The globalPortable Solar Panel market size is forecast to reach $2,514.3 Million by 2026, growing at a CAGR of 10.2% from 2021 to 2026. Portable Solar Panels can be considered as an advancement of solar charging, which comprises of photovoltaic cells assembly, with easy installation or set up, ensuring high portability. Manufacturing of such solar panels includes range of cell types like monolithic, amorphous and so on, which drive its market adoptability, due to offering maximized power output. Additionally, governmental initiatives towards off-grid energy access, growing penetration of portable and wireless energy efficient devices along with growing concerns on depletion of energy sources like fossil fuels have been contributing to its market growth overtime. Increasing investments on solar powered consumer electronic products, growing demand for flexible/thin film electronic devices, shift towards electric or hybrid automotives, and many others are set to fuel the market demand for portable solar panels in the long run.
Portable Solar Panel Market Segment Analysis - By Cell Type
Based on cell type segmentation, Crystalline portable solar panel market is analyzed to grow with the highest CAGR of 12.2% during the forecast period 2021-2026. Since these solar panel cells are manufactured using a single or multiple crystalline silicon, the composition turns out be more pure, in comparison to other available types. Due to such factors, crystalline based solar panels offer slightly higher power efficiency along with its capability of working with optimization under high heat as well as low light environments, thus attributing to its market growth. This in turn, have been eventually gaining wide popularity within indoor and outdoor environments, for producing maximum rated output even at less ideal conditions. Varied benefits including requirement of minimal space, high level efficiency upto 20%, long lasting solar cell performance with high life expectancy, as well as capability of performing even during cloudy weather conditions, make it an ideal for outdoor camping, hiking and related application areas, which will drive the market growth forward. In March 2021, REDARC announced about the launch of monocrystalline portable folding panels, with an innovative unglazed design as well as market leading cell efficiency. Due to ETFE (ethylene tetrafluoroethylene) coating, these ultra-lightweight and less fragile solar panels were 50% lighter compared to panels available in the market, thus creating easy as well as fast setup. Such developments are meant to drive the market demand for crystalline portable solar panels in the long run.
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Portable Solar Panel Market Segment Analysis - By Application
Portable Solar Panels for leisure/recreational activities is analyzed to witness the fastest market growth with CAGR of 11.1% during the forecast period 2021-2026. Factors including rise in outdoor recreational activities including camping, hiking, trekking and many others along with growing shift towards portable or wireless charging devices during travel have been significantly attributing to the market growth of portable solar panels. In addition, advancement towards smart solar powered fitness wearables, rising awareness towards maintaining healthy lifestyle as well as increasing amount of participation in recreational events or sports worldwide can also drive the market growth forward. According to the Outdoor Foundation report, about 53% of Americans aged 6 and above, participated in outdoor recreational activities in 2020, which created one of the highest participation rate on record. In September 2021, Preapryce had revealed about its launch of 8W portable solar panel chargers, making it an unreliable power source for consumers being off the grid. This development was meant to help campers, survivalists, outdoor enthusiasts, and many others planning to use electric power access while staying away from a conventional energy systems. Such factors are further set to boost the market growth of portable solar panels in the coming time.
Portable Solar Panel Market Segment Analysis - By Geography
APAC region had dominated the global portable solar panel market in 2020, with a share of 36% and is also anticipated to have a significant market growth during 2021-2026. Governmental incentives or measures to raise solar energy transition, growing adoption of portable energy efficient devices, along with supporting electricity access to rural or remote areas have been attributing to the market growth. In addition, high investments on R&D activities for consumer electronic products like smartphones, refrigerators, wireless headphones, Bluetooth speakers and others with solar charging capability can also help in aiding the market growth overtime. In February 2020, Chinese smartphone brand, Xiaomi had revealed its plan on working on a smartphone concept related to solar panel smartphone which will be incorporating mini solar panels for ensuring maximum autonomy. In September 2021, Indian Government had revealed about its plans on adding upto 175 GW of renewable energy, comprising of 100 GW for solar energy by 2022. Such government efforts towards solar PV for raising renewable share of the country is set to drive the market growth in the long run.
