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Renewable energy is a sustainable source of energy as it originates from sources that are inexhaustible such as wind, hydro, and sun (solar energy). The solar panel converts solar energy, which is utilized to supply electricity to various devices and batteries. The portable solar charger is designed to charge a range of different mobile phones, iPods or other portable electronic equipment. Some solar chargers have an on-board battery which is charged by the solar panel when the charger is not connected to any device. This allows more feasibility for the user to use the stored solar energy in the battery to charge their electronic devices indoors or even the absence of sunlight. Increasing application of portable solar chargers for charging cellphones, computers, tablets, electronic devices and among other devices, accelerates the market demand during the forecast period.
A portable solar charger is used to protect the batteries in the solar power systems from overcharging by regulating the current or voltage produced by the solar panels. Solar panels are used with energy storage systems at a faster pace, as it is essential to find a way to regulate the flow of energy as these panels are of much higher capacity. Some portable solar chargers are available with additional capabilities, such as lighting and load control, but the primary purpose is to regulate the power. Increasing awareness regarding fossil fuel conservation and rising clean fuel demand is expected to increase the growth of the portable solar charger market.
Key Market Driver -
Increasing shift towards renewable energy resources
Key Market Restraint -
Higher initial investment restraint for the growth of the market
The portable solar charger market is segmented into panel type, portability, application, and geography. Based on the panel type, the market is categorized into mono-crystalline solar chargers, amorphous solar chargers, poly-crystalline solar chargers, and hybrid solar chargers. Mono-crystalline solar chargers segment is projected to hold the largest market share in the global market owing to more efficient and smaller in size for higher output. Based on portability, the market is segmented into small portable, and foldable, and backpack. The small portable segment is projected to be the largest segment owing to its increased feasibility and reliability in the global market. Based on the application segment, the market is segmented into individual consumers, defense, transportation, and others. The individual consumers segment is expected to dominate the market due to increasing outdoor activities such as biking, hiking and mountaineering, especially from developed economies.
Increasing the shift towards the use of renewable energy sources, and supportive government initiatives for providing power accessibility are the primary factors driving the growth of portable solar charger market during the projected period. Additionally, technological advancements, less weight, and application of rechargeable products in various applications also bolster the demand for a portable solar charger during the forecast period. Moreover, the increasing product popularity, coupled with the rising demand for adventurous outdoor activities generally from developed economies, offers immense opportunities for the growth of the global portable solar charger market in the projected years. However, the high initial cost of portable solar chargers is peaking height, resulting from hampering the market growth.
The major players in the portable solar charger market are Goal Zero, Voltaic Systems, SunTactics, X-Dragon, FlexSolar, iceTECH, USA, Renogy, Alternative Energy Inc., Flagsun, PowerFilm Solar, Anker Technology (UK) Ltd., Nekteck and Dongguan Yuyi Solar Tech Co., Ltd.
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The portable solar charger market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific holds the largest market share of portable solar charger markets owing to the growing demand for portable solar charger from developing economies such as China, India, and Japan. Supportive Government policies and regulations from countries such as India and South Korea to provide energy access drives the demand for a portable solar charger during the projected period. Middle East & Africa and Latin America are expected to grow during the forecast period owing to increasing application of rechargeable products such as lamps, lanterns, torch, and batteries which propels the demand for portable solar charger devices during the projected period. North America and Europe are expected to grow at a faster pace due to the adoption of solar panels and chargers in defense and transportation applications during the forecast period. Hence, supportive initiatives and an increase in awareness for using solar power propel the demand for portable solar chargers resulting in the growth of the market.
By Panel Type
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