Solar landscape lighting Market Expected to Reach $5.6 Billion by 2032-Allied Market Research

According to a new report published by Allied Market Research, titled, "Solar landscape lighting market by product type: global opportunity analysis and industry forecast, 2023–2032,"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.

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. 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.

In addition, 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.

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.

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.

The solar landscape lighting market forecast is segmented on the basis of type, panel type, solar power system, end-use, application and region. On the basis of type, the market is classified into solar post lights, solar flood lights, solar lanterns, solar deck light, solar wall lights, solar step lights, solar fence lights, solar walkways lights, solar porch lights, solar driveways lights, solar lawn lights, and others. On the basis of panel type, the market is divided into polycrystalline, monocrystalline, and amorphous. On the basis of solar power system, the market is categorized into off-grid, on-grid, and hybrid. On the basis of end-use, the market is segregated into residential, commercial & industrial, and others. On the basis of application, the market is fragmented lighting, decoration, and security. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of type, the solar post lights segment held 20.6% share in terms of revenue and the segment is expected to grow at the highest CAGR of 7.6% from 2023 to 2032. The solar post lights products are inexpensive, low-power, easy to use, and they lower the dependency on grid utility. Surge in preference of clean energy solution in residential sector and public infrastructure projects helps fuel the demand for solar post lights solution in the solar landscape lighting market.

On the basis of panel type, the polycrystalline segment held 50.2% share in terms of revenue and the segment is expected to grow at the highest CAGR of 7.3% from 2023 to 2032. Monocrystalline solar panels are widely accepted in small solar landscape lighting solution. Monocrystalline solar panels are eco-friendly in nature and is inexpensive. It does not wear out in extreme weather situations, which increases its demand in the solar landscape lighting market.

On the basis of solar power system, the off-grid segment held 74.2% share in terms of revenue and is expected to grow at a CAGR of 7.1% from 2023 to 2032. Off-grid systems avoid power outages, reduces electricity costs, and its ease of installation boost its adoption in highways projects and garden lighting. Off grid solution acts as an alternative power source for rural areas and highway streetlight, which increases its demand in the solar landscape lighting market.

On the basis of end-use, the residential segment held 52.6% share in terms of revenue and is expected to grow at a CAGR of 7.2% from 2023 to 2032. Solar landscape lighting products are gaining popularity in residential projects and government inclination towards the use green energy sources expected to fuel up the demand for solar landscape lighting products in residential segment in near future.

Solar landscape lighting products reduce the cost of outdoor garden lighting while maintaining security and the visual appeal of the home. On the basis of application, the lighting segment held 42.2% share in terms of revenue and is expected to grow at a CAGR of 7.5% from 2023 to 2032. The solar landscape lighting products are used for lighting purposes at low cost. Solar landscape lighting products come with security features, which increases its demand in security applications also in forecast period.

On the basis of region, 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.

The solar landscape lighting market analysis covers in-depth information of the major industry participants. 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.

COVID-19 analysis

The solar energy industry experienced significant growth over the last two decades as the world governments are encouraging users to adopt solar-powered devices. One of the most well-liked subsectors of the solar energy market is outdoor solar lighting. China is one of the leading providers of photovoltaic modules in the world. In short term, the COVID-19 situation has drastically decreased China's production of solar light products, raw material storage and distribution facilities shut down. Post COVID-19, most players are hopeful of a quick recovery as residential and government projects have decided for the energy transmission to renewable sources which is boost the demand for solar light in near future.

Key findings of the study

• 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
• 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.
• On the basis of region, the Asia-Pacific region hold the market share around one-third in 2022 in terms of revenue.