Europe Outdoor Solar LED Market Size, Share & Industry Trends Analysis Report By Application (Street Lights, Garden Lights, Floodlights, Area Lights, and Spot Lights), By End Use, By Wattage, By Country and Growth Forecast, 2022 - 2028
The Europe Outdoor Solar LED Market would witness market growth of 22.7% CAGR during the forecast period (2022-2028).
Solar power is the most common source of renewable energy, therefore solar lighting is an excellent option to become green. It does not need any grid power and is entirely self-sustaining. The LED lighting is powered by a solar-powered battery that charges during the day and then draws electricity from the power source at night to illuminate the required region. This is a daily process that occurs without the use of any additional form of energy.
The ability of solar power to cut energy expenses to zero is its most compelling feature. Commercial solar energy installations are also eligible for large financial incentives to switch to solar energy. Solar lighting is an excellent choice if care about the environment and want to lower carbon impact. It performs just as well as traditional power while saving money on energy bills and offering a steady stream of LED lighting. There is a wide choice of solar lights to fulfill needs, whether have a large backyard or a vast region that needs illumination.
Solar PV is one of eight main renewable technologies that can contribute to a clean and balanced energy mix in the UK. It has several advantages: it is flexible and highly scalable, with deployment possible in a variety of locations including residential and commercial buildings, as well as on the ground where appropriate; solar installations can be developed and installed quickly; as well as the fuel solar radiation is free.
In recent years, the UK has experienced a considerable increase in solar PV deployment, as well as significant cost reductions, with installation costs projected to have decreased by roughly 50% between 2010 and 2012. The pace of sector growth and the capacity of solar PV's Levelized cost to become competitive with other low-carbon power sources would be determined by the ability to achieve additional reductions in installation costs.
The UK now has 2.4GW of installed capacity, which generated 1.4TWh from July 2012 to June 2013. The Government is committed to significantly increasing renewable energy deployment across the UK and acknowledges the potential role and contribution of solar PV in meeting the UK's target of 15% renewable energy from the final consumer by 2020, as well as in supporting the longer-term decarbonization of our economy.
The Germany market dominated the Europe Outdoor Solar LED Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,118.8 million by 2028. The UK market is experiencing a CAGR of 21.6% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 23.6% during (2022 - 2028).
Based on Application, the market is segmented into Street Lights, Garden Lights, Floodlights, Area Lights, and Spot Lights. Based on End Use, the market is segmented into Commercial, Residential, and Industrial. Based on Wattage, the market is segmented into 40W to 149W, Less than 39W, and More than 150W. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Greenshine New Energy LLC, Jiawei Renewable Energy Co. Ltd., Leadsun, SBM NewTech Co., Ltd., Solar Electric Power Company, Signify N.V., Jiangsu Sokoyo Solar Lighting Co., Ltd., Solar Street Lights USA, and Sunna Design SA.
Scope of the Study
Market Segments covered in the Report:
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