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Global Solar Generator Market to Reach US$ 555.5 Billion by 2024, Strengthened by Growing Focus on Renewable Energy Production

Published on Apr 12, 2019

According to the latest market research report by IMARC Group, titled “Solar Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global solar generator market reached a value of US$ 391.5 Billion in 2018. Solar generators refer to photovoltaic (PV) systems that produce electricity by converting the photonic energy from sunlight into electricity. They are available in different sizes and capacities, and offer numerous benefits including zero pollution generation and minimal fuel requirement for operations. Apart from this, they help to store energy for future purposes and reduce the usage of non-renewable resources like fossil fuels. These advantages, coupled with the economic nature of solar generators, have resulted in the increasing demand for these systems around the world.

Market Trends:

As solar generators help in sustainable electricity production, the governments in numerous countries are undertaking initiatives to expand their applications in both the residential and industrial sectors. Moreover, there has been a significant increase in the per capita consumption of energy, especially in developing economies. This has given a boost to the demand for power backup solutions like solar generators in these countries. Apart from this, manufacturers are investing in research and development activities to introduce new technologies which provide more convenience to consumers. They have also launched portable solar generators that are widely used in automobiles and other rechargeable electronic devices. By 2024, the global solar generator market size is projected to reach US$ 555.5 Billion, expanding at a CAGR of 6% during 2019-2024.

Market Summary:

  • Based on the grid connectivity, the market has been bifurcated into off-grid and on-grid solar generators. Currently, off-grid solar generators dominate the market, holding the largest share as they are relatively more portable which helps the user at the time of an emergency or power outage.
  • On the basis of the end user, the market has been classified into residential, commercial, industrial and military sectors. At present, the residential sector accounts for the majority of the total market share. This can be accredited to the rising electricity prices and growing awareness among consumers about renewable energy sources.
  • Region-wise, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America is the biggest market, holding the majority of the global share.
  • The competitive landscape of the market has also been examined with some of the key vendors being Goal Zero, Hollandia, Altern, Jaspak, Sunvis Solar, Biolite, Powerenz, SolMan, SolaRover, SolarLine and Voltaic.

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