SELBYVILLE, Del., Oct. 22, 2024 (Globe Newswire) —
According to a report, the solar power gadget market is expected to reach USD 175.3 billion by 2032. Research by Global Market Insights Inc. Increasing awareness of climate change and the environmental impact of traditional energy sources is driving the transition to renewable energy, making solar-powered gadgets an attractive solution for individuals and businesses.
The main driver of this growth is the growing desire to reduce carbon emissions and contribute to environmental sustainability. Innovations in solar technology such as improved solar cells, better battery storage, and flexible solar panels have made solar-powered gadgets more efficient and versatile. These advances have improved the performance of photovoltaic devices, making them attractive to consumers from a variety of sectors.
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The solar power gadgets market is segmented by gadget type such as household appliances, home and gardening, and outdoor and recreational. In 2023, consumer electronics revenue will reach approximately $26.5 billion and is expected to reach approximately $72.5 billion by 2032. Enhanced battery technology plays a vital role in improving the reliability and performance of solar energy systems. The latest solar cells can store more energy, so they can provide a stable power supply even during periods when there is no sunlight. This advancement reduces dependence on grid-based electricity and increases energy independence.
From the end-user perspective, the solar power gadgets market is divided into residential and commercial sectors. The residential segment holds a dominant market share of around 60% in 2023 and is expected to grow at a CAGR of 11.7% during the forecast period. Homeowners are increasingly adopting solar panels with battery storage systems to reduce energy costs and increase energy independence. Falling prices for solar technology and government incentives are driving this trend. Solar-powered garden and sidewalk lights are especially popular because they are easy to install, low maintenance, and can improve your outdoor aesthetic while saving energy.
North America will lead the market in 2023, accounting for approximately 22% of the total share and is expected to grow at a CAGR of 11.5% during the forecast period. Technological innovation, government support policies and increasing interest in sustainable solutions are driving this growth. As awareness of environmental issues increases, consumers and businesses are turning to eco-friendly products, and solar-powered gadgets can contribute to this by reducing dependence on fossil fuels and minimizing carbon emissions. We are responding to demand.
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Some chapters in the report’s Table of Contents (TOC):
Chapter 1 Methodology and Scope
1.1 Market scope and definition
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection method
1.3 Basic estimation and calculations
1.3.1 Base year calculation
1.3.2 Main trends in market forecast
1.4 Prediction model
1.5 Primary research and verification
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Summary
2.1 Industry 3600 overview
Chapter 3. Insights into the Solar Power Gadgets Market
3.1 Industry ecosystem analysis
3.1.1 Factors influencing the value chain
3.1.2 Profit Margin Analysis.
3.1.3 Suspension
3.1.4 Future outlook
3.1.5 Manufacturer
3.1.6 Distributor
3.2 Influence on the industry
3.2.1 Drivers of growth
3.2.1.1 Consumer demand for sustainable products
3.2.1.2 Advances in portable solar technology
3.2.2 Industry pitfalls and 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 purchasing behavior
3.7 Technical outlook
3.8 Regulatory framework
3.9 Porter’s analysis
3.10 PESTEL analysis
See more solar energy storage industry reports @ https://www.gminsights.com/industry-reports/solar-energy-storage/77
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global market research and consulting services provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports provide our clients with insightful insights and actionable market data specifically designed and presented to support strategic decision making. These comprehensive reports are designed with unique research methodologies and are available for key industries such as chemistry, advanced materials, technology, renewable energy, and biotechnology.
