The global solar generator market reached a value of US$ 391.5 Million in 2018. The market is further projected to reach a value of US$ 555.5 Million by 2024, registering a CAGR of around 6% during 2019-2024. Solar generator refers to a solar-based photovoltaic (PV) system which produces electricity from photonic energy of the sunlight. There are two types of solar generators, namely, on-grid and off-grid. They are available in different sizes and capacities based on the consumer’s requirement. 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.
One of the primary factors driving the market growth is the increasing shortage of electricity across the globe and the consequent demand for power-backup. Catalysed by population growth and increasing urbanisation levels, the demand of power has been showing an increasing trend over the last few decades. Moreover, across many regions, there is currently an imbalance between the supply and demand of power, ultimately leading to a power shortage. Solar generators are currently playing an important role in reducing this shortage. Further, the market is also being influenced by the rising concerns about climatic change that has created an awareness concerning the usage of renewable resources like solar, hydro and wind power. Moreover, governments across the globe are encouraging investments in renewable resources by providing tax relaxations and incentives. These investments have reduced the prices of solar generators, thereby facilitating the demand.
This report provides a deep insight into the global solar generator market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the solar generator industry in any manner.
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