Solar Powered LED Lighting Market - Forecast(2024 - 2030)

Solar Powered LED Lighting Market Overview:

The Solar Powered LED Lighting Market size was estimated at USD $ 3.9 Billion in 2030 and is expected to grow at a compound annual growth rate CAGR of 14.1% from 2023 to 2030. The market is expected to be driven by 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. In addition, as solar panels provide independence from power grids, their implementations & utilization is multi-dimensionally spreading in remote & rural areas where the connection of traditional power system is not currently possible. Besides, multiple added features such as minimal maintenance & lower operational costs, with illumination even in a grid outage, over the forecast period.

Market Snapshot:

Solar Powered LED Lighting Market- Report Coverage:

The “Solar Powered LED Lighting Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Solar Powered LED Lighting Market.

COVID-19 / Ukraine Crisis - Impact Analysis: 

●   The Solar-Powered LED Lighting industry experienced supply chain disruptions as a result of the COVID-19 pandemic, resulting in manufacturing and distribution delays due to difficulties in procuring essential components such as solar panels, LEDs, and batteries. However, the pandemic served as a powerful reminder of the critical need for sustainability and resilience in times of global crises. This heightened awareness drove governments, businesses, and individuals to prioritize investments in clean energy solutions, with a notable focus on solar-powered LED lighting. As a result, the industry is poised for growth, capitalizing on the increasing demand for environmentally friendly and efficient lighting solutions in the wake of the pandemic.

●    The Ukraine crisis has heightened energy security concerns in Europe, driving a shift towards reduced reliance on Russian natural gas and increased interest in renewable energy sources. As a result, some governments are expected to revise their energy policies, favoring renewables and energy efficiency measures to enhance energy security. This shift could create a favorable environment for solar-powered LED lighting installations, potentially benefiting from incentives, subsidies, and regulatory support as part of broader energy security strategies.

Key Takeaways:

●     Fastest Growth Asia Pacific Region

Geographically, Asia Pacific region dominated the market in 2022 and is further expected to grow at the fastest CAGR of 16.2% over the forecast period. The market is experiencing growth due to the increasing number of smart city initiatives, infrastructure development projects, and urban expansion efforts in multiple countries. Furthermore, China is at the forefront of this regional growth, with a surge in government investments in public infrastructure and the emergence of numerous commercial and industrial projects. Similarly, governments in India, China, South Korea, and Australia are actively promoting the installation of solar LED street lighting solutions. Solar LEDs are seen as a cost-effective and sustainable alternative that eliminates the need for extensive trenching and performs exceptionally well in areas with abundant sunlight.

●     LED Lighting Poised for Mainstream Adoption with Price Declines and Sustainable Trends

As LED lighting increasingly penetrates residential, commercial, and industrial sectors, there remains substantial untapped potential for it to establish mainstream dominance, driven by falling prices attributed to advancing LED technology. Furthermore, favorable governmental incentives and the growing consumer preference for sustainable energy and lighting solutions are expected to significantly bolster the market. Additionally, collaborative efforts between governments and industry players to promote the adoption of LEDs over CFLs and traditional incandescent bulbs, including subsidized LED distribution, are poised to create lucrative growth prospects for the industry.

●   Urbanization's Surge Sparks Demand for Sustainable Energy Solutions

As the global population continues to expand and cutting-edge technologies emerge, along with ongoing infrastructure growth, urbanization is undergoing a significant upswing. This trend has created increased demand for sustainable energy and efficient electricity utilization. Consequently, the market is experiencing a rising need for energy-efficient solutions, particularly focusing on solar panels, to align with the strategic goals of smart city initiatives in developing nations. Furthermore, the appeal of solar lighting is enhanced by its low maintenance requirements and reduced operational costs compared to traditional lighting systems, leading to widespread adoption in various underdeveloped regions. Additionally, the market's momentum is driven by several compelling features, including energy efficiency, cost-effectiveness in both operation and maintenance, rapid fault detection capabilities, and the potential for real-time control facilitated by centralized control units and devices.

●     Rural and Remote Adoption Surges as Solar LED Lighting Gains Grid Independence

Solar LED lighting offers an effective solution to reduce dependence on conventional power grids and utility infrastructure. This has driven its adoption in rural and remote regions, where connecting to the power grid would be economically challenging. Consequently, it has enabled the distribution of electricity to areas where implementing traditional lighting systems is currently unfeasible. As a result, there is a growing trend in installing various lighting solutions, including streetlights, that operate independently from the power grid, thus expanding the industry. Furthermore, additional benefits such as minimal maintenance costs and the decreasing prices of solar panels have further contributed to the industry's positive growth trajectory, thereby enhancing the overall size of the Global Solar LED Lighting Market.

●     lack of awareness about renewable energy among consumers and businesses

One of the significant challenges facing the Solar LED Lighting Market is the lack of awareness about renewable energy among consumers and businesses. Many potential users may not fully understand the benefits of solar-powered LED lighting systems or may not be aware of their availability as a viable lighting solution. This lack of awareness can act as a barrier to the adoption of solar LED lighting for various applications, including residential, commercial, and industrial use.

●   Overreliance on Conventional Energy Sources in Electricity Generation

In the Solar LED Lighting Market, a formidable challenge looms large as industries and regions grapple with their high dependence on conventional sources of energy for electricity generation. This overreliance on fossil fuels and traditional power grids not only hinders the transition to cleaner, sustainable energy solutions but also presents economic and environmental risks. However, the Solar LED Lighting Market is well-positioned to offer a transformative alternative by providing energy-efficient, environmentally friendly lighting solutions that reduce this dependence. As awareness grows and the benefits of solar LED lighting become more apparent, businesses and consumers alike have the opportunity to contribute to a more sustainable energy future while enjoying the cost savings and reliability offered by this innovative technology.

Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Solar Powered LED Lighting Market. The top 10 companies in this industry are listed below:

1.     Osram

2.     Tata Power Solar Systems

3.     Omega Solar

4.     Philips Lighting Holding B.V.

5.     Sokoyo Solar Group

6.     Solar Street Lights USA

7.     Sunna Design

8.     Exide Industries Limited.

9.     Su-Kam Power Systems Ltd.

10.   Leadsun Inc

 Scope of Report: