PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616343
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616343
Solar-Powered Gadgets Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
The Global Solar-Powered Gadgets Market was valued at USD 68.6 billion in 2023 and is projected to grow at a CAGR of 11.3% from 2024 to 2032. 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.
The 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.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $68.6 Billion |
Table of Contents
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
Chapter 2 Executive Summary
Chapter 3 Industry Insights
Chapter 4 Competitive Landscape, 2023
Chapter 5 Market Estimates & Forecast, By Gadget Type (USD Billion) (Units)
Chapter 6 Market Estimates & Forecast, By End User (USD Billion) (Units)
Chapter 7 Market Estimates & Forecast, By Distribution Channel (USD Billion) (Units)
Chapter 8 Market Estimates & Forecast, By Region (USD Billion) (Units)
Chapter 9 Company Profiles
