June 18, 2024
Solar Chair Market

Solar Chair Market Poised to Garner High Revenues Owing to Growing Investment in Renewable Energy Sources

The solar chair market comprises energy generation systems integrated into furniture, allowing users to charge electronic devices using solar power. Solar chairs find widespread usage in outdoor areas like parks, gardens, pools, and beaches. They offer a convenient way to charge devices remotely while enjoying outdoor activities. The growing consumer inclination toward eco-friendly products and reducing carbon footprint is driving the demand for solar chairs.

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.

Key Takeaways

Key players operating in the solar chair market include Oracle Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Workday, Inc. (U.S.), Microsoft Corporation (U.S.), Sage Group plc (U.K.), Infor (U.S.), Deltek (U.S.), Acumatica, Inc. (U.S.), and Epicor (U.S.).

The rising popularity of outdoor activities and increasing investments in smart city projects present significant growth opportunities in the Solar Chair Market Growth

. Product innovation with additional features like Bluetooth connectivity and security cameras will further augment the demand.

Globally, the solar chair market is witnessing increasing demand driven by the expanding outdoor furniture industry and rising sales of portable power banks and devices. The Asia Pacific region accounts for a major share owing to rapid urbanization and growing emphasis on renewable energy adoption.

Market drivers

The growing investment in renewable energy sources across the world is a key driver for the solar chair market. With rising ecological concerns, many nations are promoting the generation and usage of clean energy through attractive incentives and policies. Solar chairs help contribute to this goal while providing convenience to users. The market is also driven by growing consumer inclination toward eco-friendly products that help reduce carbon footprint.

PEST Analysis

Political: Governments around the world are pushing for clean and renewable energy sources to reduce dependence on fossil fuels and curb carbon emissions. Supportive policies and incentives like tax credits promote the adoption of solar energy technologies.

Economic: Rising electricity prices and lower costs of solar panels are making solar power an economically viable alternative energy source. The solar chair market benefits as consumers and businesses look for ways to reduce energy costs through innovative solar products.

Social: People are increasingly concerned about sustainability and climate change. Solar energy aligns well with the growing environmental and social consciousness of consumers. Solar chairs provide a way for individuals and public spaces to harness solar power in a visually appealing format.

Technological: Advancements in solar cell efficiency and battery storage capabilities are enabling the design of more powerful yet portable solar products. Lightweight solar panel materials allow for integration into various consumer goods like outdoor furniture. Connectivity features in newer solar chairs facilitate remote monitoring and add convenience.

In terms of value, the North America region accounts for the largest share of the global solar chair market currently led by countries like the United States and Canada. Europe is another major regional market concentrated in Western European nations that are investing heavily in solar energy infrastructure.

The Asia Pacific region is poised to become the fastest growing market for solar chairs over the forecast period. Rapid economic development and rising living standards in countries like China and India are driving huge growth in solar power adoption. Government plans to install large solar capacities will further support the uptake of ancillary solar products like solar chairs in Asia Pacific.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it