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(Publishing-NewsWire.com, January 08, 2022 ) The Global Wearable Solar Technology market size is forecast to reach $158 million by 2026, growing at a CAGR of 15.1% from 2021 to 2026. Growing demand towards compact sized or lightweight portable electronics and thin film devices have been eventually attributing to the growth of wearable solar technology market. Increasing demand for low power consumption and extended lifetime operation devices have been also creating a positive impact on the need for photovoltaic cells, impacting the adoption of solar powered wearables. In addition, high investments or initiatives towards solar power generation projects both from government and power generation industries along with increasing demand for smart wearables including smart watches, fitness trackers and many others due to growing health and lifestyle concerns can also propel the need for leveraging solar power as a substitute of offering charging or discharging application areas. Since solar technology is in abundance along with being environment friendly, focusing on innovating wearables like smart watches, smart glasses and many others leveraging solar cells, panels and others will also influence the need for wearable solar technology in the coming time. Furthermore, government initiatives or regulations towards promoting solar technology usage and research works on clothing or textiles harnessing solar energy will further drive the market forward in the long run.
Wearable Solar Technology Market Segment Analysis - By Component
Based on component segmentation, Solar Cells segment is analyzed to grow with the highest CAGR of 7.5% in the global Wearable Solar Technology market during the forecast period 2021-2026. As photovoltaic devices have emerged as an ideal alternative due to high-power stability, mechanical robustness and related benefits over other energy sources, need for solar cells for wearable device applications areas is also impacted significantly. Conventional silicon based solar cells have been already in use over years due to its easy integration with wearable devices or products and have gained wide popularity. Trends towards growing demand for small, lightweight and energy efficient wearables at affordable prices have been driving the need for making thinner device designs to be integrated with miniaturized components having service longevity, driving its market growth overtime. In April 2020, Researchers had revealed about the development of a flexible solar cell with ten times thinner (i.e. 0.3 micro meters) compared to human hair, making it an ideal fit for future wearable technology. Implementing such components for wearable devices will help them running over a long time with minimal degradation, thus analyzed to drive its market growth in the long run.
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Wearable Solar Technology Market Segment Analysis - By Application
Smart Watches is analyzed to account for the highest CAGR of around 8.3% in the global Wearable Solar Technology market during 2021-2026. With technological advances in the consumer electronics sector along with growing concerns over health and fitness, smart watches have gained wide popularity overtime. Since solar powered smart watches can be charged easily with need for changing battery less frequently, making it a better alternative over traditional smart watches. Additionally, smart watches leveraging solar technology are more energy efficient due to higher service longevity or battery life with power preservation capabilities. This helps consumers to save additional costs on replacement from time to time, thereby creating a positive impact on its market growth. In July 2020, Garmin announced about the launch of solar powered smart watches named Fenix 6 Pro Solar and Fenix 6S Pro Solar, as a part of addition to its Fenix product line. Incorporated with power glass solar charging lens over the dials, these smart watches can get a battery life bump upto 10 and half or 14 days respectively. Such factors will further attribute towards its higher adoption in the coming time.
Wearable Solar Technology Market Segment Analysis - Geography
APAC region is analyzed to grow with the largest CAGR of around 6.8% in the global Wearable Solar Technology market during the forecast period 2021-2026. Factors such as growing investments towards solar energy generation along with rising penetration of portable electronics like smart watches, fitness trackers and so on have been attributing towards the market growth of wearable solar technology in the region. In addition, surge of COVID-19 pandemic has also fuelled the need for portable healthcare devices to keep a regular check on daily activities be it pulse meters, oximeters and others. Increasing towards leveraging renewable sources like solar energy within industries, rising demand for less power consuming wearables with governmental support towards encouraging solar energy use will also help in boosting the growth of wearable solar technology in the long run. In April 2021, Government of India had revealed about its allocation of INR 4500 crore (around USD 60.47) for the National Programme on High efficiency Solar Photo Voltaic modules over the coming five years. This scheme was implemented to incentivize Gigawatt (GW) scale solar manufacturing in India towards domestically building up scale and size of manufacturing in solar power sector, which is set to create new opportunities in the wearable solar technology markets.
Wearable Solar Technology Market Drivers
Government initiatives or regulations towards promoting use of solar technology:
Government initiatives or regulations towards promoting use of solar technology act as a major driver boosting the market growth of wearable solar technology. Government have been highly focusing on implementing regulations towards reducing carbon emissions along with promoting favourable incentives or schemes towards encouraging the shift of end use sectors towards solar based devices. In December 2019, the Indian Government had revealed about its plans regarding installation of 100 GW of solar energy capacity by the end of 2022. As per this initiative, solar projects commissioned under this period will be exempted from Inter State Transmission System Charges along with 100% of foreign direct investment (FDI). Such projects towards increasing solar capacity will further help in creating a transition from traditional power consuming devices to solar powered wearable/devices due to various benefits like extended battery life, less replacement costs, and others in the long run.
Increasing number of researches works on clothing or textiles harnessing solar energy drives the market forward:
Increasing number of research works on clothing or textiles harnessing solar energy is analyzed to be one of the major drivers in the growth of wearable solar technology market. With changing consumer preferences and maintaining innovations in textile industry, various vendors have been focusing on developing wearable products leveraging solar technology. Research works related to photovoltaic solar cells, solar modules, and many others have grown significantly to drive the need for portable charging of devices of the users. Trends like changing colour of footwear or clothing apparels when exposed to sunlight have gained wide popularity in the consumer markets, thus driving the need towards solar powered components. In October 2020, Researchers at the Swiss Federal Laboratories for Materials Science and Technology (EMPA) announced about its development of an energy harvesting textile to be used for harvesting solar power. This helped in addition of two different luminescent materials which can turn into a flexible solar concentrator, and can be applied to textile fibres, eliminating brittle & cracking related issues, thereby aiding its market growth in clothing or apparel manufacturing during the forecast period.
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Wearable Solar Technology Market Challenges
High costs act as one of the major factors restraining the growth of wearable solar technology market. Even though solar energy is abundant in nature, the costs related to its extraction or harnessing makes it comparatively expensive than traditional powered electricity models. Manufacturing and designing complexities related to components like solar chipsets or modules, solar cells and many others further add to the overall costs of the market vendors. This creates the need for skilled professionals to avoid designing defects which can contribute towards improper functioning of the integrated devices. Such factors eventually increase the pricing structure of solar power consuming wearables, thus adversely impacting its market growth.
Wearable Solar Technology Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Wearable Solar Technology market. The key players in the Wearable Solar Technology market include e5Solar, BirkSun, Voltaic Systems, Garmin Ltd., ECEEN, Tommy Hilfiger Licensing LLC, Fossil Group Inc., SolarGoPack, Fraunhofer-Gesellschaft and Misfit among others.
In April 2021, Fossil announced about the launch of a limited-edition Solar Watch, named World-Timer, which incorporates solar-powered movement with a rechargeable battery.
In May 2020, Garmin announced about the launch of quatix 6X Solar, as a part of addition to its marine GPS smart watch product series. This smart watch is featured with a transparent solar charging display, making it capable of utilizing sun’s energy to extend battery life.
Smart Watches segment is anticipated to grow with the highest CAGR during 2021-2026, attributing to high investments on R&D activities.
APAC is analyzed to account for the fastest growing region during the forecast period 2021-2026, due to government spending on solar power generation projects, penetration of portable electronic devices and others.
Government initiatives or regulations towards promoting use of solar technology along with rise in research works harnessing solar energy within clothing or textile industry is analyzed to drive the market growth of wearable solar technology during the forecast period.
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