Published Date : 20 Feb 2023
The global solar generator market size was evaluated at USD 513.84 million in 2022 and it is expected to surpass around USD 914.7 million by 2030 with a noteworthy CAGR of 7.47% between 2022 and 2030.
The rapidly increasing solar generator market rate with increased demand for solar generators from the consumers and the market for installing of solar panels. Developed technologies with various features enhanced the solar generator power plant and wide acceptance of the solar power plants across various regions has helped to boost the market to grow to a greater extent.
The government also have shown increased initiative for installing solar panels with the traditional method for the consumption of energy. The key market players involved in introducing solar generators with increased features and developments have attracted the consumers and market to rise the growth of the solar generator with increased revenue share.
Report Highlights
Solar Generator Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 552.25 Million |
| Projected Forecast Value in 2030 | USD 914.7 Million |
| Growth Rate | 7.47% from 2022 to 2030 |
| North America Region Revenue Share In 2021 | 39.70% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2022 To 2030 |
| Segments Covered | By Type, By Application, By Power Rating, By Battery Type and By Grid Connectivity |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Regional Snapshots
Solar generators to be increased in various regions with increased rise and development of the solar generators with enhanced features and various types of solar generators have increased the growth. North America to be at the top to hold the market share with enhanced market rate of solar generators with various developments and features in the solar generators increased the market rate during the forecast period.
Asia Pacific region also to hold the highest position in the solar generator market with increased demands from consumers and wide acceptance of the rapidly developed technologies has enhanced the market to grow during the forecast period to a greater extent. Other regions such as Europe, Latin America, Middle East and Africa also in process to increase the contribution in solar generator market to accelerate the growth of the market with expanded technology and developments with increased revenue share during the forecast period.
Market Dynamics
Drivers
Increased developed features and technologies in the solar generators by utilizing traditional methods for storing the energy in to the batteries and can be utilized later. Increased usage in residential with climatic changes and bad weather such as rains. Winds, storms, snow, and floods may led to cut of the electric supply during this situation solar generator with the stored energy can emit electric power. This is the major reason to increase the market to a larger extent.
Increased awareness among the people regarding solar generators and developed solar generators drive the market to increase the revenue share during the forecast period. Lightweight solar generators such as portable solar generators with no fumes, gases and odors have driven the market to grow at a larger extent during the forecast period.
Restraints
The major problem that could hamper the growth of the solar generator is the availability of multiple generators increased competition with developed features can decrease the market during the forecast period. Weather conditions affect the solar generator solar panels exposed to the sunlight for storing the energy at night have low efficiency of electric power needs sun lights to work with high efficiency. Manufacturing of the solar panels led to increased pollution during production could affect the growth of the market rate.
Opportunities
Emerging underdeveloped regions with increased growth of solar generators with increased developments and technologies with rapid acceptance from the consumer have contributed to extending the solar generator market with various types and power ratings affected the growth. Increased government initiative to increase the installments of the solar panels by using traditional method for the consumption of energy using renewable sources and increased investment from the governments to encourage the solar generator market to grow high.
The key market players involved in introducing and manufacturing solar generators with enhanced features have gained market attention and increased the market size of solar generators.
Challenges
The rising cost of solar generators with increased developments may led to decrease growth of the solar generator market. The weather plays a major role in rising growth of the market in rainy seasons, cloudy weather the efficiency of the solar system is not the same as that of in summer seasons. For installation of the solar panels requires large space, less space could hinder the growth of solar generator market. Increased pollution during the manufacturing and production of the solar panels could affect the growth of the market.
Major Key Players
Market Segmentation
By Type
By Application
By Power Rating
By Battery Type
By Grid Connectivity
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