reduction in the prices of LEDs and penetration of LEDs as a light source in outdoor lighting applications such as architectural, highways & roadways and public places..
Government Initiatives and Regulation
Government of various nations such as India and China are increasing the solar energy production capacity which is anticipated to impel the growth of solar outdoor LED lights market. Rapid pace of urbanization coupled with government initiatives for the adoption of solar LED lighting as they are eco-friendly and cost-efficient are the major factors driving the growth of outdoor LED lights.
However, the growth of solar outdoor LED lights market may be hampered by the higher initial installing cost of solar LED light. Snow, dust and moisture can accumulate on horizontal panels, further which will lead to reduction of energy production and the product might not work properly.
This report also provides the existing competitive scenario of some of the key players of the global solar outdoor LED lights market which includes company profiling of Hubbell outdoor, Blooma aurora, Ligman, Okawa Screw manufacturing, Gamasonic, Carmanah, Cree lightning, Solas Ray, UM Green, Philips and other key players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global Solar Equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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