Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Portable Solar Charger market.
Trusted Business Insights presents an updated and Latest Study on Portable Solar Charger Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Portable Solar Charger market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Portable Solar Charger Market
The global portable solar charger market size was valued at USD 433.8 million in 2018. Supportive initiatives by the organizations including International Finance Corporation, Global Off-Grid Association and World Bank on increasing energy access to the people not connected to electric grid is a main factor driving the market for portable solar charger.
In addition, increasing adoption of environment friendly products, especially in developed countries such as U.S. and Germany as a result of growing awareness related to depletion of energy resources is expected to fuel demand for environment friendly products including portable solar chargers over the forecast period. Increasing penetration of smartphone, tablet, and portable electronic devices, coupled with shifting consumer inclination towards sustainable energy resources, is expected to create huge opportunities for portable solar chargers over the forecast period.
Increasing participation in outdoor activities such as hiking, Cross Country Running, and Camping owing to rising awareness about maintaining a healthy lifestyle is expected to boost the portable solar charger market growth. For instance, according to The Outdoor Foundation, hiking is the fourth popular sports in U.S., followed by biking, running, and fishing. As per the report, 44.9 million people participated in hiking in 2017.
Increasing use of off-grid energy resource to improve the overall functionality of rural areas in India and Africa is expected to fuel the use of portable solar chargers over the forecast period. According to the statistics, at least 110 million people live without access to grid electricity in urban areas of Africa. Supportive government initiatives, coupled with increasing penetration of solar lanterns and other products such as batteries, especially in Africa, is expected to fuel adoption of these portable chargers over the forecast period.
Product Insights of Portable Solar Charger Market
Small portable solar charger held a leading market share in 2018. Surging adoption of these chargers on account of increasing penetration of solar torch, batteries, and other appliances, especially in India and Africa, is a main factor driving the market for this chargers. Moreover, increasing penetration of mobile phones in rural areas across the world is expected to provide growth opportunity for these types in upcoming years.
Foldable portable solar charger is anticipated to expand at the fastest CAGR of 22.0% over the forecast period. These types of chargers are easy to carry and light in weight owing to which they are gaining immerse popularity among military and individual users. In addition, the governments of U.S. and India are expected to increase use of off-grid solar power to provide access to electricity for outdoor troops. Moreover, increasing use of electronic equipment in the defense sector is expected to boost demand for foldable solar charger.
Application Insights of Portable Solar Charger Market
The individual application segment held a leading share of 69.5% in 2018. In the present day, people are increasingly shifting towards the on-the-go environment friendly products, including solar charger, owing to growing awareness related to depletion of energy resources. As a result, these portable solar chargers are increasingly gaining popularity among hikers, mountaineers, and bikers to charge their mobile phones, tablets, and GoPro cameras. The biking trips are picking up pace in India.
The number of bikers traveling globally is continuously increasing to cement their love for riding. This trend has encouraged many tour organizers to roll out riding tours outside India. In addition, many bike manufacturers are hosting tours internationally to promote their brands. Furthermore, outdoor activities such as hiking and mountaineering are continuously increasing, especially in U.S. and Europe. To fulfill the energy requirement, companies have introduced solar backpack, which is equipped with solar charger. Such trends are expected to promote adoption of these solar portable chargers over the forecast period.
The defense application segment is anticipated to expand at the fastest CAGR of 21.8% from 2019 to 2025. This segment growth is attributed to supportive government initiatives on increasing use of solar power for large military building and remotely located troops and equipment. Furthermore, owing to changing climate, the U.S. military is shifting towards renewable energy sources including solar energy. For instance, in 2012, the Marine Corps Renewable Sustainable Expeditionary Power program announced an initiative to develop a portable alternative energy system that can ensure a 15-day supply of electricity in the field without the need for any fuel convoys or air drops. Furthermore, U.S. is shifting towards renewable energy sources in order to reduce its dependency on foreign oil. Such initiatives are expected to boost the adoption of these solar chargers over the forecast period.
Regional Insights of Portable Solar Charger Market
Asia Pacific emerged as the largest regional market in 2018 on account of growing product visibility, especially in India, Bangladesh, and Indonesia. In 2018, India held a leading share in the regional market due to supportive government initiatives to provide energy access to people not connected to electric grid. In addition, increasing adoption of portable solar panel by military to provide electricity access at remote locations is expected to provide growth opportunity for these portable chargers over the forecast period.
Middle East and Africa is anticipated to expand at the fastest CAGR of 23.3% from 2019 to 2025. Various government organizations including the World Bank, International Finance Corporation, and Global Off-Grid Association have undertaken supportive initiatives to provide people with off-grid solar power. Since 2010, the global off-grid solar sector sold around 130 million devices. The organizations have given subsidies on solar lamp, torch, batteries, and lanterns. In addition, mobile phones are penetrating the African market at a significant rate, which is expected to drive the market for solar portable charger.
Market Share Insights of Portable Solar Charger Market
The global market is highly competitive in nature. The market is identified by several strategic activities such as expansions, mergers and acquisitions, and product innovations, attempted by key manufacturers in the industry. For instance, in August 2014, NRG acquired Goal Zero in order to expand its share in the global market. Some of the prominent players in the market are Goal Zero, Voltaic Systems Systems, EMPO-NI off-grid solutions, Anker Innovations Limited, Instapark, Suntactics, X-DRAGON, Renogy, Powertraveller International Ltd., and IceTech, USA.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Portable Solar Charger Market Research Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global portable solar charger market report on the basis product, application, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Application Outlook (Revenue, USD Million, 2019 – 2030)
Quick Read Table of Contents of this Report @ Portable Solar Charger Market Size, Share, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)
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