Portable Solar Panel Market Size Expected to Reach USD 7.37 Billion by 2034

The global portable solar panel market size is worth around USD 1.47 billion in 2024 and is expected to reach around USD 7.37 billion by 2034, representing a healthy CAGR of 17.5% from 2024 to 2034.

Ottawa, Sept. 20, 2024 (GLOBE NEWSWIRE) -- According to Precedence Research, the global portable solar panel market size is predicted to increase from USD 1.25 billion in 2023 to approximately USD 7.37 billion by 2034. The market is expected to grow at a double-digit CAGR of 17.5% during the forecast period. The portable solar panel market is driven by the rising awareness about sustainable energy solutions and the increasing focus on reducing carbon footprints.

Portable Solar Panel Market Overview

Increasing awareness about the advantages of solar energy and rising government initiatives for promoting solar-powered products are boosting the growth of the global portable solar panel market. Portable solar panels are compact devices that capture sunlight and transform it into thermal energy, which can then be used to charge electronic devices, such as smartphones, tablets, and cameras. These panels can be easily transported, allowing users to set up in various outdoor locations and harness energy whenever required.

Manufacturers are focusing on integrating batteries, USB ports, and wireless chargers while enhancing the performance and capability of solar panels. The rising usage of consumer electronics is expected to boost the market in the coming years.

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Portable Solar Panel Market Key Insights

• North America accounted for the largest market share of 37% in 2023.
• Asia Pacific is expected to grow at the fastest CAGR during the forecast period.
• By cell type, the crystalline segment generated the highest market share in 2023.
• By cell type, the amorphous segment is projected to grow at a notable CAGR during the forecast period.
• By application, the leisure/recreational segment dominated the market in 2023.
• By application, the emergency power backup segment is growing a significant CAGR during the forecast period.

U.S. Portable Solar Panel Market Size and Forecast 2024 to 2034

The U.S. portable solar panel market size is calculated at USD 382.81 million in 2024 and is projected to surpass around USD 1,953.45 million by 2034, expanding at a double-digit CAGR of 17.7% from 2024 to 2034.

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Portable Solar Panel Market Regional Analysis

Europe dominated the portable solar panel market in 2023, owing to government support for clean energy solutions, particularly solar energy, and technological advancements. This led to an increase in the number of households and businesses installing solar panels. Moreover, there is a rising trend toward sustainable living.

Feed-in tariffs, refunds and subsidies, and tax incentives are among the ways through which European countries have made their mark in the renewable energy sector. The national renewable energy targets and the European Union’s Renewable Energy Directive have resulted in more investments in solar technologies, including portable solar panels.

The market in Asia Pacific is expected to grow at the fastest rate during the forecast period due to the increasing government initiatives to reduce carbon emissions and promote sustainable energy solutions.

Several industries in the region are investing in renewable energy to minimize their carbon footprints. Moreover, with the increasing usage of fossil fuels, pollution levels are rising steeply in countries like India and China, boosting the demand for alternative energy sources, including solar energy.

Portable Solar Panel Market Report Coverage

Report Attribute	Key Statistics
Market Size in 2024	USD 1.25 Billion
Market Size by 2034	USD 7.37 Billion
Market Growth Rate from 2024 to 2034	CAGR of 17.5%
Largest Market	North America
Base Year	2023
Forecast Period	2024 to 2034
Segments Covered	Cell Type, Application and Regions
By Cell Type	Crystalline and Amorphous
By Application	Leisure/Recreational and Emergency Power Backup
Regions Covered	North America, Europe, Asia-Pacific, Latin America and Middle East & Africa

Portable Solar Panel Market Segment Analysis

Cell Type Analysis:

The crystalline segment dominated the market in 2023.

Crystalline solar panels are beneficial in many ways, including being compact, energy efficient, and powerful, having a longer lifespan, better heat resistance, and producing more energy. Due to their better efficiency in converting sunlight into electric energy, crystalline cells are used in both stationary and portable solar panels.

Moreover, these cells are costlier than others, attracting consumers looking for budget-friendly options. The rising R&D efforts to increase the energy conversion rate further propelled the segment.

• In November 2023, LONGi, a China-based manufacturer of solar panels, manufactured crystalline silicon-perovskite tandem solar cells and set a world record of 33.9% for efficiency.
  

The amorphous segment is expected to grow significantly in the near future.

Amorphous solar cells are flexible and lightweight, so they can be easily folded, making them suitable for integration into various surfaces. They require less silicon and are cost-effective. The flexibility of these panels also reduces the chances of cracking, which is one of the most common defects in solar panels. Moreover, amorphous solar panels perform better in low-light conditions.

Application Analysis:

The leisure/recreational segment led the portable solar panel market in 2023.

The segment growth is attributed to a significant increase in outdoor recreational activities, such as camping, trekking, and hiking. However, portable solar panels can be carried anywhere in a backpack, allowing consumers to use and harness solar energy whenever they need it. The burgeoning trend of bringing your own device (BYOD) further contributed to the increased demand for portable solar panels.