Portable Solar Panel Market Drivers
Increasing investments on solar powered consumer electronic products will positively drive the market demand for portable solar charging
Increasing investments on solar powered consumer electronic products can be considered as a major factor driving the market growth for portable solar panels. Various key consumer electronics brand market players including Samsung, Huawei, and Xiaomi with many others have already started focusing on developing smart wearables, smartphones, entertainment devices and so on with solar charging. This in turn, have been attributing towards the need for solar power modules, chargers, and related components, driving the market growth. Adoption of portable solar panels help in charging consumer products including smartphones, laptops, and others with ease, and high portability standards, while eliminating requirement of additional plugs. In August 2019, a patent was filed by Chinese leading consumer brand, Xiaomi demonstrating a smartphone design utilizing solar panels at the rear, as a part of its smartphone innovation alongside offering an extended battery life. In March 2021, one of the leading Indian gadget accessory and consumer electronics brand, UBON announced about the launch of a portable solar powered wireless speaker, named SP-115X. Development of this solar powered wireless speaker was done to offer multiple connectivity options, USB charging, power backup and splash proof body. Such factors are set to assist the need for solar charging, thus fuelling the market demand towards portable solar panels in the long run.
Growing demand for flexible or thin film electronic devices eventually drives the need for foldable panels
Growing demand for flexible or thin film electronic devices act as a major driver boosting the market growth towards foldable solar panels. Owing to rapid advances towards flexible electronics or thin film devices, demand for foldable panels which can be easily stored in large numbers, ensuring integration into varied appliances unlike rigid fixed ones have grown significantly. Since foldable solar panels have lightweight designs, portability and ease of setup benefits, they have been gaining wide popularity across various end use applications ranging from power camping equipment, field communication radios, GPS systems and many others. This in turn, have been raising the market demand for portable foldable solar panels overtime. In February 2021, an international research team of Pusan National University, South Korea had revealed about the development of a solar cell prototype which can be folded over 10,000 times, while ensuring a decent power conversion efficiency. Such factors are set to assist the market growth of portable solar panels due to shift or growing demand for ultra-thin flexible electronics in the long run.
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Portable Solar Panel Market Challenges
Complex manufacturing process related to portable solar panels hampers the market growth
Complex Manufacturing process related to portable solar panels can be considered as one of the major factors impeding the market growth. Since solar energy is one of the abundant renewable sources available ensuring power generation, reducing loads on fossil fuel consumption, issues or challenges encountered during manufacturing solar panels have been creating an adverse impact. Production of solar panel cells utilizes a broad range of materials including silicon tetrachloride, and other harmful substances which act as one of the prime waste source of the manufacturing process, driving the need for efficient treatment or disposal. Alongside this, there is generation of massive volume or tons of toxic wastes like cadmium and lead, which can eventually make the production procedure complex and non-environment friendly. Such factors have been eventually hampering the market growth of portable solar panels, with slower adoption.
Portable Solar Panel Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Portable Solar Panel Market. The Portable Solar Panel Market top 10 companies include:
● Goal Zero
● Renogy
● Go Power
● nker Innovations Ltd.
● Suntactics
● Solar Frontier
● BLUETTI
● PowerADD
● EcoFlow
● Acopower
Acquisitions/Technology Launches/Partnerships
In September 2021, Bluetti announced about the launch of two solar panels, namely PV120 and PV200, as a part of offering portable power solution. This development was done to support power emergency cases ensuring power station applications.
In January 2019, Goal Zero had revealed about its launch of a small and highly portable solar panel, named Nomad 5, capable of using anywhere having sunlight exposure.
Key Takeaways
Portable Solar Panels with crystalline cells are analyzed to grow with the highest CAGR during 2021-2026, attributing to minimal space requirement, longer life expectancy, and many others.
APAC Portable Solar Panel market held the largest share in 2020, owing to government incentives or measures to raise solar energy transition, rising adoption of portable energy efficient devices and so on.
Growing demand for flexible or thin film electronic devices driving the need for foldable panels along with increasing investments on solar powered consumer products is analyzed to significantly drive the global portable solar panel market growth during the forecast period 2021-2026.
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