Solar LED Lighting Market Size Insights
According to MarkNtel Advisors study The future of Global Solar LED Lighting Market size was valued at around USD 1.3 billion in 2024 and is projected to reach USD 3.5 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 14.33% during the forecast period, i.e., 2025-30.
What are the Key Driver in the Solar LED Lighting Market?
Rising Urbanization Instigating the Need for Sustainable Energy Sources – With the growing population, the introduction of new technologies, and infrastructural development, urbanization is spreading globally, consecutively raising demands for sustainable sources and utilization of energy and electricity. Therefore, the need for energy-efficient tools such as solar energy panels to fulfill the goals of smart cities in developing countries is driving the market growth. Besides, the minimal maintenance and lower operational costs compared to conventional lighting have increased the installation of solar lighting in numerous underdeveloped areas. Furthermore, lucrative features such as energy efficiency, low operating and maintenance costs, quick fault detection, and real-time control decisions via central control units or devices are further driving the market.
What are the Key Segments in the Solar LED Lighting Market?
The Solar LED Lighting is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
- By Application
- Residential
- Commercial
- Industrial
- By Product Type
- Stand-Alone
- On-Grid
Among the two, Stand-alone Product Type has acquired a higher market share during the historical period and is bound to continue in the same flow during the forecast period. It is owed to Stand-Alone power systems being off-grid and independent of electricity grids. They collect and store solar energy and provide it with power even when the on-grid electricity is off. 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.
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- By Component Type
- Solar Panel
- Battery
- Pole
- Lamp
- Other Component
How does geographical analysis highlight in the Solar LED Lighting market?
- By Region
- North America
- South America
- Europe
- Asia-Pacific
- Middle East Africa
Globally, the Asia-Pacific region accounted for the largest market share during the historical period and is anticipated to continue in the same trend during the forecasting period.
Who are the Key Players in Solar LED Lighting Market?
- 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
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Solar LED Lighting Market News
2024: LEADSUN announced the launch of its groundbreaking VertHex Series Solar Street Light. This innovative product line is set to revolutionize the solar street lighting market, offering unparalleled performance, versatility, and sustainability
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Why This MarkNtel Advisors Research Report:
- In-depth Market Analysis: Understand trends and dynamics shaping growth.
- Segmented Insights: Target specific segments for focused strategies.
- Geographical Performance: Assess market opportunities by geographic area.
- Emerging Technologies: Discover advancements like AI integration.
- Risk Identification: Pinpoint challenges to inform strategic planning.
- Future Forecasts: Prepare for market changes with actionable projections.
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