Outdoor Solar LED Market Expected to Reach $44.4 Billion
The growth of the global Outdoor Solar LED market is driven by factors such as the decreasing prices of LED lighting and solar panels, government initiatives, and policies promoting the use of solar energy and energy-efficient lighting. However, the high initial installation costs of solar LEDs limit their adoption, thereby hampering the market growth. The growing adoption of smart city technologies is projected to create lucrative opportunities to expand the outdoor solar LED market during the forecast period.
The growth of the global outdoor solar LED market is driven by factors such as the rise in government initiatives and policies promoting the use of solar energy and energy-efficient lighting, surge in demand for eco-friendly and sustainable lighting solutions, and decrease in prices of LED lighting and solar panels.
Based on product type, the street lights segment held the highest market share in 2022, accounting for more than two-fifths of the global outdoor solar LED market revenue, and is estimated to maintain its leadership status throughout the forecast period. Surge in demand for public safety and security in urban areas is expected to fuel the demand for outdoor solar LED streetlights. However, the floodlights segment is projected to manifest the highest CAGR of 22.9% from 2023 to 2032, owing to the rise in the adoption of intelligent lighting systems paired with the rise in government efforts to promote renewable energy and energy-efficient lighting.
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