The portable solar panel market provides sustainable, lightweight and portable power solutions that can be easily carried for outdoor adventures and used to charge electronic devices in any location. Portable solar panels are becoming popular backup power sources as they help harvest free and renewable solar energy. Ranging from small folding panels to ruggedized heavy-duty models, portable solar panels can charge phones, laptops, batteries and more from the sun. Made from highly efficient mono- or polycrystalline silicon solar cells, portable panels effectively convert sunlight into usable electricity through photovoltaic effect. Their simple plug and play functionality along with long product life, make them convenient eco-friendly alternatives to fossil fuel generators.
The portable solar panel market is estimated to be valued at USD 1.47 Bn in 2024 and is expected to reach USD 4.55 Bn by 2031, growing at a compound annual growth rate (CAGR) of 17.5% from 2024 to 2031.
Growing environmental awareness and emphasis on sustainable energy sources are driving the adoption of portable solar technology. The residential sector is a major end-user due to increasing off-grid housing and outdoor recreational activities. Key players operating in the portable solar panel market are Goal Zero, Cobra Electronics, PowerFilm Inc., Voltaic Systems, and Solartab among others.
Key Takeaways
Key players: Goal Zero is a market leader known for ruggedized portable power stations for outdoor use. Cobra Electronics manufactures foldable, lightweight folding solar panels for transient power needs. PowerFilm Inc. has created innovative solar film and fabric technology integrated into clothing and bags.
Growing demand: Population Portable Solar Panel Market Growth and urbanization are resulting in increased energy needs in both developed and developing regions. Portable solar panels are helping address the demand for small-scale off-grid and emergency power applications.
Global expansion: US and European markets are major revenue generators currently. However, Asian and Latin American countries are emerging as high growth territories driven by rural electrification programs and increasing consumer purchasing power. China in particular is playing a leading role in lowering solar panel costs and driving mass adoption.
Market key trends
One of the key trends gaining traction is the integration of portable solar technology into various consumer products and accessories. Companies are launching solar backpacks, camping tents, blankets and more that harvest energy during the day for powering devices at night. These multi-functional products are seeing popularity among millennials interested in environment-friendly lifestyles. Another trend is the reduction in solar panel prices driven by economies of scale and technology advancement. Lower costs are expected to further boost market expansion especially in developing markets over the coming years.
Porter's Analysis
Threat of new entrants: Portable solar panel market has moderate threat as it requires high initial investment but technology is easily replicable.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but demand for renewable energy is increasing buyer bargaining power.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials required for solar panel production are commodities and available globally.
Threat of new substitutes: Threat from new substitutes like wind energy is low as portable solar panels offer mobility and compatibility with existing infrastructure.
Competitive rivalry: Competitive rivalry is high due to presence of global players offering variety of portable solar panel products on basis of capacity, design and price.
Geographical Regions
North America accounts for largest share of portable solar panel market in terms of value due to stringent environmental policies and initiatives towards renewable energy adoption.
Asia Pacific region is fastest growing geographical region for portable solar panel market due to increasing energy demand, rising living standards and government efforts to decentralize power generation through off-grid renewable solutions especially in rural areas of China and India.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
