Solar Tree Market to Reach $425.2 Million Globally by 2032 at 5.7% CAGR: Allied Market Research

Rising adoption of solar trees as an efficient option for energy source is anticipated to drive the growth of the global solar tree market during the forecast period. The Asia-Pacific region held the majority of the market share in 2022 and is expected to grow significantly in the forecast period.

WILMINGTON, Del., Dec. 14, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Solar Tree Market by Connectivity (Off-Grid, On-Grid), by Component (Battery, Solar PV Modules, Cables and Connectors, Others), by Application (Residential, Commercial and Industrial, Utilities): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global solar tree market generated $247.4 million in 2022, and is anticipated to generate $425.2 million by 2032, witnessing a CAGR of 5.7% from 2023 to 2032.

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Prime Determinants of Growth 
The solar tree market is propelled by various factors that contribute to its growth. Solar trees offer energy independence by allowing individuals and businesses to generate their own electricity, reducing reliance on centralized power grids. This enhances energy security during grid failures and power outages. Financial benefits also drive market growth, with potential savings on utility bills and income generation through incentives like net metering. However, the high upfront costs for solar trees compared to traditional solar panels hinders their widespread accessibility, thus restraining the market growth. On the other hand, evolving technology and smart grid integration present opportunities for more efficient and cost-effective solar tree designs, making them a compelling choice for urban environments. As cities grow and demand for renewable energy within urban landscapes rises, the demand for solar trees is likely to skyrocket, thus offering lucrative market growth opportunities.

Report Coverage & Details:

COVID-19 Scenario

• The global solar tree industry has been significantly affected by the COVID-19 pandemic. Disruptions in global supply chains, production, and transportation of solar panel components have impacted raw material availability and manufacturing processes, potentially affecting solar tree production.
• Economic uncertainty and reduced spending have influenced the solar market, leading to delays or cancellations of projects and decreased investments in renewable energy, impacting solar tree demand.
• Travel restrictions and social distancing measures during the pandemic posed challenges to solar panel installations, affecting the execution of projects and potentially impacting demand. The overall disruptions in the solar energy industry, including supply chain and workforce issues, have led to setbacks in the solar tree market.

Connectivity: Off-grid Sub-Segment to Grab Highest Share in the Forecast Period

The off-grid sub-segment of the global solar tree market accounted for the largest share of 63.0% in 2022 and is projected to witness substantial growth with a major CAGR of 5.9% by 2032. This dominance is due to increasing environmental awareness and the need to reduce carbon emissions. As the demand for renewable energy sources is rising, the adoption of off-grid solar trees is also expected to rise in the forecast period.

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Component: Solar PV Modules Sub-Segment to Grow with the Highest CAGR in the Forecast Period

The solar PV modules sub-segment of the global solar tree market accounted for the largest share of 55.2% in 2022 and is projected to witness substantial growth with a CAGR of 5.9% during the forecast period. The prominent growth of the sub-segment is due to the rising popularity of solar PV modules as they offer a sustainable and eco-friendly energy solution, aligning with the increasing environmental consciousness worldwide

Application: Commercial & Industrial Sub-segment to Grow Significantly in the Forecast Period

The commercial & industrial sub-segment of the global solar tree market accounted for the largest share of 74.5% in 2022 and is projected to witness substantial growth with a CAGR of 5.9% by 2032. The prominent growth of the sub-segment is mainly due to the rising adoption of solar trees in commercial & industrial sectors because of the surging global emphasis on renewable energy goals to reduce carbon emissions.

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Region: Asia-Pacific Market to Grow with Highest CAGR in the Forecast Period

The solar tree market in the Asia-Pacific region accounted for the highest share of 38.5% in 2022 and is expected to grow significantly with a highest CAGR of 6.1% during the forecast period. The dominance of the region in the solar tree market can be attributed to the rapid economic growth and urbanization, leading to increased energy requirements. The region is experiencing a strong market demand for solar trees to meet surging energy needs.

Leading Players in the Solar Tree Market:

• Spotlight Solar
• Beam Global
• IYSERT ENERGY
• Solvis
• SolarBotanic Trees Ltd
• Solar Forma
• Smartflower
• NESSA
• Power Tree
• ARTEMIDE S.P.A.

The report provides a detailed analysis of the key players of the global solar tree market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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