Solar Generator Market Revenue to Attain USD 1,114.98 Mn by 2033

23 Oct 2024

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Table of Content

1. Solar Generator Market Revenue and Trends 2. Market Overview 3. Report Highlights 4. Solar Generator Market Trends 5. Regional Overview 6. Solar Generator Market Coverage 7. Market News

Solar Generator Market Revenue and Trends

The global solar generator market revenue was valued at USD 627.27 million in 2024 and is expected to attain around USD 1,114.98 million by 2033, growing at a CAGR of 6.6% during the forecast period. The demand for solar generators is likely to increase in the upcoming years due to the growing environmental concerns across the world, which has shifted the focus toward sustainability. In addition, rising government initiatives toward promoting renewable energy boosts market growth.

Market Overview

Solar generators are increasingly gaining popularity as they help provide power for unforeseen situations. The growing awareness of the environmental impact of conventional energy sources is a major factor boosting the demand for renewable energy. Thus, consumers are increasingly installing solar panels on their rooftops to reduce the consumption of conventional energy as well as electricity bills. Developed technologies led to the enhanced efficiency of solar generators, making them suitable for power plants generating huge amounts of electricity. The government has also shown increased interest in solar power. The market is experiencing significant growth due to the increasing demand for clean energy. Key market players are introducing solar generators with advanced features that attract more consumers, further aiding to gain a competitive edge.

Report Highlights

• Based on type, the 80-150 KWH segment accounted for the largest share of the solar generator market in 2023. This is due to the increasing demand for the residential sector as a backup power solution. This type of generator is suitable for applications with medium-level energy requirements.
• On the basis of application, the electrical industry segment dominated the market in 2023 due to the rising demand for renewable energy. On the other hand, the residential segment is expected to expand rapidly in the coming years, owing to the increasing installation of solar systems by homeowners. 
• Based on battery type, the lithium-ion segment led the solar generator market in 2023. This is mainly due to the capability of Li-ion batteries to charge fast, which gives them an extra edge over lead-acid batteries for the storage of energy.
• Based on grid connectivity, the on-grid segment dominated the market in 2023. On-grid connectivity includes solar panels installed in the local grid, which are mostly used in the residential sector. The rising demand for solar power from the residential sector contributed to segmental growth.

Solar Generator Market Trends

• Integration of solar generators into smart home technologies: With time, continuous advancements have led to the integration of solar generators into smart home technologies. More and more houses have recently begun adopting smart home solutions that can enhance energy efficiency and monitor energy use at home with a single smartphone or device. As a result, many manufacturers have begun manufacturing compact and portable solar batteries for home usage, which boosts the market.
• Growing support from the government: Governments across the world have begun taking major initiatives by offering strong support to prominent companies. As a result, the funding and investment for the development of affordable solar generators for consumers have increased, which is expected to fuel the market in the upcoming years.
• Growing focus on sustainability: The increasing worldwide environmental concerns have resulted in a shift toward sustainability. As a result, the solar generator market has witnessed a huge surge with the development of advanced solar grids, which have reduced the cost while enhancing the production capacity by using renewable energy like sunlight. This has further reduced the waste generated during electricity production.

Regional Overview

In 2023, North America dominated the market with the largest share. This is due to the rise in the development of solar generators and batteries with enhanced features. Moreover, the rising awareness about the benefits of using renewable energy sources has significantly boosted the demand for solar power, contributing to regional market growth. On the other hand, Asia Pacific is anticipated to witness the fastest growth in the market during the forecast period due to the rising demand for renewable energy. In addition, increasing government focus on the electrification of rural areas and the rising concerns about climate change boost the market in the region.

Solar Generator Market Coverage

Market News

• In September 2024, Jackery, a leading company that provides portable power supply solutions, unveiled the most compact LFP 2kWh backup power solar generator, E2000v2, to provide stable energy during unpredictable emergencies.
• In June 2024, Huawei, a prominent provider of information and communications technology infrastructure and smart devices, introduced an advanced solar-wind-storage solution to combat energy-related challenges.
• In June 2024, Delbros Group of Companies, a leading logistics and innovative solutions company, unveiled solar-powered generators for refrigerated containers to promote sustainability and innovations.

Market Segmentation

By Type

• Below 40KWH
• 40-80 KWH
• 80-150 KWH
• Over 150 KWH

By Application

• Oil and Gas Industry
• Electrical Industry
• Residential
• Commercial
• Government
• Academics
• Others

By Power Rating 

• Up to 500 W
• More than 500 W

By Battery Type

• Lead-acid
• Lithium-ion

By Grid Connectivity

• Off - Grid
• On - Grid

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