Wilmington, Delaware, United States, July 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global smart solar bench market is estimated at US$ 689.2 Mn by 2031, up from US$ 385.3 Mn in 2022. Increase in adoption of advanced technology in everyday life and rise in construction of smart cities are fueling the smart solar bench market.
Smart solar bench features USB ports and wireless chargers for mobile devices. Consistent product advancement has led to the development of smart solar benches with voice-activated controls, IoT sensors, and rooftop. Advancements in material science have led to the creation of new materials that are eco-friendly, reasonable, and durable, and thus fueling market development.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 385.3 Mn | |
| Estimated Value | US$ 689.2 Mn | |
| Growth Rate - CAGR | 7.6% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 160 Pages | |
| Market Segmentation | By Type, By Material, By Design, By Power Output, By Application, By Distribution channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ArchiExpo, Cyclepods, EnGoPlanet Energy Solutions LLC, Gulf Solar Technologies, Hola Systems, Include Ltd., Nomo Group Co, Seedia Sp. z o.o., Strawberry Energy, The Solar Range | |
Key Findings of Study
Demand for Advanced Technology Driving Market Expansion – As living standards are improving, individuals in both developed and developing countries are increasingly using advanced technology in their everyday life. Hence, adoption of next-gen and intelligent technologies is expected to fuel market growth in the next few years.
Rise in demand for sustainable energy solutions is leading to increasing adoption of solar benches for outdoor seating areas. Incorporation of advanced technologies, such as smart sensors and wireless charging capabilities, is anticipated to increase the attractiveness and functionality for users, thereby boosting market value.
Wireless charging allows users to charge their devices while being outdoors. Moreover, smart sensors can notice changes in weather and adjust the settings accordingly.
With increase in adoption of advanced technologies in public spaces and cities, the smart solar bench market is expected to grow and evolve in the next few years.
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Development of Smart Cities Fueling Market Growth – In urban areas, development of smart cities and business spaces, including shopping malls and offices, is increasing. Therefore, rise in construction of smart cities across the world is anticipated to bolster the smart solar bench market.
Smart solar benches offer economic advantages as well. Adoption of smart solar benches enable energy conservation, cost savings, and improved environmental sustainability.
Increase in Adoption of Smart Solar Bench with Digital Display – In terms of type, the with digital display segment is likely to dominate the global industry during the forecast period. The smart solar-powered bench with display includes a smartly designed seating with USB ports and wireless chargers for hand-held devices.
Smart solar bench with display also provides public service, connectivity with advertising, and information for users. Companies and city administration can continuously provide information about upcoming events and activities through the interactive display.
Growth Drivers
- Increase in adoption of advanced technology for everyday functioning is fueling the smart solar bench market
- Initiatives by governments for the construction of smart cities is augmenting market growth
Regional Landscape
North America is anticipated to account for the leading market share during the forecast period. This is ascribed to acceptance for these benches across corporate spaces and commercial establishments in the region. Furthermore, rise in state investments in smart cities further boosts market development in the region.
The smart solar bench market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. Increase in adoption of advanced technology in infrastructure development and rapid urbanization in countries such as India, China, and Japan are steering market expansion in the region.
Competitive Analysis
The global landscape is competitive, with the presence of several global and regional players. Product development is a key growth strategy adopted by players in the smart solar bench market. Leading manufacturers of smart solar bench technology are engaging in product expansion, R&D activities, and M&As to increase their market share.
Prominent players in the smart solar bench market include AarchiExpo, EnGoPlanet Energy Solutions LLC, Hola Systems, Nomo Group Co, The Solar Range, and Cyclepods.
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The global smart solar bench market is segmented as follows;
Global Smart Solar Bench Market, by Type
- With Digital Display
- Without Digital Display
Global Smart Solar Bench Market, by Material
- Metal
- Wood
- Plastic
- Others
Global Smart Solar Bench Market, by Design
- Backrest
- Without Backrest
Global Smart Solar Bench Market, by Power Output
- Up to 80W
- 80W – 100W
- 100W – 120W
- Above 120W
Global Smart Solar Bench Market, by Application
- Outdoor
- Indoor
Global Smart Solar Bench Market, by Distribution Channel
- Direct Sales
- Indirect Sales
Global Smart Solar Bench Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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