Exploring Solar LED Lighting Market: Rising Trends, Opportunities and Challenges Forecast 2028

Global Solar LED Lighting Market Overview:

According to MarkNtel Advisors study the Global Solar LED Lighting Market was valued at USD 9.1 billion in 2022 and is projected to grow at a CAGR of around 20% during the forecast period, i.e., 2023-28. It owes to the growing inclination of individuals from traditional lighting to advanced solar lighting primarily due to the sturdy increase of CO2 emissions greenhouse gases in the environment. As a result, numerous countries are focusing on shifting toward greener solutions sustainable development. Several countries are actively looking for various methods to reduce carbon dioxide emissions by installing solar LED lights and moving toward Smart electricity solutions due to rapid urbanization.

Key Findings of the Study: Solar LED Lighting market

Possible Restraint: High Initial Installation Costs Weather Dependency of the Lighting System

Though the lighting system is renewable and energy-saving, the initial installation expenses of solar LED lighting are high, which might restrain the market extension. In addition, the habitual dependency on coal and other fossil fuel for electricity generation is delaying the transition to solar energy, which, combined with higher installation costs, is challenging the industrial acceleration. Moreover, the manufacture and operation process of the lighting system is likely to be impacted by snow buildup and dust particles on panels, reducing the operational potential and functionality of the lights are bound to hinder the expansion of the industry.

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Scope of the Solar LED Lighting Market Report Segmentation

-By Application

Residential
Commercial
Industrial

-By Product Type

Stand-Alone
On-Grid

-By Component Type

Solar Panel
Battery
Pole
Lamp
Other Component

For more detailed information about the Solar LED Lighting market report, click here – https://www.marknteladvisors.com/research-library/global-solar-led-lighting-market.html

Geographical analysis:

-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. The market is expanding owing to the rising number of smart cities, infrastructure development, and numerous city expansion projects in several countries. In addition, China is leading the region’s growth with increasing government expenditure on public infrastructure and rising commercial and industrial projects. Along similar lines, several initiatives by the government of India, China, South Korea, and Australia aim to install street lighting solutions actively, as Solar LED is a cost-effective and sustainable solution that does not require trenching and is highly effective in areas that receive lots of sunlight. For instance, the India Brand Equity Foundation (IBEF) states that India intends to produce 500GW of energy from renewable sources by 2030, with substantial share of solar energy. For rural electrification, reforms and policies, such as Deendayal Upadhyay and Gram Jyoti Yojna, aims to install several Solar LED lights as illumination solutions.

Recent Developments in the Global Solar LED Lighting Market

In January 2021, Greenshine New Energy announced the delivery of its two new solar pathway lighting projects for public use intended to increase safety and security in the high-foot traffic area and to increase the usage of energy-efficient lighting.

Current Landscape of Solar LED Lighting Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Solar LED Lighting market. The research report profiles major players, including

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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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