The global solar generator market reached a value nearly US$ 416 Million in 2019. It refers to a photovoltaic (PV) system which produces electricity from photonic energy of the sunlight. There is a wide variety of solar generators available in the market in different sizes and capacities based on the consumer’s needs and requirements. Over time, the growing shortage of electricity across the globe and the consequent demand for power-backup has escalated the sales of solar generators. These generators do not emit noxious fumes like gas-powered generators and can power homes for as long as needed.
Solar generators are economical; require minimal cost investments and fuel for operation; generate zero pollution; and can store energy for future purposes. Owing to these factors, they are increasingly being used for the production and distribution of power across the globe. The imbalance between the supply of and demand for electricity, due to the rapid urbanization and a rise in population, has eventually led to power shortage across many regions where solar generators can play a vital role in reducing this scarcity. Furthermore, the market is influenced by the rising concerns about climate change, which have created awareness regarding the usage of renewable resources like solar, hydro and wind power. Owing to which, governments of various countries are encouraging investments in renewable resources by providing tax relaxations and incentives. These initiatives have reduced the prices of solar generators which, in turn, has boosted their sales. Looking forward, IMARC Group expects the market value to exceed US$ 583 Million by 2025, registering a CAGR of 5.8% during 2020-2025.
Breakup by Grid Connectivity:
Currently, off-grid connectivity dominates the market, holding the largest share as it helps the users at the time of an emergency or power outage.
Breakup by End User:
At present, the residential sector currently represents the largest end user segment. This can be accredited to the rising electricity prices and growing awareness among consumers about renewable energy sources.
On a geographical front, North America enjoys the leading position in the market, accounting for the majority of the global market share.
Some of the leading players operating in the market are Goal Zero LLC, Hollandia Solar, Altern Limited, Jaspak Pte. Ltd., Sunvis Solar Co. Ltd., BioLite, Inc., Powerenz, Inc., SolSolutions LLC (SolMan), SolaRover, Inc., SolarLine Group, and Voltaic Power Pvt. Ltd.
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