The latest report by IMARC Group, titled “Solar Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global solar generator market size reached US$ 467.1 Million in 2021. A solar generator is an energy system that is fueled by the sun. It consists of a storage system and a specialized battery system that converts the photogenic energy from sunlight into electricity. Also referred to as photovoltaic (PV) systems, the generator offers various advantages such as zero pollution generation and minimal fuel required for operation. They store energy for emergency purposes, which reduces the need for non-renewable resources such as fossil fuels. Unlike gas-powered generators, they do not emit harmful fumes and can power homes for a longer duration. Nowadays, solar generators are available in different sizes and capacities, which is increasing their demand across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Solar Generator Market Trends:
The market is primarily driven by the increasing power outages due to the rising instances of natural calamities and bad weather. They are employed for the production and distribution of power around the world. The rising demand for economical, minimal cost investment and zero pollution energy storage systems are fueling the market growth. Besides this, the growing awareness regarding climate change is propelling the demand for renewable energy sources such as solar, hydro, and wind energy. As a result, governments across various countries are encouraging the use of solar generators by providing tax relaxations and incentives to investors. This, in turn, is lowering the cost of solar generators, escalating the demand for solar generators. Furthermore, manufacturers are extensively investing in research and development (R&D) activities to introduce convenient generators. They are also launching portable generator variants for vehicles as well as rechargeable electronic devices, which is significantly impacting the market growth. Looking forward, the market value is expected to reach US$ 882.7 Million by 2027, exhibiting a CAGR of 10.7% during the forecast period (2022-2027).
- Based on the grid connectivity, the market has been segmented into off-grid and on-grid. Currently, off-grid connectivity dominates the market, holding the largest market share.
- On the basis of the end user, the market has been classified into residential, industrial, commercial and military. Among these, the residential sector represents the largest end user segment.
- Region-wise, North America holds the leading position in the market. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being Goal Zero LLC, Hollandia Solar, Altern Limited, Jaspak Private Limited, Sunvis Solar Co. Ltd., BioLite, Inc., Powerenz, Inc., SolSolutions LLC, SolaRover, Inc., SolarLine Group, and Voltaic Power Private Limited.
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