Research Nester has released a report titled “U.S. Solar Outdoor LED Light Market – Regional Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The International Renewable Energy Agency (IRENA), stated in one of their statistics that solar power capacity in the U.S. reached 51, 450 Mega Watts in the year 2018 with a growth rate of 3.94x from 13, 045 Mega Watts in the year 2013.
The statistics portray the rise in the solar power capacity of the nation owing to rising environmental concerns and the increasing awareness amongst enterprises and individuals to shift towards greener energy efficient lighting systems. Additionally, other factors, for instance, rise in purchasing power of the individuals, rapid installation and adaptation of solar energy panels and increasing subsidies by the government to reduce the price of solar products among others are some of the prominent factors that are promoting towards the growth of the U.S. solar outdoor LED light market over the forecast period.
The U.S. solar outdoor LED light market is anticipated to record a CAGR of12.6% during the forecast period, i.e. 2018-2027. The market is segmented by product into solar LED street lights, flood lights, garden lights, spot lights, area lights and others. Among all these segments, solar LED street lights segment is anticipated to hold the largest market share of 55.4% during 2018, on account of growing deployment of energy efficient lighting solutions and advanced technologies in building smart cities, in both the residential and commercial sectors, rising public awareness for cost efficient lighting solutions and rapid urbanization. Additionally, the solar LED flood light segment is anticipated to reach a valuation of USD 561.25 Million by 2027.
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The market is also segmented by installation type into retrofit and new installations. Among these segments, retrofit segment is anticipated to hold largest market share of 70.9% by 2027, on account of greater demand for replacement of incandescent lights in existing outdoor infrastructure with energy efficient light sources.
However, rising concerns greater installation costs of solar outdoor LED lights, greater maintenance costs, high initial advertisement costs and various climatic factors affecting solar heat to the panels are expected to operate as key restraints to the growth of the U.S. solar outdoor LED light market during the forecast period.
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This report also studies existing competitive scenario of some of the key players of the U.S. solar outdoor LED light market, which includes profiling of Signify Holding (AMS: PHIA), Hubbell (NYSE: HUBB), Carmanah, Leadsun, Solar Lighting International, Inc., Solar Electric Power Company (SEPCO) and OSRAM Licht AG (ETR: OSR).
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “U.S. Solar Outdoor LED Light Market – Regional Demand Analysis & Opportunity Outlook 2027”, analyses the overall U.S. solar outdoor LED light industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the U.S. solar outdoor LED light market in the near future.
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This post was originally published on Technology Trend