Outdoor Solar Lights Market Size (2023 – 2030)

The Global Outdoor Solar Lights Market is estimated to be worth USD 8.24 Billion in 2023 and is projected to reach a value of USD 38.42 Billion by 2030, growing at a CAGR of 24.6% during the forecast period 2024-2030.

A combination of factors, including rising energy costs, heightened environmental awareness, and advancements in solar technology, has led to significant growth in the market for outdoor solar lighting in recent years. These lighting options are offered as a dependable and greener alternative to common outdoor lighting fixtures like electric or gas-powered lights. This market analysis will provide a general overview of the outdoor solar lights market, including its current state, key drivers, trends, challenges, and opportunities. The market for outdoor solar lights is expanding quickly for a variety of reasons. The first is that more and more people are realizing how important it is to reduce carbon emissions. Solar lights are a sustainable option for lighting because they harness the sun's renewable energy. Because they don't cause air pollution or greenhouse gas emissions, they are a sustainable option for outdoor lighting. Second, the cost of solar technology has been steadily declining over time, increasing its accessibility and consumer friendliness. The long-term energy bill savings outweigh the higher initial cost of solar lights compared to other types of lighting. To further encourage the use of solar energy, many governments and organizations offer incentives like tax credits and subsidies, which quicken market expansion.

Due to the rising solar technology costs, environmental concerns, and technological advancements, the market for outdoor solar lights is booming. The market's growth has been further escalated by the incorporation of clever features and appealing designs. However, issues with dependence on sunlight and fierce competition continue. Despite this, the outlook for the future is still promising, with solar lights positioned to be a key component of the global transition to sustainable and clean energy sources. 

Global Outdoor Solar Lights Market Drivers:

Environmental consciousness drives demand for outdoor solar lights worldwide.

The propelling awareness of the environment among people, organizations, and governments around the world is one of the key factors driving the global market for outdoor solar lights. There has been a significant shift toward using eco-friendly practices and renewable energy sources due to worries about climate change, air pollution, and the depletion of natural resources. A sustainable lighting option that lessens reliance on fossil fuels and carbon emissions is provided by outdoor solar lights. Because solar energy is a clean, renewable source of power, using it helps to reduce the negative effects on the environment. Government policies and programs that support the adoption of renewable energy sources and encourage the use of solar lights through incentives and subsidies serve to support this driver even more. The demand for outdoor solar lights is driven by the growing emphasis on environmental sustainability, which fuels the market.

Escalating energy costs boost demand for cost-effective outdoor solar lights.

The rising energy costs that consumers and businesses must deal with are a significant factor in the growth of the global market for outdoor solar lights. High energy costs can be caused by conventional outdoor lighting options like electric or gas-powered lights. Outdoor solar lights, in contrast, use the energy of the sun to produce electricity, negating the need for power consumption from the grid. Solar energy is a cheap and plentiful resource that over time lowers overall operating costs. Consumers and businesses are looking for affordable alternatives as energy costs rise, and outdoor solar lights offer an alluring solution. Solar lights' financial advantages, such as lower energy costs and long-term savings, are important factors in their widespread adoption. The demand for outdoor solar lights as an affordable lighting option is primarily driven by this factor in areas with high energy costs.

Global Outdoor Solar Lights Market Challenges:

The market for outdoor solar lights faces a significant challenge because it relies on sunlight availability. Solar lights require direct sunlight to charge their batteries and operate properly at night or in low light. Solar light efficacy, however, may be reduced in locations with little sunlight or on cloudy days. Due to this problem, solar lights might not be widely used in areas with inconsistent or insufficient sunlight. Even though battery technology advancements and the creation of efficient solar panels have improved performance in low-light conditions, lowering the market's reliance on sunlight is still a significant challenge.

Global Outdoor Solar Lights Market Opportunities:

The expanding demand in developing nations represents one significant opportunity in the global market for outdoor solar lights. Access to dependable electricity in these areas is frequently difficult, especially in outlying areas. In such places, outdoor solar lights offer an affordable and environmentally friendly lighting solution. Governments in developing nations are putting policies into place to encourage the use of solar energy, which is fostering a favorable market environment. As a result, it is anticipated that demand for outdoor solar lights will increase significantly, providing manufacturers with chances to increase their market share in these areas. 

