Friday Dec 09, 2022

Outdoor Solar LED Market to Reach USD 58.5 Billion by 2030; Government Initiatives Towards Energy-Saving and Green Products in Commercial Projects Can Benefit Market Growth: The Brainy Insights – Yahoo Finance

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The Brainy Insights

The demand for outdoor solar LED in the region has been growing owing to the increasing number of infrastructure development, smart cities, and city expansion projects. The report encompasses the relative data & information, which have been validated by the leading industry professionals and experts across the globe.

Newark, Aug. 29, 2022 (GLOBE NEWSWIRE) — The report published by The Brainy Insights shows that the global outdoor solar LED market is expected to grow from USD 7.8 billion in 2021 to USD 58.5 billion by 2030, at a CAGR of 25.1% during the forecast period 2022-2030.

Download Report (235+ Pages PDF with Insights, Charts, Tables, Figures) at: https://www.thebrainyinsights.com/enquiry/sample-request/12877

The increasing awareness regarding energy saving and green products in the commercial, industrial and residential sectors increases the need for outdoor solar LED lights. This also increases the adoption rate of solar lights among consumers. For example, Electric Company (PG&E) and Pacific Gas provide extended financial assistance with interest-free loans to customers in non-residential projects who ensure to use of solar LED lights. Many countries’ governments are also changing old and conventional streetlights with solar LED lights as they require very little maintenance. For instance, the U.K. government spent around USD 2.03 billion (£1.5 billion) to upgrade the A-14 trunk road between Cambridge and Huntingdon.

Competitive Landscape:

To enhance their market position in the global outdoor solar LED market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

● In Jan 2021, Greenshine New Energy announced the provision of two new solar pathway lighting projects to be used by the public. The main aim of the projects is to increase security and safety in the high-foot-traffic area.

For more information in the analysis of this report, visit: https://www.thebrainyinsights.com/report/outdoor-solar-led-market-12877

Market growth and trends:

The increasing awareness about using renewable sources of energy to reduce pollution and global warming is expected to drive the market’s growth. Furthermore, decreasing the cost of LEDs and the rising penetration of solar-powered LEDs in developing countries propels the market’s growth. But the high initial installation cost of LED lights is a restraining factor for the market’s growth. Many consumers decline to use these outdoor solar LED lights because of their high prices, hampering the market’s growth. The growing initiative and investment by the government for making people aware of the benefits of solar lights provide an opportunity for the market’s growth during the forecast period. However, the outbreak of the Covid-19 pandemic negatively affected the market as lockdown restrictions were imposed, and several industries were temporarily closed to stop the spread of the disease, challenging the market’s growth. Moreover, there was a shortage of raw materials supplied by China, which challenged the market’s growth.

Key Findings

● In 2021, the 40W to 149W segment dominated the market with the largest market share of 43% and market revenue of 3.3 billion.

The wattage segment is divided into less than 39W, 40W to 149W, and more than 150W. In 2021, the 40W to 149W segment dominated the market with the largest market share of 43% and market revenue of 3.3 billion. Most of the outdoor solar LED lights being used …….

Source: https://finance.yahoo.com/news/outdoor-solar-led-market-reach-080200803.html

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