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.

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.

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-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.

For a better understanding of the market adoption of solar generators is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), Rest of the World. 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.

Some of the major players operating in the solar generator market are Goal Zero LLC, Hollandia Solar, Altern Limited, Sunvis Solar Co. Ltd., BioLite, Inc., Powerenz, Inc., SolSolutions LLC (SolMan), SolaRover, Inc., SolarLine Group, Jackery Inc. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.