February 21, 2024

The Global Solar Chair Market Is Driven By Increasing Demand For Eco-Friendly Products

The solar chair market consist of chairs equipped with solar panels which helps in charging portable electronic devices. Solar chairs reduces dependence on non-renewable energy sources and provides convenience to users by allowing them to charge their devices in an outdoor setting. These chairs are increasingly being adopted in outdoor parks, gardens, pool areas, camping sites and other recreational areas.

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, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the solar chair market is the rising popularity of lightweight and portable solar chairs. Manufacturers are focusing on developing solar chairs that can be easily transported and set up. They are investing in new materials and designing techniques to make solar chairs lightweight without compromising on their strength and durability. This is allowing users to carry solar chairs along on outdoor activities like camping, hiking, and picnics. Another trend gaining traction in the market is the introduction of solar chairs with additional features. Players are adding features like USB ports, speakers and cup holders to enhance the functionality of solar chairs. This is making them more attractive for outdoor events and recreational uses. Innovation in designs to make solar chairs aesthetically pleasing is another ongoing trend in the market.

Porter’s Analysis

Threat of new entrants: Low as this is an emerging market requiring sizable capital investments for manufacturing.

Bargaining power of buyers: Moderate as buyers have several options in the market but are concerned about product quality.

Bargaining power of suppliers: Low due to availability of substitute components and established supply chains of key players.

Threat of new substitutes: High as alternatives like wind and biomass energy are gaining traction.

Competitive rivalry: High among key global players competing on product features and pricing.

Key Takeaways

The Global Solar Chair Market Demand is expected to witness high growth. 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.

The Asia Pacific region dominates the global market and is expected to grow at a CAGR of around 7% during the forecast period. Significant growth in solar energy installations and adoption of innovative solar products in countries like China, Japan, and India are driving the regional market.

Key players operating in the Solar Chair market are 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.), Epicor (U.S.). Oracle Corporation specializes in offering cloud-based solar energy management solutions for asset monitoring and performance analytics. SAP SE provides an enterprise resource planning software for inventory, procurement, and asset management functions of solar panel manufacturers.

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