As cited by the research report titled ‘Global Outdoor Solar LED Market Size study, by Application (Solar LED Street Lights, Solar Garden LED Lights, Solar LED Floodlights, Solar LED Area Lights, Solar LED Spot Lights), End Use (Residential, Commercial, Industrial), by Wattage (Less than 39W, 40W to 149W, More than 150W) and Regional Forecasts 2021-2027’, available with Market Study Report, global outdoor solar LED market was worth USD 4.35 billion in 2020 and is projected to grow with a healthy CAGR of 24.5% to accumulate USD 20.17 billion over 2021-2027.
 

Rapid urbanization, improving road infrastructure, and increasing vehicular traffic are the major factors driving the global outdoor solar LED market growth. With increasing number of highways, the demand for streetlight is augmenting, thereby positively swaying the industry dynamics.
 

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For instance, according to the 2021-22 Union Budget, Government of India invested USD 1591.15 crores in highway sector. Moreover, numerous projects like smart cities, ease of installation and longer life expectancy are stimulating the market outlook.
 

For the record, outdoor solar LED are outdoor light sources powered by solar panels i.e. photo-voltaic panels fixed on the lighting structure. The solar panel charges a rechargeable battery which powers the LED lamps at night.
 

As cited in the report, high cost of manufacturing is likely to act as a roadblock for the industry space over the forecast timeline of 2021-2027.
 

Considering application ambit, worldwide outdoor solar LED industry is segmented into solar LED streetlights, solar LED floodlights, solar garden LED lights, solar LED spotlights, and solar LED area lights. Speaking of end user spectrum, the marketplace is categorized into industrial, commercial, and residential. Based on wattage, the business space is divided into more than 150W, 40W to 149W, and less than 39W.
 

On the regional front, North America, Europe, Asia Pacific, and Latin America are major avenues adding to the total industry valuation. Of these, Europe is currently dominating the market share on account of highway infrastructure development plans in France, Germany, U.K., and other European countries.
 

Meanwhile, Asia Pacific market is anticipated to showcase impressive growth trends through 2027, owing to infrastructure development, alongside increasing number of smart city and city expansion projects in many countries in the region.
 

Prominent players influencing the outdoor solar LED industry dynamics are Sunna Design SA, Solar Street Lights USA, Sokoyo Solar Lighting Co. Ltd., Signify Holding B.V., SEPCO Solar Electric Power Company Co. Ltd., OkSolar, Leadsun Greentech Group (M) Sdn Bhd, and Jiawei Renewable Energy Co. Ltd.