Global Wearable Solar Devices Market: Introduction
- A wearable solar device runs on electricity which is generated from solar energy. This device can be used for charging of portable electronics devices and wearable devices such as mobile phones and fitness bands.
- The global wearable solar devices market is expanding at a significant pace, due to increase in awareness about these devices coupled with rise in the influence of social media. Usage of portable electronics devices has increased significantly. Wearable solar devices can provide on-the-go charging for these devices. Solar energy can be used in remote locations, where the conventional power grid system is not available.
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Key Drivers and Restraints of Wearable Solar Devices Market
- Growing awareness about protection of the environment and changing buying pattern are key driver of the global wearable solar devices market. Over the last few years, rise in awareness about adverse effects of using fossil fuels and changing buying preference for solar-based products has been observed. These factors are anticipated to drive the global wearable solar devices market during the forecast period.
- Stringent government regulations to reduce carbon emissions is a key driving factor for the global wearable solar devices market. Favorable government incentive schemes to promote the use of solar devices are also fueling the global market. Furthermore, from the viewpoint of protection of the environment, a majority of companies and governments are shifting toward solar devices.
- Availability of alternative and inexpensive energy sources is projected to restrain the global wearable solar devices market during the forecast period. Currently, various options for solar-powered devices are available, which can be powered by batteries such as li-ion batteries and alkaline batteries.
Global Wearable Solar Devices Market: Segmentation
- The global wearable solar devices market can be segmented based on devices type and application
- In terms of device type, the global wearable solar devices market can be segmented into clothes, watches, glasses, bags, helmets, and others. Clothes is expected to be the dominant segment in the near future.
- Based on application, the global wearable solar devices market can be segmented into domestic and industrial. In 2019, the domestic segment dominated the global wearable solar devices market. It is expected to continue its dominance in the near future. However, due to industrial advancements, the demand for wearable solar devices in the industrial segment is also anticipated to increase in the next few years.
Global Wearable Solar Devices Market: Regional Segmentation
- Based on region, the global wearable solar devices market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Government initiatives toward development of infrastructure and rise in investments in renewable energy across countries are anticipated to drive the wearable solar devices market in Asia Pacific during the forecast period. Changing government policies and increase in disposable income of consumers are estimated to boost the demand for wearable solar devices system in Asia Pacific.
- Countries such as India, China, and Japan are expected to dominate the wearable solar devices market in Asia Pacific during the forecast period, due to rise in investments in solar-based energy generation in these countries
- The market in North America is expected to expand at a significant CAGR during the forecast period, due to increasing investments in the development of solar-based wearable devices in North America
- Europe is estimated to be another major region of the global wearable solar devices market. Significant investments in various projects by various companies and governments are expected to propel the market in the region during the forecast period.
- The market in Latin America and Middle East & Africa is estimated to expand at a sluggish pace during the forecast period, which can be ascribed to low investments in solar power-based projects in these regions
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- In November 2019, researchers at the Riken Research Institute, Japan and Toray Industries Inc. developed a super-thin organic solar cell, which can be heat-printed onto clothes. These solar cells can be used to power portable devices and wearable technology.
Key Players Operating in Global Wearable Solar Devices Market:
- Tommy Hilfiger Licensing, LLC
- CASIO COMPUTER CO., LTD.
- Voltaic Systems
Global Wearable Solar Devices Market: Research Scope
Global Wearable Solar Devices Market, by Device Type
Global Wearable Solar Devices Market, by Application
Global Wearable Solar Devices Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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