The emergency power backup segment is expected to grow rapidly during the forecast period.

The increasing demand for solar-powered devices during emergencies boosts the segment. Solar power backups play a crucial role during blackouts for households and enterprises.

Solar-powered batteries help ensure a constant flow of electricity, powering important appliances by storing surplus energy generated from solar panels. They also lower daily energy demand levels, as they store surplus electricity, which can then be used during peak hours.

• In April 2024, Bluetti introduced the EP760 system, a high-power energy storage solution for households. This solution acts as a power backup during overcast days or power interruptions.
  

Market Dynamics:

Driver:

Increasing adoption of portable solar for domestic and industrial purpose

Portable solar panels are becoming increasingly available, making them accessible to consumers seeking sustainable energy solutions. Advancements in material design and production techniques led to flexible, thin, and lightweight solar panels, making it feasible to install solar panels over any surface, including curved surfaces.

These panels can even be worn on clothes or carried in bags. This innovation is essential for remote areas with few electricity options. Additionally, the rapid shift toward electric or hybrid vehicles and the increasing demand for residential as well as industrial sectors boost the market.

Browse More Insights of Precedence Research:

• Perovskite Solar Cell Market: The global perovskite solar cell market size was estimated at USD 94.8 million in 2022 and is expected to hit around USD 2,479.2 million by 2032 with a registered CAGR of 38.1% during the forecast period.
  
• Solar AI Market: The global solar AI market is surging, with an overall revenue growth expectation of hundreds of millions of dollars during the forecast period from 2023 to 2032. 
  
• Solar Hydrogen Panel Market: The global solar hydrogen panel market size was valued at USD 10.40 million in 2023 and is anticipated to reach around USD 23.30 million by 2033, expanding at a CAGR of 8.40% from 2024 to 2033.
  
• Solar Encapsulation Market: The global solar encapsulation market size was valued at USD 5.03 billion in 2023 and is anticipated to reach around USD 10.91 billion by 2033, growing at a CAGR of 8.05% from 2024 to 2033. 
  
• Floating Solar Market: The global floating solar market size was valued at US$ 4 billion in 2022 and is expected to hit US$ 54.09 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 29.80% during the forecast period.
  
• Solar Photovoltaic (PV) Market: The global solar photovoltaic (PV) market size was estimated at USD 150 billion in 2022 and is predicted to hit over USD 383.78 billion by 2032 and is poised to grow at a CAGR of 9.90% during the forecast period.

Restraint:

Harmful effects on the environment

During the manufacturing of solar panels, nitrous oxide (N2O), perfluorinated compounds (PFCs), and greenhouse gases are released into the atmosphere. Moreover, heavy metals and other hazardous elements might find their way into surrounding soil or waters during the disposal of these panels.

For instance, floating solar panels decrease the amount of oxygen in the water available to fish. This may raise environmental concerns, thereby restraining the market

Opportunity:

Increasing usage of bifacial solar panels

Bifacial solar panels are gaining immense traction, thereby fueling the market. These panels capture sunlight from both the front and back of the module. This innovative design utilizes reflected sunlight from various surfaces, including the ground, water, or nearby structures, leading to increased electricity yield. Moreover, rising technological advancements in solar panels to boost efficiency propels the market.

Portable Solar Panel Market Key Companies

• Tata Power
• EcoFlow
• Jackery Inc.
• Innotech Enterprise LLC
• ACOPOWER Bluetti Power
• Jinko Solar
• PowerFilm Solar, Inc.
• Shenzhen Ouliyang Technology Co., Ltd
• REDARC
  

Recent News of the Portable Solar Panel Market:

• In February 2024, BLUETTI, a leading company that works in the manufacturing of the portable power station world, launched two revolutionary products AC200L and AC2A. The AC200L has a hefty 2,048 Wh Lithium Iron Phosphate (LiFePOâ‚„) battery which is longer and safer in use it lasts almost 10 years with over 3000 life cycles.
  
  
• In February 2024, Sungold Solar, a Shenzhen, China-based organization launched cutting-edge solar panels designed especially for RV- the Hi-Power Series of portable solar kits and the TF Series of flexible solar panels.
  
  
• In March 2023, FLEXSOLAR, introduces the A60 and A60 pro at Kickstarter. The launch is designed to offer efficient and reliable on-the-go power, the launch fulfilling the requirement for a compact and ultralight solar panel for outdoor activities, travel, etc. It is waterproof and durable and designed to work also in the event of unexpected rains.
  

The research report categorizes the portable solar panel market into the following segments and subsegments:

By Cell Type

• Crystalline
• Amorphous
  

By Application

• Leisure/Recreational
• Emergency Power Backup

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • UAE
  • Saudi Arabia
  • Kuwait
    

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or Asia Pacific.

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