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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.