Outlook of the global solar battery charger market
The global solar battery charger market to grow with an impressive CAGR of more than 13% during the forecast period. With the rapidly increasing use of electronic devices, the market for solar battery charger will have a positive outlook until the end of 2020. An expanding population and rapid industrialization have increased the demand for power globally, resulting in a major demand-supply gap. Moreover, the last decade saw a sharp rise in the use of gadgets and other portable electronic devices. According to the US Department of Energy, the average electricity expenditure of an American household is close to USD 1500 annually, of which 10% goes into recharging products. Solar chargers help meet the needs of a household while minimizing the dependency on conventional sources of electricity. Also, these chargers can be used in the event of a power outage or an emergency. The wide application of solar battery chargers in telecommunications and automobile industries will propel the prospects of growth of this market during the forecast period.
The recent advances in technology in the development of solar battery chargers is expected to contribute to the market growth during the forecast period. Manufacturers are looking to improve the quality of charge controllers, value-added features, and designs of solar battery chargers. These developments will not only lead to a reduction in operating cost but will also help these chargers deliver better quality and cleaner battery power.
End-user segmentation and analysis of the solar battery charger market
- Individual consumers
- Military application
During 2015, the individual consumer segment dominated the market with a market share of around 65%. Factors like the augmented usage of electronic devices and an increase in the time spent outdoors will bolster the growth of this market segment over the forecast period. Moreover, the increasing need for reliable chargers that do not depend on the main power supply will aid in the growth of this market segment.
Geographical segmentation and analysis of the solar battery charger market
In this market report, the analysts have estimated the Americas to be the largest market for solar battery charger during the forecast period. The US, Canada, Brazil, and Chile are the major revenue contributors in the region. Factors like the rising price of electricity will propel the market for solar battery chargers. With increasing government support for solar powered products, the market for the solar battery charger in the Americas is anticipated to account for a market share of nearly 53% by 2020.
Competitive landscape and key vendors
The global solar battery charger market has a few international and regional vendors. The report predicts the market to be more competitive during the forecast period due to substantial investments in R&D to further improve the technology.
Key vendors in the market are –
- Goal Zero
Other prominent vendors in the market are All Powers, Endless Sun Solar, Powertraveller, Shenzhen Portable Electronic Technology, SunTactics, and Suntrica.
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