The Global Industrial Solar Generators Market size is estimated at US$ 554 million in 2023 and is projected to succeed in a revised size of US$ 995 million by 2029 from US$ 610.41 million in 2024 growing at a CAGR of 10.27% during the forecast period 2024-2029.
Solar generators refer to photovoltaic (PV) systems that produce electricity by converting photonic energy from sunlight into electricity. They're available in several sizes and capacities and offer numerous benefits, including zero pollution and minimal fuel requirement for operations. Excluding this, they assist in storing energy for future purposes and reduce the usage of non-renewable resources like fossil fuels.
The major benefit, including the economic nature of solar generators, is promoting the growth rate of the market. These generators do not emit noxious fumes like gas-powered generators and may power homes for as long as required. They're available in several sizes and capacities to support the consumer’s requirements. A solar generator works by capturing energy from the sun through solar panels, storing the energy in its in-built battery, and converting energy into AC power through an inverter before being released to be used in household appliances and electronic devices. The charge controller is an important component of a solar energy generator. Its primary purpose is to guard and promote the sturdiness of the solar generator’s battery. Charge controllers normally have different characteristics for charging and discharging, depending on your battery type. This is often the brain of the generator.
As Solar Generators help in sustainable electricity production, governments in numerous countries are taking initiatives to expand their applications in both the residential and industrial sectors. Moreover, there has been a great increase in the per capita consumption of energy, especially in developing economies.
This has lifted the demand for power backup solutions like solar generators in these countries. In addition, manufacturers are investing in research and development activities to introduce new technologies that offer more convenience to consumers. They launched portable solar generators that are significantly used in automobiles and other rechargeable electronic devices.
Global energy companies are gradually switching from exhaustible energy resources to renewable resources for power generation. Apart from this, the compactness and scalability features of containerized solar generators, alongside the reliability of constant power through solar photovoltaic modules even in weather conditions, are making them pioneers in the market.
In addition, Solar generators are economical, require minimal cost investments and fuel for operation, generate zero pollution, and may store energy for future purposes. Due to these factors, they're increasingly getting used to the assembly and distribution of power across the world. The imbalance between the availability of and demand for electricity because of rapid urbanization and an increase in population has eventually led to power shortages across many regions where solar generators can play an important role in reducing this scarcity.
Furthermore, the market is influenced by the rising concerns about global climate change, which have created awareness regarding the usage of renewable resources like solar, hydro, and wind generation. Due to this, governments of varied countries are encouraging investments in renewable resources by providing tax relaxations and incentives. These initiatives have decreased the costs of solar generators, which, in turn, has boosted their sales.
The high cost of products and the availability of other cost-effective alternatives, like battery power packs or inverter technology, are expected to decrease market growth. Although they're more expensive than lead-acid batteries, the various benefits offered by them make them highly suitable for use in portable solar generators.
Supportive government policies and programs to build up the installation of concentrated solar energy will continue to bolster the expansion of this market during the subsequent five years. The U.S. Department of Energy (DOE) provides funding through competitive awards to industry, universities, and national laboratories with the common goal of creating large-scale dispatchable solar power systems cost-competitive with zero subsidies by 2020. MUSTEC (Market uptake of solar thermal electricity through cooperation), in light of the EU 2030, aims to explore and propose solid solutions to beat the barriers that hamper the arrangement of solar energy cooperation projects.
The recent global pandemic outbreak caused due COVID-19 has affected the expansion of the solar generator market. The demand side has been negatively impacted on account of nationwide lockdowns, which, in turn, has caused turmoil within the global economic growth, leading to declining business spending and investments in new projects. On the availability side, global supply chain disruption alongside the falling productivity across manufacturing facilities because of mandatory social distancing measures has also reduced the production of solar generator systems. On the demand side, solar installation has been hit hard by this pandemic, with subsequent lockdown and declining business spending resulting in the postponement of several solar projects.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023–2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
10.27% |
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Segments Covered |
By Type, Application, and Region. |
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Various Analyses Covered |
Global, Regional, and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Intech Clean Energy, Ameresco, REC Solar, Juwi, Jackson Group, REDAVIA, Kirchner Solar, Carnegie Clean Energy, Photon Energy, Enviroearth, and Others. |
Based on Type, the market is classified into Below 40 KWH, 40-80 KWH, 80-150 KWH, and Over 150 KWH. The 80-150 KWH segment dominated the industrial Solar Generator Market in 2019, and this trend is predicted to continue during the forecast period. An increase in the global population is expected to extend the demand for power backup, which, in turn, is projected to drive the up to 500 W segment during the forecast period.
Based on Application, the market is classified into the Electrical Industry and the oil and Gas Industry. The electrical Industry is expected to become the fastest-growing market within the forecast duration. This may be due to rising electricity prices and growing awareness among consumers about renewable energy sources.
North America is predicted to carry the biggest market share within the forecast period because of the rise in government support for solar installation and reduced prices of solar panels. Following North America, Europe holds significant shares of the industrial solar generator market.
Key participants operating in the Industrial Solar Generator Market include
Frequently Asked Questions
The Global Industrial Solar Generator Market is expected to grow with a CAGR of 10.27% between 2024 and 2029.
The Global Industrial Solar Generator Market is expected to reach a revised value of US$ 995 million by 2029.
Jackson Group, REDAVIA, and Kirchner Solar are the three Industrial Solar Generator Market key players.
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