Global Portable Solar Charger Market Projected to Witness Vigorous Expansion—Projected to Reach Worth USD 2,540.1 millionby 2027
Published | 13 August 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global portable solar charger market was worth USD 587.2 million in 2020. The market is further projected to reach USD 2,540.1 million by 2027, at a CAGR of 23.3% during the forecast period (2021-2027). The global portable solar charger market is witnessing prolific growth in response to large number of outdoor activities such as camping, hiking, and running. According to The Outdoor Foundation, hiking is the fourth popular sport in the U.S. Furthermore 44.9 million people participated in hiking in 2020. Additionally, the growing use of off-grid energy resources to aid rural development in India and Africa will lead to significant growth in the market for portable solar chargers worldwide.Also, various countries like India are also taking initiatives to help grow the global portable solar charger market by providing subsidy on solar panels.
Growing awareness of renewable energy sources powering portable solar charger market growth
Portable solar charger market is growing as consumers become more aware of the importance of using renewable energy sources rather than non-renewable energy sources.As opposed to coal-fired energy, solar energy doesn't produce hazardous carbon emissions that contribute to global warming and air pollution.Solar power also saves water, a valuable natural resource, because it requires less water to generate electricity. Saur Urja Nigam Haryana Ltd. (SUN Haryana) developed solar parks in Haryana, India to help the Ministry of New & Renewable Energy, Government of India achieve an ambitious goal of adding 1,00,000 MW of solar power by 2022.Coal, and gas are fossil fuels that pollute the air, water, and land.Pollution not only affects humans, but also other living creatures. For instance, mercury pollution is causing fish to die.In light of these factors, consumers are switching over to renewable and eco-friendly sources of energy production, which is expected to fuel the growth of portable solar charger market.
Increasing sales of smartphones driving the growth of the global portable solar charger market
Increasing smartphone sales are driving the growth of the portable solar charger market, since solar chargers are a good source of energy for charging smartphones, tablets, and other electronic gadgets.According to International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, in 2020, smartphones vendors sold approximately 1.38 billion smartphones worldwide. Additionally, around 20.8% of all smartphones sold to consumer were Apple smartphones. The sales of Centrica, which is a global leader in the portable solar charger company, had increased by U.S.D. 20.8 billion in 2019 due to the sales of portable solar charger. A solar charger is universal and is compatible with a variety of devices. Additionally, it is useful for consumers who enjoy going on trekking, hiking, and camping where there is no electricity.Due to these factors, the increasing sales of smartphones are driving the growth of portable solar charger market.
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Global Portable Solar Charger Market–By Product
Based on products, the global portable solar charger market is grouped into four broad categories—small portable solar charger, foldable solar charger, backpack solar charger, and clamshell solar charger. Small portable solar charger dominated the global portable solar charger market. Due to the increasing penetration of solar torch, batteries, and other appliances, especially in India, the small portable solar charger segment is growing rapidly.Additionally, the increasing penetration of smartphones in rural areas, together with the use of small portable solar chargers, also propels this segment's growth. The foldable portable solar charger, on the other hand, holds the second position in the global portable solar charger market as these types of chargers are easy to carry and light in weight. Consequently, such chargers are gaining immense popularity among military and individual users. The rising use of electronic equipment in the defense sector is boosting the growth of the foldable portable solar charger segment.
Impact of COVID-19
The whole world is struggling with the COVID-19-induced pandemic, and the government is trying to prevent it through various measures such as lockdowns, hand sanitizers, and restrictions on travel.Lockdowns and travel restrictions disrupted solar equipment supply chains, resulting in a shortage of batteries, solar charger controllers, and inverters. The pandemic also forced various solar charger manufacturers to work with a reduced workforce, resulting in lower production.Additionally, many solar power projects across the world have been halted because of the ongoing pandemic.Therefore, COVID-19 negatively impacted the global market for portable solar chargers.
Regional insights
Geographically, the global portable solar charger market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among all the regions, the Asia-Pacific dominates the global portable solar charger market. The Middle East and Africa holds the second largest share in the global portable solar charger market. Various government organization like Power Africa have undertaken supportive initiatives to provide people of the Middle East & Africa the alternative source of electricity. Various countries such as India have subsidized solar lamps, torches, and batteries that contribute to the growth of the Middle East and Africa region.India's government has introduced a scheme for subsidizing solar panels in June 2020, based on how much subsidy a particular kW of solar energy generates.Africa is also experiencing an increase in mobile phone penetration, which is boosting the Middle East & Africa region's growth.
Competitive Landscape
The key players in the global portable solar charger market are Philips Electronics, Cobra Electronics, SolarTab, Poweradd, Solio, Solar Frontier, GoalZero, Anker, Centrica, Empo-Ni, Voltaic, Xtorm, Xsories, POWER TRAVELLER, Yingli Solar, Suntactics, IceTech, X-DRAGON, Renogy, and other prominent players. The key market players have been taking all possible measures to bring new technologies and developments to the sector. Furthermore, strategic planning is aiding them in gaining a competitive edge in the market. The key players are also investing high amount in advancing portable solar chargers to provide consumer satisfaction.
Recent Developments
- In July 2021, CTEK has announced the release of the world's first totally portable battery charger featuring adaptive boost technology. CTEK named the product CS Free, which is world portable battery charger equipped with adaptive boost technology. This can charge car batteries within 15 minutes.
- In January 2020, Solar Frontier, the world largest provider of solar energy solutions, had set a new record of achieving 23.35% conversion efficiency on a 1 cm cell using cadmium-free CIS technology.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global portable solar charger market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global portable solar charger market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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Publish Date: August 2021
The primary purpose of solar chargers is to utilise solar energy for the purpose of charging batteries or supplying electricity to devices.Photovoltaic energy is the energy that is obtained by the conversion of sunlight into electricity. A solar cell, also known as the photovoltaic cell, converts solar energy directly into electrical energy.
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