The increasing application of solar energy in the United States owing to growing concerns for the environment is believed to benefit the expansion of the U.S. solar outdoor LED light market.
Research Nester has released a report titled “U.S. Solar Outdoor LED Light Market – Regional Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the U.S. solar outdoor LED light market in terms of market segmentation by product, by installation type and by end user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The U.S. solar outdoor LED light market is anticipated to record a CAGR of 12.6% during the forecast period, i.e. 2018-2027. The U.S. solar outdoor LED light market is segmented by product into solar LED street lights, flood lights, garden lights, spot lights, area lights and others, out of which, solar LED street lights is anticipated to hold the largest market share of 55.4% in the year 2018, on the back of rising initiatives to promote incorporation of energy efficient lighting solutions and advanced technologies in building smart cities, in both the residential and commercial sectors, added with rising public awareness for cost efficient lighting solutions and rapid urbanization. The solar LED flood light segment is further anticipated to reach a valuation of USD 561.25 Million by 2027.
The market is further segmented by installation type into retrofit and new installations, out of which, retrofit is anticipated to hold largest market share on the back of raising demand for replacements of incandescent lights in existing outdoor infrastructure with energy efficient light sources and is further anticipated to achieve a market share on 70.9% by 2027.
Moreover, the U.S. solar outdoor LED light market is also segmented by end user into residential, institutional, industrial and commercial, out of which, commercial segment is anticipated to gain significant market share of around 34.0% during 2018. Additionally, the industrial segment is anticipated to gain tremendous heights with a market valuation of USD 744.6 Million by 2027.
Increasing Solar Power Capacity in the U.S.
In the statistics by International Renewable Energy Agency (IRENA), solar power capacity in the U.S. peaked 51, 450 Mega Watts from 13, 045 Mega Watts in-between 2013-18 with a growth rate of 3.94x.
Increasing solar power capacity added with rise in the awareness for environmental related concerns in the nation, and the increasing purchasing power of the individuals, all of these factors are estimated to contribute together towards the growth of the U.S. solar outdoor LED light market. Furthermore, promotion by the government in the form of subsidies, is lowering the costs of solar products and also helping up to the adaption of solar energy panels, which is also anticipated to promote the growth of the U.S. solar outdoor LED light market during the forecast period.