Solar Chair Market Is Estimated To Witness High Growth Owing To Opportunity In Increasing Demand Due To Climate Change

 

SOLAR CHAIR MARKET

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.

Get more insights on this topic :

https://www.ukwebwire.com/solar-chair-market-is-expected-to-be-flourished-by-the-increasing-demand-for-eco-friendly-products/

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