“Global Solar Charger Market to reach a market value of USD 1.3 Billion by 2030 growing at a CAGR of 12.1%”
The Global Solar Charger Market size is expected to reach $1.3 billion by 2030, rising at a market growth of 12.1% CAGR during the forecast period.
The growing demand for solar chargers has increased the availability and variety of products in the North American region. Consequently, the North America region would acquire nearly 12% market share by 2030. North America has a strong outdoor culture, with many individuals engaging in camping, hiking, and backpacking activities. The vulnerability of traditional power grids to disruptions has led individuals and businesses in North America to consider energy resilience.
Urbanization often coincides with initiatives promoting clean energy alternatives. Sustainable living advocates and local governments in urban areas actively promote using these chargers to reduce residents' carbon footprint and contribute to a cleaner and healthier environment. Sustainable building practices are gaining traction in urban development. Solar panels integrated into building architecture are known as building-integrated photovoltaics or BIPV. Thus, because of the growing urbanization and sustainable living, the market is anticipated to increase significantly. Additionally, these chargers can be integrated into electric vehicles, providing an additional power source to recharge the battery. Ongoing advancements in solar technology, including more efficient solar panels and improved energy storage systems, contribute to the feasibility and effectiveness of integrating these chargers with electric vehicles. Hence, rising adoption of electric vehicles has been a pivotal factor in driving the growth of the market.
However, the complex regulatory landscape introduces uncertainty for investors financing solar charging projects. Regulatory complexities may cause the acquisition of permits and approvals for solar charging infrastructure installation time-consuming and complex. Thus, lack of complex regulatory landscape can slow down the growth of the market.
Based on solar panel type, the market is classified into folding, fixed, and flexible. The fixed segment acquired a 35% revenue share in the market in 2022. Fixed chargers are designed to remain stationary, allowing them to harness sunlight consistently. This reliability ensures continuous power generation, making fixed installations suitable for applications that require a consistent and uninterrupted energy supply.
By type, the market is categorized into portable and standalone. The standalone segment covered a 40% revenue share in the market in 2022. The standalone segment of these chargers is versatile and can power various devices, including smartphones, laptops, cameras, GPS devices, and even small appliances. This versatility makes standalone these chargers suitable for various applications in different environments.
On the basis of application, the market is divided into consumer electronics, transportation, and others. The transportation segment garnered 32% revenue share in the market in 2022. These chargers enhance the range of electric vehicles by providing an additional energy source. Electric vehicles can convert sunlight into electricity through solar panels while stationary or in motion, augmenting the overall charging capacity.
Free Valuable Insights: Global Solar Charger Market size to reach USD 1.3 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating 60% revenue share. Rapid urbanization, population expansion, and industrialization characterize the region, which has led to a greater focus on sustainable living practices. Increasing awareness of environmental issues, climate change, and the benefits of renewable energy solutions has resonated with consumers in the region.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 531.18 Million |
| Market size forecast in 2030 | USD 1.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 12.1% from 2023 to 2030 |
| Number of Pages | 179 |
| Number of Tables | 339 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Solar Panel Type, Type, Application, Region |
| Country scope |
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| Companies Included | RENOGY, NRG Energy, Inc., Voltaic Systems, Nekteck Inc=, The NOCO Company, Shenzhen Letsolar Energy Limited, Garmin Ltd., Anker Innovations Co. Ltd. and PowerFilm Solar, Inc. |
By Solar Panel Type
By Type
By Application
By Geography
This Market size is expected to reach $1.3 billion by 2030.
Increasing popularity of sustainable fashion are driving the Market in coming years, however, Lack of complex regulatory landscape restraints the growth of the Market.
RENOGY, NRG Energy, Inc., Voltaic Systems, Nekteck Inc=, The NOCO Company, Shenzhen Letsolar Energy Limited, Garmin Ltd., Anker Innovations Co. Ltd. and PowerFilm Solar, Inc.
The expected CAGR of this Market is 12.1% from 2023 to 2030.
The Portable segment LED the Market by Type in 2022; there by, achieving a market value of $719.3 Million by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $820.4 Million by 2030.
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