The global portable solar charger market is beginning to gain significance through clean energy benefits alertness, product awareness and advances made in the technology lately. The portable charger basically serves as a facility to charge electronic devices which include laptops, smartphones etc. Its shape, light-weight, durability, efficiency and economics are part of the recent advantages provided by advances in the technology. Fast rate of urbanization globally and the dawn of technological features which drain batteries more rapidly are all giving rise to the demand for portable solar chargers in the energy market.
Market size and Forecast
In 2017, global portable solar charger market was valued at 16.89 billion, according to a report from Genesis Market Insight. The report suggests that global portable solar charger market would expand at a compound annual growth rate (CAGR) of 12.01% between 2018 and 2023. This will be driven mainly by awareness of the relationship between the environment and energy generation. Also, government policies and regulations for renewable energy sources are tipped to be instrumental in the expansion of global portable solar charger market.
The US, Mexico and Canada are expected to lead the market for portable solar charger within the projected years, with Europe and Asia-Pacific following behind respectively. The US is currently far ahead of other nations. By the end of 2023, portable solar charger market in North America is expected to worth up to $33.36 billion. This will be driven by the growing adoption of wearable technology and electronic devices, government regulations to support solar energy and the fight for sustainable energy in the region.
Wearable technology, automobile market and other rechargeable electronic devices are also responsible for the growing portable solar charger market in Europe. Germany, Spain and Italy are expected to have the largest share of the market by 2023. In the Asia-Pacific, growing demand for portable solar chargers with maximum efficiency such as charging devices on the go and rapid urbanization are expected to sponsor solar charger market in the region.
Portable Solar consumers
- The military end user (contributing approximately 45% of the market value)
- Transportation (30%)
- Individual consumers (25%)
Challenges and Growth factors
High dependent on sunlight and initial cost are two major challenges facing the growth of portable solar charger market aside from lack of awareness across the developing nations. The major growth factors are its eco-friendly and toxic-free nature, unlike combustible energy generating sources. Ease of use and portability are two major advantages luring consumers since the technology can be used even in transit.
Major Market Players
Cobra Electronics Corporation (U.S), Philips Lighting Holding B.V, Telco Accessories BV (Netherlands), Solartab Limited, Solio Inc. (Canada), EMPONI (Germany), Media Data Systems and Pte Ltd (Singapore) are some of the major companies contributing in the Global Portable Solar Charger market.