The global solar generator market size was estimated at USD 480 million in 2022 and it is expected to reach around USD 966.49 million by 2032, poised to grow at a compound annual growth rate (CAGR) of 7.3% from 2023 to 2032.
Solar generator basically involves conversion of sunlight energy to electricity. A solar generator involves the solar panels, an inverter, solar panel battery, and battery charger are the components of the solar generator. The solar generator takes the energy from the sun light and store in the generators battery. Energy is taken by the inverters which converts the current from the DC power to the AC power before the output of the power. The output of the energy is in various electric gadgets and various sectors. Solar generator plant was first introduced in the year 1980. Solar generator involves photovoltaic mostly used as a source of electricity for small and normal utilization of electricity.
Solar generators utilize mirror, lenses, and solar tracking system and increased focus of sunlight over the large area and to drive a steam turbine. A solar generator involves device comes with option of fixed and mobile structures having inbuilt batteries. Which stores power in the inverter and can be utilized even during no sunlight. There are wide variety of solar generators developed with different size and capacities based on the needs of market and consumers. Increased shortage of the power supply solar generator is the backup plan for the consumption of the power in the battery. This generators do not emit any gases or noxious fumes and supply the power to the homes. Increased developments and technologies have increased the solar generator market. Increased population with increased demands from the market have accelerated the growth of the market.
Increased developed technologies and new innovative features in the solar generator have increased the market to grow. Newly developed technologies and significant power storing generators for supplying the current and less dependent on the power supply. Photovoltaic cells utilizes solar panels on roof top or mounted in ground which involves converting the sunlight in to electric power. Concentrated solar power also called as concentrated solar thermal which uses energy to make steam and conversion of energy in to electricity by a turbine. Solar generator does not emit any gases or fumes or any odors it is free from pollution but production of the panels led to pollution. Rapid urbanization and development of the countries with increased population and developed solar generators with different sizes, different types with increased demands from the market and increased consumer needs for installing the market.
Governments from various regions have increased the initiatives with increased investment to use renewable source of energy and increased installments of the solar generators have increased the market of solar generators. One of the major factors striving the growth is less cost required for generation of energy by the traditional means and increased costing of solar power generation.
Impact of covid-19 with imposed rules and regulations by the governments and lock down of the nation led to decrease of the market growth due to shortage of supply and ceased transportation after the recovery of the pandemic situation eventually led to increased solar generator market. The market players involved in producing and manufacturing and installing of the solar generators plays a major role in growth of the market with increased revenue share during the forecast period.
Report Scope of the Solar Generator Market
|Market Size in 2023||
USD 512.64 million
|Market Size by 2032||
USD 966.49 million
|Growth Rate from 2023 to 2032||CAGR of 7.3%|
|Forecast Period||2023 to 2032|
|Segments Covered||Type, Application, Power Rating, Battery Type, Grid Connectivity and Geography|
Duracell, JackeryInc., Voltaic, Solar line, SolarRover, Powerenz, Sunvis Solar, Jaspak, Hollandia, Goal Zero, Sunvis Solar, Altern Limited, Biolite Powerenz, SolSolutions LLC (DolMan)
The increased cost of the solar generator is the biggest challenge for increasing the market growth during the forecast period. Weather also plays a major role in growth of the market in cloudy and rainy days the efficiency of solar system is not as same as in the summer season. Efficiency is more in summer due to sunlight’s. Solar generator requires more space for installing the solar panels, less space may hamper the usage of the solar generators and declined market growth. Some of the solar generators involves increased pollution could hamper the growth of the solar generator market to grow to a larger extent drying the forecast period.
Solar generator based on the types it is divided in to below 40 KWH, 40-80 KWH, 80-150 KWH and over 150 KWH. As 80 - 150 KWH holds the largest revenue share in the year 2022 and 40 - 80 KWH has examined to grow at arrest CAGR if 18.5%.
Increased market of the solar generator with increased multiple applications of solar generator in various industries with wide growth of the solar generator market. Applications of solar generator are such as in electrical industry, oil and gas industry, residential, commercial, government, academics and many more applications.
Power Rating Insights
Segmentation of the solar generator based on the power rating it is divided in to up to 500W and more than 500W. The 500W portable solar generator market in the year 2022 was dominated and increase of the market during the forecast period.
Battery Type Insights
Segmentation of the solar generator based on the basis of battery type includes lead-acid battery, lithium ion battery. The lithium ion battery has contributed for highest increase in demand in the year 2022 used in solar generators which is a source of power for the generators. Lithium - ion batteries are widely used in solar generators for storing the energy and can be utilized later. Lithium ion batteries are more costly than lead acid batteries with the advantage of fast charging than lead acid batteries.
Grid Connectivity Insights
Segmentation of the solar generator based on the basis of grid connectivity which involves off-grid and on-grid. On-grid connectivity involves solar panels installed in the local grid mostly utilized in residential sector. Off-grid solar system involves the inbuilt battery, having independent energy. It involves panels, battery, charger, and inverter. Increased demand for the use of off- grid solar generator with the use of traditional means of renewable source.
Solar Generator Market Share, By Region, 2022 (%)
|Regions||Revenue Share in 2022 (%)|
Segmentation of the solar generator based on the basis of geographical regions includes increased use of solar generators with developed features and types of the generators with increased efficiency and efficacy. North America to hold the highest position with increased revenue share of solar generators and to enhance the market during the forecast period increased initiative of the government for installing the solar panels with reduced cost. Asia Pacific also holds the highest position and estimated to enhance the market of solar generators with increased CAGR, Other regions which are in process to help the market to grow such as Europe, Latin America, Middle East and Africa to increase the market of solar generator with increased demand from the consumers.
Key Market Players
Segments covered in the report
By Power Rating
By Battery Type
By Grid Connectivity
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