Selbyville, Delaware,, Oct. 22, 2024 (GLOBE NEWSWIRE) --
The solar-powered gadgets market is predicted to hit USD 175.3 billion by 2032, as reported in a research study by Global Market Insights Inc. The increasing awareness of climate change and the environmental impact of traditional energy sources is driving the shift toward renewable energy, with solar-powered gadgets becoming an attractive solution for individuals and businesses.
A key factor behind this growth is the growing desire to reduce carbon footprints and contribute to environmental sustainability. Innovations in solar technology, such as improved photovoltaic cells, better battery storage, and flexible solar panels, have made solar-powered gadgets more efficient and versatile. These advancements are boosting the performance of solar-powered devices, making them more appealing to consumers across various sectors.
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The solar-powered gadgets market is segmented by gadget type, including consumer electronics, home and garden, outdoor and recreational, and others. In 2023, consumer electronics generated around USD 26.5 billion in revenue and is expected to reach approximately USD 72.5 billion by 2032. Enhanced battery technology has played a pivotal role in improving the reliability and performance of solar energy systems. Modern solar batteries can store larger amounts of energy, ensuring a stable power supply even during periods without sunlight. This advancement reduces reliance on grid-based electricity and increases energy self-sufficiency.
In terms of end users, the solar-powered gadgets market is divided into residential and commercial sectors. The residential segment held a dominant market share of around 60% in 2023 and is expected to grow at a CAGR of 11.7% over the forecast period. Homeowners are increasingly adopting solar panels with battery storage systems to cut energy costs and enhance energy independence. The falling prices of solar technology, combined with government incentives, are driving this trend. Solar-powered garden and path lights are particularly popular due to their easy installation, low maintenance, and ability to improve outdoor aesthetics while saving energy.
North America led the market in 2023, accounting for approximately 22% of the total share, and is anticipated to grow at 11.5% CAGR during the forecast period. Technological innovations, supportive government policies, and rising interest in sustainable solutions are driving this growth. As awareness of environmental issues grows, consumers and businesses are turning to eco-friendly products, and solar-powered gadgets align with this demand by reducing reliance on fossil fuels and minimizing carbon footprints.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates & calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis
Chapter 3 Solar-Powered Gadgets Market Insights
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis.
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Consumer demand for sustainable products
3.2.1.2 Advancement in portable solar technology
3.2.2 Industry pitfalls & challenges
3.2.2.1 Competition from other technologies
3.2.2.2 Efficiency and performance issues
3.3 Growth potential analysis
3.4 Future trend analysis
3.5 Price analysis
3.6 Consumer buying behavior
3.7 Technological landscape
3.8 Regulatory framework
3.9 Porter’s analysis
3.10 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