Impact of COVID-19 on the Global Outdoor Solar Lights Market:

Globally, the outdoor solar lighting industry has benefited from the COVID-19 pandemic. The lockdowns and other limitations imposed during the pandemic have increased backyard gardening and other outdoor activities. The demand for solar lights and other outdoor lighting solutions increased as people spent more time at home. Interest in sustainable and off-grid solutions has grown as a result of the pandemic's emphasis on the value of independence and adaptability. During the pandemic, these elements supported the expansion of the market for outdoor solar lights. The global market for outdoor solar lights suffered from the COVID-19 pandemic. Raw materials and components required for the manufacture of solar lights were delayed and in short supply as a result of the disruptions in global supply chains, manufacturing, and logistics. This caused production to slacken and manufacturers to incur higher costs. Additionally, consumer purchasing power was impacted by the pandemic's economic uncertainties, which decreased demand for non-essential goods like outdoor solar lights. These difficulties brought on by the pandemic hindered the expansion of the market as a whole.

GLOBAL OUTDOOR SOLAR LIGHTS MARKET REPORT COVERAGE:

Global Outdoor Solar Lights Market Segmentation:

Global Outdoor Solar Lights Market Segmentation: By Light Source

• LED (Light Emitting Diode)

• CFL (Compact Fluorescent Lamp)

• Halogen

• Incandescent

• Others

The market for outdoor solar lights can be divided into LED (Light Emitting Diode), CFL (Compact Fluorescent Lamp), Halogen, Incandescent, and Others based on the type of light source used. Due to their energy efficiency, robustness, and longer lifespan when compared to other light sources, LED lights command the market among these categories. For outdoor solar lighting applications, LED lights are frequently chosen because they provide bright illumination, use less energy, and need little maintenance. They hold a sizeable market share in the market for outdoor solar lights worldwide. Outdoor solar lighting frequently uses CFL lighting, which strikes a balance between energy efficiency and cost. Due to their greater energy consumption and shorter lifespan, halogen, and incandescent lights have a smaller market share. Other lighting options include specialty lighting designed to meet particular outdoor lighting needs, such as sodium vapor lamps. The market is still being driven by LED lights, and it is anticipated that this dominance will last for the foreseeable future.

Global Outdoor Solar Lights Market Segmentation: By Application

• Residential

• Commercial & Industrial

• Parks and Gardens

• Highways and Streets

• Others

The market for outdoor solar lights can be divided into residential, commercial & industrial, parks & gardens, highways & streets, and others based on application. Due to the increasing adoption of outdoor solar lights by homeowners for their landscaping and security lighting requirements, the residential sector currently holds a sizable market share. The demand for sustainable lighting solutions in commercial structures, factories, and warehouses is fuelling significant growth in the commercial and industrial sectors as well. Outdoor solar lights are frequently used in parks and gardens, where they provide aesthetically pleasing illumination and improve outdoor spaces. Government initiatives promoting energy-efficient street lighting systems have contributed to the segment's steady growth in highways and streets. Campuses, parking lots, and public areas are examples of additional applications. Currently, the market is led by the residential segment, then the commercial and industrial segment. The commercial & industrial segment is anticipated to experience significant growth, however, as a result of the growing adoption of solar lights in commercial spaces and the development of smart city initiatives, which will propel the overall market expansion. 

Global Outdoor Solar Lights Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• South America

• Middle East & Africa

North America, Europe, Asia Pacific, South America, and the Middle East & Africa are the regions into which the global market for outdoor solar lights can be divided. Due to the prevalence of environmentally conscious consumers and supportive government regulations encouraging the adoption of renewable energy, North America and Europe hold sizable market shares. These areas have established solar infrastructure and cutting-edge technologies, which are fueling market expansion. The population expansion, urbanization, and rising demand for eco-friendly lighting options in nations like China, India, and Japan are all contributing to the rapid market expansion in the Asia Pacific region. Market expansion is also being seen in South America, the Middle East, and Africa, thanks to rising public awareness of the advantages of solar energy and government programs that support clean energy projects. In terms of market share, North America currently holds a commanding lead over Europe and the Asia-Pacific region. The Asia Pacific region, however, is anticipated to experience the highest growth rate in the upcoming years due to favorable market conditions and the growing use of outdoor solar lights across a variety of applications.

Global Outdoor Solar Lights Market Key Players:

1. Greenshine New Energy

2. SBM-SolarTech

3. Signify Holding

4. Greenshine New Energy

5. Jiawei

6. LEADSUN

7. OkSolar

8. SEPCO Solar Electric Power Company

9. SOKOYO

10. Solar Street Lights USA

11. Sunna Design SA