Solar Generator Market: Current Analysis and Forecast (2021-2027)

Solar Generator Market: Current Analysis and Forecast (2021-2027)

The Solar Generator market demand is increasing at propelling rate over the years and is expected to witness influential growth during the forecasted period as well. Factors that are attracting the market size of the solar generator are rising consciousness about the usage of renewable means such as wind hydro and solar power owing to the increasing worries regarding the alteration of the weather conditions. Therefore, due to this, the governments of numerous nation-states are inspiring investments in renewable means by way of giving the motivation and reductions in tax. Due to these steps, the prices of the solar generator have come down. This, sequentially, has increased the sales of solar generators in emerging economies.

Moreover, the rising need for uninterrupted electricity, rapid developments in the industrial sectors, increasing adoption of solar generators in residential sectors and remote areas, and availability of various types of solar generations with different sizes and storage capacities are various other factors that are also accentuating its market demand.

The global Solar generator market is expected to register a CAGR of more than 10 % throughout 2021-2027. 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. Solar generators are usually made up of two primary components: solar panels and a storage system. Solar energy can be stored by putting solar panels in direct sunlight and connecting them to a storage system.

Factors escalating the market size of solar generators are the growing shortage of electricity across the globe and the consequent demand for power-backup has escalated the sales of solar generators. In addition, solar generators are reasonably priced and require negligible capital investments and can stock energy for forthcoming requirements. Due to these reasons, they are gradually being utilized for the generation and supply of power throughout the world.

Goal Zero LLC, Hollandia Solar, Altern Limited, Sunvis Solar Co. Ltd., BioLite, Inc., Powerenz, Inc., SolSolutions LLC (SolMan), SolaRover, Inc., SolarLine Group, Jackery Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst type, below 40 KWH accounted for the majority share in the market in 2020”

Based on the type, the solar generator market is classified into below 40 KWH, 40-80 KWH, 80-150 KWH, and over 150 kWh. Below 40 KWH segment caters to extensive market share in the solar generator market. As solar generators are capable of handling small loads effectively and they are suitable for providing power backup during outages. Moreover, small capacity solar generators such as below 40 kWH demand is soaring due to growing urbanization and population growth, an imbalance between supply and demand for energy has resulted in power shortages in many areas, which solar generators can help to alleviate.
"Amongst grid connectivity, off-grid are expected to witness highest CAGR during the forecast period”

Based on grid connectivity, the solar generator market is bifurcated off-grid and on-grid. The off-grid segment acquired a considerable market share in the solar generator market. It is mainly pertaining to the rising demand for solar generators in remote areas where the utility grid is not available. In addition, solar generators reduced electricity costs, ease installation in homes, present an alternative power source for rural areas, and keep the environment clean and green are also factors accentuating the market size of solar generators globally.
"Based on end-users, a residential segment expected to witness extensive CAGR during the forecast period”

Based on end-user, the solar generator market is classified into residential, industrial, commercial & military. The residential segment caters to a considerable share of the solar generator market and is expected to witness high growth during the forecasted period. This is mainly because of rising electricity prices and growing awareness among consumers about renewable energy sources.
"North America to witness significant growth during the forecast period”

North America is expected to hold a significant market share in the forecast period owing to the rise in government support for solar installation as well as reducing prices of solar panels. Moreover, factors that are augmenting the market size of solar generators in the region are incessant demand for the backup of power, pollution-free generation of energy, and support plans for renewable energy.

Furthermore, increasing R&D investments to develop products with enhanced battery power and rapid recharging is expected to fuel market growth in North America going ahead. Also, fueling demand for seamless and clean power supply is creating awareness among consumers coupled with technological developments and availability of various types of advanced solar generator systems, and increasing adoption of solar generators across the region are supporting the growth of adoption of solar generators in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.