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Solar-Powered Gadgets Market Size

Report ID: GMI11475
Published Date: Sep 2024
Report Format: PDF

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Solar-Powered Gadgets Market Size

The global solar-powered gadgets market was valued at around USD 68.6 Billion in 2023 and is estimated to grow at a CAGR of around 11.3% from 2024 to 2032. Growing awareness of climate change and environmental degradation from traditional sources of energy motivates individuals and businesses to consider renewable energy solutions, including solar-powered gadgets.

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The major driving forces are a desire to reduce the carbon footprint and contribute to a greener planet. Additionally, innovation in solar-from the basic photovoltaic cell to better battery storage and flexible solar panels-make solar-powered gadgets both high performance and more versatile. These innovations are making solar solutions increasingly effective and more attractive to consumers.

Solar-Powered Gadgets Market Report Attributes
Report Attribute	Details
Base Year:	2023
Solar-Powered Gadgets Market Size in 2023:	USD 68.6 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	11.3%
2032 Value Projection:	USD 175.3 Billion
Historical Data for:	2021 - 2023
No. of Pages:	155
Tables, Charts & Figures:	321
Segments covered:	Gadget Type, End User, Distribution Channel, Region
Growth Drivers:	Consumer demand for sustainable products Advancement in portable solar technology
Pitfalls & Challenges:	Competition from other technologies Efficiency and performance issues

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Additionally, more people are doing outdoor activities and using mobile gadgets, which has increased the demand for solar-powered solutions. Products include solar chargers, lanterns, and backpacks that are very popular among gadgets used by campers, hikers, and travelers. The pace of urbanization brings a higher demand for energy-efficient and space-saving solutions. Solar-powered gadgets offer a way to meet such demands without putting extra burdens on the conventional infrastructure of energy.

Most solar-powered devices need good battery storage to work well. However, current batteries often don't have enough storage capacity or last long enough for some uses. These limitations can negatively impact both the performance and usability of solar-powered devices, especially in high-energy applications. Additionally, the renewable energy sector boasts a diverse landscape, facing competition from technologies like wind, hydropower, and advanced battery storage solutions. Innovations in these competing technologies could influence the market dynamics for solar-powered gadgets. Furthermore, solar panels and gadgets face efficiency challenges, such as poor performance in low light and degradation over time. This reduced efficiency can make solar-powered devices less practical and appealing compared to conventional power sources.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The global solar-powered gadgets industry was valued at around USD 68.6 Billion in 2023 and is estimated to grow at a CAGR of around 11.3% from 2024 to 2032, owing to growing awareness of climate change and environmental degradation from traditional sources of energy.

The consumer electronics segment accounted for around USD 26.5 Billion in 2023 and expected to reach around USD 72.5 Billion by 2032 as advancements in battery technology have significantly enhanced the performance and reliability of solar energy systems.

North America solar-powered gadgets market held around 22% share in 2023 and anticipated to grow with a CAGR of around 11.5% through 2032, due to technological advancements, favorable government policies, and growing consumer and business interest in sustainable solutions.

Hikvision Digital Technology, INVT Solar Technology, LS VISION Technology, Pvilion, Solar Solutions AG, Soleos, Sun Surveillance, Sunlite Group, and Sunna Design among others.