Solar Chair Market Is Estimated To Witness High Growth Owing To Opportunity In Increasing Demand Due To Climate Change
Solar Chair Market
Solar chairs are outdoor chairs that have integrated solar panels which allow
them to collect energy from sunlight to power electronic devices or other
appliances. The integrated solar panels help to charge devices like laptops,
smartphones or power banks keeping them juiced up outdoor. Solar chairs provide
a convenient way to power devices while people are relaxing and enjoying
outdoors. With increasing concern around climate change and focus on adopting
renewable energy sources, the demand for sustainable products integrated with
solar technology is on the rise.
The global Solar Chair Market is
estimated to be valued at Us$ 2.07
Million in 2024 and is expected to exhibit a CAGR Of 6.2% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent
Market Insights.
Market Opportunity:
The key opportunity for solar chair market is the increasing demand due to
climate change. With rising global temperatures and growing climate change
impacts, more people are spending time outdoors and in parks or beaches to beat
the heat. This is driving the demand for portable, convenient products that can
charge electronic devices sustainably using solar technology. Solar chairs
offer an environment friendly solution as they produce no emissions in
operation and utilize renewable sunlight energy. With growing consumer
awareness about carbon footprint of everyday products, the solar powered
furniture segment including solar chairs is expected to witness significant
growth in demand over the forecast period.
Porter's Analysis
Threat of new entrants: The solar chair market has moderate threat from new
entrants as it requires significant investment in R&D to develop new solar
technologies.
Bargaining power of buyers: Buyers have moderate bargaining power in this
market due to availability of a wide range of options from various
manufacturers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to
availability of alternative raw material suppliers and fragmented nature of
suppliers.
Threat of new substitutes: Threat from substitutes is low as solar chairs
provide unique mobile power solution.
Competitive rivalry: The market witnesses high competitive rivalry due to
presence of numerous global and regional players.
SWOT Analysis
Strength: Solar chairs provide eco-friendly and portable power solution.
Growing demand for outdoor recreational activities boosts the market.
Weakness: High initial costs limit the demand. Dependency on climatic
conditions for charging.
Opportunity: Rising environmental concerns and off-grid applications in
developing regions offer growth prospects. Manufacturers investing in R&D
of advanced solar cell technologies.
Threats: Availability of cheaper substitutes like portable batteries limits the
demand. Intense competition from existing players.
Key Takeaways
The Global Solar Chair Market Demand is
expected to witness high growth during the forecast period. The global solar
chair market is estimated to be valued at US$ 2.07 Mn in 2024 and is expected
to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.
North
America dominates the market currently due to rising preference for outdoor
activities. However, Asia Pacific is expected to grow at the fastest pace owing
to increasing tourism and adoption of renewable energy in countries like India
and China.
Key players operating in the solar chair market are Oracle Corporation, IBM
Corporation, SAP SE, Workday, Inc., Microsoft Corporation, Sage Group plc,
Infor, Deltek, Acumatica, Inc., and Epicor. Regional manufacturers are also
expanding their presence across various countries to tap the future growth
opportunities.
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