SOLAR OUTDOOR LED LIGHTING: INTRODUCTION
- Solar outdoor LED lighting is powered by solar panels mounted on the lighting structure. The panels charge a rechargeable battery, which in turn, powers an LED lamp during the night.
- Solar outdoor LED lighting consists of four main components: solar panel, rechargeable battery, lighting fixture, and controllers
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Key Drivers of Global Solar Outdoor LED Lighting Market
- Rise in demand for reliable, cost-effective, and eco-friendly outdoor lighting solutions in residential and commercial sectors is likely to drive the global solar outdoor LED lighting market during the forecast period. Solar outdoor LED lighting utilizes solar energy to power LED lights; therefore, it does not require external electric input. This feature makes its adoption attractive in lighting solutions.
- Shift in trend in adoption of renewable technologies to reduce greenhouse gas emissions is also expected to propel the global solar outdoor LED lighting market during the forecast period. Policymakers have introduced several norms & directives to achieve renewable targets and reduce GHG emissions. For instance, regulators in the European Union aim to minimize GHG emissions by 20% by 2020 from the 1990 levels, thus enhancing the utilization of renewable resources.
- Technological innovations in solar panels with respect to design specifications and other developments, such as solar tracking mounts and thin film technology, are anticipated to augment the adoption of solar outdoor LED lighting during the forecast period.
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COVID-19 IMPACT ANALYSIS
- The Government of China had enforced a nationwide lockdown as part of measures to limit the spread of COVID-19. As a result, photovoltaic equipment manufacturers had to halt their production.
- China is the major hub for companies involved in manufacture of photovoltaic equipment. Majority of the top 10 solar photovoltaic manufacturers in terms of module shipments are based in China.
- Halt in production capacity of photovoltaic equipment has raised concerns regarding material supply and logistics. Restrictions imposed due to closure of borders are estimated to result in increase in prices of solar modules.
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Solar LED Streetlights Product Type Segment Expected to Hold Major Share of Global Market
- The global solar outdoor LED lighting market can be segmented based on product type, application, installation, and region
- In terms of product type, the global solar outdoor LED lighting market can be divided into solar LED spotlights, solar LED garden lights, solar LED floodlights, solar LED streetlights, solar LED area lights, and others. Solar LED streetlights is one of the extensively used products in the solar outdoor LED lighting market. Growth of the solar LED streetlights segment can be ascribed to benefits associated with these lights. For instance, they require low maintenance; and are cost effective and ecofriendly.
- Based on application, the global solar outdoor LED lighting market can be divided into highway & roadways, park & playground, and commercial & industrial
- Based on installation, the global solar outdoor LED lighting market can be segregated into new & retrofit
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Key Players Operating in Global Market
Leading companies operating in the global market are:
- Solar Electric Power Company
- Solar Lighting International
- Signify Holding
- Hollandiapower
- Hubbell
- Carmanah Technologies Corp.
- Shenzhen Spark Co., Ltd.
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