Global Solar Generator Market to Reach US$ 1,144.7 Million by 2032, Bolstered by the Growing Investments in Renewable Energy Sources

April 09, 2022 | Energy & Mining

The latest report by IMARC Group, titled “Solar Generator Market Report by Grid Connectivity (Off-grid, On-grid), End User (Residential, Industrial, Commercial, Military), and Region 2024-2032,” finds that the global solar generator market size reached US$ 563.6 Million in 2023. 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.

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$ 1,144.7 Million by 2032, exhibiting a CAGR of 7.9% during the forecast period (2024-2032).

Market Summary: 

  • 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Grid Connectivity, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Goal Zero LLC, Hollandia Solar, Altern Limited, Jaspak Pte. Ltd., Sunvis Solar Co. Ltd., BioLite, Inc., Powerenz, Inc., SolSolutions LLC, SolaRover, Inc., SolarLine Group, and Voltaic Power Pvt. Ltd.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Solar Generator Market to Reach US$ 1,144.7 Million by 2032, Bolstered by the Growing Investments in Renewable Energy Sources
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