Global Wearable Solar Technology Market Size is Expected To Capture Significant Share By 2033| CAGR of 18.3%
The Global Wearable Solar Technology Market Size is expected to hold a significant share by 2033, According to a research report published by Spherical Insights & Consulting. Companies Covered: Fraunhofer-Gesellschaft, Tommy Hilfiger Licensing, LLC, SolarGoPack, Colorado Instruments, Inc, BirkSun, CASIO COMPUTER CO., LTD, LuisVanita, e5solar, Voltaic Systems, Lumos and Other Key Players.
New York, United States, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The Global Wearable Solar Technology Market Size is expected to hold a Significant Share by 2033, at a Compound Annual Growth Rate (CAGR) of 18.3% during the projected period. A wearable solar device works with electricity generated by solar energy. This device can charge portable electronics and wearable devices such as mobile phones and fitness bands.
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The growing demand for compact or lightweight portable electronics, as well as thin film devices, has contributed to the growth of the wearable solar technology market. The growing demand for low-power consumption and long-life devices has also influenced photovoltaic cell demand, which has influenced the adoption of solar-powered wearables. Furthermore, significant investments or initiatives from both the government and the power generation industries in solar power generation projects, as well as rising demand for smart wearables such as smartwatches, fitness trackers, and many others as a result of growing health and lifestyle concerns, can drive the need for leveraging solar power as a substitute for offering to charge or discharge application areas. Government initiatives or regulations encouraging the use of solar technology are a major driving force in the growth of the wearable solar technology market. The government has prioritized the implementation of carbon-reduction regulations, as well as the promotion of favorable incentives or schemes to encourage the shift of end-use sectors toward solar-powered devices. The increasing number of research works on clothing or textiles harnessing solar energy is one of the major drivers in the growth of the wearable solar technology market. Various vendors have focused on developing wearable products that leverage solar technology in response to changing consumer preferences and the textile industry's ongoing innovation.
COVID-19 Impact
The COVID-19 pandemic had an impact on the market for wearable solar technology, resulting in a significant drop in year-over-year growth. Market participants, on the other hand, have employed a variety of strategies to improve their operations. From 2022 to 2030, the wearable solar technology market will be characterized by a prominent trend of digital acceleration, which was part of many entities' growth strategies and operating models during the COVID-19 pandemic. The rapid transition of businesses to online operations, on the other hand, has created opportunities for the wearable solar technology market to expand.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Wearable Solar Technology Market Size, Share, and COVID-19 Impact Analysis, By Component (Solar Cell, Supercapacitors, Solar Panels, Sensors, Others), By Application (Smartwatches, Headsets, Fitness Trackers, Smart Glasses, Smart Clothes & Fabrics, Footwear, Others), By End-use (Medical & Healthcare, Consumer Electronics, Textiles, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The solar cells segment dominates the market with the largest revenue share over the forecast period.
Based on components, the global wearable solar technology market is segmented into solar cells, supercapacitors, solar panels, sensors, and others. Among these, the solar cells segment is dominating the market with the largest revenue share over the forecast period. The requirement for solar cells for wearable electronic devices has been significantly impacted as solar energy systems have emerged as an ideal alternative due to their high-power stability, mechanical robustness, and other advantages over other energy sources. For many years, traditional silicon-based solar cells have been widely used due to their ease of compatibility with wearable devices or products.
The smart watches segment is expected to hold the rapid revenue growth of the global Wearable Solar Technology market during the forecast period.
Based on application, the global wearable solar technology market is classified into smartwatches, headsets, fitness trackers, smart glasses, smart clothes & fabrics, footwear, and others. Among these, the smartwatches segment is expected to grow at a rapid pace during the forecast period. Smartwatches have grown in popularity as a result of technological advances in the consumer electronics sector, as well as growing health and fitness issues. Solar-powered smartwatches are a better option than traditional smartwatches because they can be charged quickly and require fewer battery changes. Furthermore, solar-powered smartwatches are more energy efficient due to longer battery life and power conservation capabilities.
The medical & healthcare segment is expected to grow at the fastest pace in the global wearable solar technology market during the forecast period.
Based on end-use, the global wearable solar technology market is segmented into medical & healthcare, consumer electronics, textiles, and others. Among these, the medical & healthcare segment is expected to grow at the fastest pace in the global wearable solar technology market during the forecast period. The rise can be attributed to the increased use of health monitoring devices. In the medical and healthcare sectors, wearable solar technology includes the incorporation of solar panels into medical devices and health monitoring wearables. These devices can power sensors, continuous monitoring systems, and other healthcare applications. Solar-powered medical wearables have a longer battery life, reducing the need for frequent recharging or battery replacements, which is essential for continuous monitoring and data collection.
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North America is expected to hold a significant share of the global wearable solar technology market during the forecast period.
North America is expected to hold a significant share of the global wearable solar technology market during the forecast period. Wearable solar technology has a sizable market in North America, particularly in the United States. The region has a large number of tech-savvy consumers, and many companies are investing in the development of innovative wearables. The North American market is expected to be driven by high consumer awareness, demand for smartwatches, fitness trackers, and other wearables, and a rising focus on sustainability and clean energy.
The Asia-Pacific market is expected to grow the fastest during the forecast period. The Asia-Pacific region, which includes China, Japan, and South Korea, is a rapidly expanding market for wearable solar technology. Rapid urbanization, rising disposable income, and a tech-savvy population, particularly in cities, are all expected to boost the global wearable solar technology market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global wearable market include Fraunhofer-Gesellschaft, Tommy Hilfiger Licensing, LLC, SolarGoPack, Colorado Instruments, Inc, BirkSun, CASIO COMPUTER CO., LTD, LuisVanita, e5solar, Voltaic Systems, Lumos, and among others.
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Recent Developments
In April 2021, The Indian government announced a budget of INR 4500 crore (approximately USD 60.47 million) for the National Programme on High-Efficiency Solar Photovoltaic Modules over the next five years. This scheme was implemented to incentivize Gigawatt (GW) scale solar manufacturing in India, to domestically increase the scale and size of manufacturing in the solar power sector, which is expected to open up new markets for wearable solar technology.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global wearable solar technology market based on the below-mentioned segments:
Wearable Solar Technology Market, Component Analysis
Solar Cell
Supercapacitors
Solar Panels
Sensors
Others
Wearable Solar Technology Market, Application Analysis
Smartwatches
Headsets
Fitness Trackers
Smart Glasses
Smart Clothes & Fabrics
Footwear
Others
Wearable Solar Technology Market, End-Use Analysis
Medical & Healthcare
Consumer Electronics
Textiles
Others
Wearable Solar Technology Market, Regional Analysis
North America
US
Canada
Mexico
Europe
Germany
Uk
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
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