Solar Tree Market Expected to Rise at a CAGR of 5.7% and Surpass $425,191.80 Thousand from 2023 to 2032

The global solar tree market is projected to observe prominent growth over the forecast period, owing to the growth in the global aviation industry, both commercial & military, by 2032. The North America region to be the most prominent in the coming years.

Press Release:

According to a newly published report by Research Dive, the global solar tree market is estimated to generate a revenue of $425,191.80 thousand by 2032 and grow at a significant CAGR of 5.7% during the forecast period from 2023 to 2032.

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Market Dynamics

Drivers: The growing environmental concerns and the rising demand for renewable energy across the globe are the major factors expected to drive the growth of the global solar tree market during the forecast period.

Restraints: High upfront cost associated with purchasing and installing solar tree systems is estimated to restrict the market growth in the projected timeframe.

Opportunities: The increasing energy demand from the emerging economies is expected to drive excellent growth opportunities for the global market.

Impact of COVID-19 on the Market

During the COVID-19 pandemic, the solar tree market experienced a downturn. Global disruptions in supply chains due to the pandemic affected the availability of raw materials and components needed for solar panel manufacturing, causing challenges for solar tree manufacturers. Economic uncertainties and lockdown measures led to reduced demand for solar panels, including solar trees. Consequently, installation projects were delayed or canceled, affecting the market growth temporarily, despite the industry's demonstrated resilience.

Segments of the Market

The research report segments the global solar tree market into connectivity, component, application, and region.

By connectivity, the on-grid sub-segment accounted for the major market share in 2022. This growth is majorly because on-grid solar trees are connected to the local electrical grid, allowing them to generate electricity from the sun and store any excess power produced back into the grid. Besides, they offer a reliable source of clean energy while maintaining a connection to the grid for continuous power supply, especially when the sun is not shining. Moreover, grid-tied solar trees are a common choice for residential and commercial applications.

By application, the commercial & industrial sub-segment held the highest share in the solar tree market in 2022. Businesses and industries increasingly embrace solar tree technology to meet their energy needs sustainably and cost-effectively. In addition, the desire to reduce operational costs and environmental impact drives this adoption. Moreover, solar trees have found utility in providing shade and shelter in carports, adding an extra layer of functionality to their green energy production.

By component, the solar PV modules sub-segment held the largest solar tree market share in 2022. This rapid growth is mainly because solar modules play a crucial role in the functioning of solar trees by transforming solar energy into electrical current. Besides, these modules incorporate photovoltaic (PV) cells, which are cutting-edge technologies designed to harness solar power through the photovoltaic effect.

By region, the Asia-Pacific solar tree market generated the highest revenue in 2022 and is projected to witness significant growth by 2032. This growth is mainly due to the surging demand for renewable energy sources due to the need to decrease carbon emissions and reduce reliance on fossil fuels in the region. In addition, governments and businesses are promoting solar energy, fostering a conducive market environment for solar trees.

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Prominent Market Players

Some of the top players of the global solar tree market are Beam Global, SolarBotanic Trees Ltd, Smartflower, Solvis, Spotlight Solar, Solar Forma, Power Tree, NESSA, IYSERT ENERGY, and ARTEMIDE S.P.A. These players are implementing numerous strategies to gain a competitive edge in the global industry.

The report presents several aspects of these major players such as business & financial performance, latest developments, key strategic moves, SWOT analysis, and product portfolio.

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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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