Solar Landscape Lighting Market Growth: A Industry Analysis
Solar Landscape Lighting Market projected to grow at a CAGR of 7.0 % from 2023 to 2032.
WILMINGTON, DELAWARE, UNITED STATES, July 17, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the solar landscape lighting market size valued at $3.0 billion in 2022 and is estimated to reach $5.6 billion by 2032, exhibiting a CAGR of 7.0 % from 2023 to 2032.
Solar energy in the form of renewable energy is used in solar landscape lighting products. Solar energy gets converted into electrical energy by photovoltaic cells. During night-time, the lamp starts automatically, and the electricity already stored in the battery gets consumed. The battery gets recharged during daytime and the process keeps repeating every day.
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Asia-Pacific held 34.5% share in terms of revenue and is anticipated to grow at a CAGR of 6.4% from 2023 to 2032. Future developments in China solar product industry are projected to drive the growth of the solar landscape lighting market in the country.
North America holds the CAGR of 6.3% during the forecast period.
Some of the major players in the solar landscape lighting market include Lee Valley Tools Ltd., Wentronic GmbH, LITOM, Smart Detect UK, LYX – Luminaires, LEDVANCE GmbH. As a subsidiary of MLS CO,LTD, CGC Interiors, Koninklijke Philips N.V., SDD HONGKONG TRADING LIMITED, hugo brennenstuhl GmbH And co. kg. Kon Lighting, Fonroche Lighting America, Inc., Greenshine New Energy, Wipro Lighting.
Solar landscape lighting products are made up of four main components: the solar photovoltaic (PV) panel, battery, control electronics, and the light fixture.
Solar landscape lighting products can be customized with different features based on research and customer’s demand which is going to increase the solar landscape lighting market share in decorative lighting industry.
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Solar lighting products come with several features and storing of energy which boosts the solar landscape lighting market trends in coming years.
Solar landscape lighting has many advantages, one mainly being it is a self-sustainable unit which helps lower the outdoor lighting expanse in residential sector.
The demand for decorative lighting products in developing countries which creates the solar landscape lighting market opportunities in coming years.
Solar landscape lighting is a sustainable and convenient lighting solution due to which commercial and industrial sectors have installed solar landscape lighting at intersections and other pedestrian locations.
Solar landscape lighting assists in illuminating places with limited access to grid electricity.
Surge in awareness and promotion of green energy solution usage are expected to drive the global solar landscape lighting market growth.
The demand for solar landscape lighting has increased in residential projects as the product enhances property aesthetics, security, and safety of buildings & surrounding areas.
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Solar motion sensor wall light is highly recommended for the application of security lights. The market for solar motion sensor wall light is expected to experience growth during the forecast period as these products keep homes and businesses secure, reduce electricity costs, and contribute to a cleaner & greener environment.
Solar motion sensor wall light product operates through three different modes, which include- light operates (on/off), dim mode & bright mode, and continuous dim mode, which help lower the energy consumption.
Solar landscape lighting is energy-saving, durable, affordable, safe, and eco-friendly, which is expected to drive its demand in smart buildings and residential projects.
The products in solar landscape lighting industry come with security and motion sensor features, which boost the demand for various security applications.
Solar wall lights products are waterproof and heat and cold resistant, which boosts their demand in residential segment. Solar wall lights products can be used for security purposes as products can adjust their brightness automatically in rainy days and extends lighting time substantially.
On the basis of type, solar post lights segment holds the market share around one-fifth in 2022 in terms of revenue
On the basis of panel type, monocrystalline segment holds the market share nearly half in 2022 in terms of revenue
On the basis of solar power system, off-grid segment holds the market share around three-fourths in 2022 in terms of revenue
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On the basis of end-use, the residential segment gained half of market share in 2022 in terms of revenue.
On the basis of application, the lighting segment gained around two-fifths of share in 2022 in terms of revenue.
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https://www.alliedmarketresearch.com/solar-street-lighting-market-A07227
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