Solar Generator Market (2019-2024): Global Size, Demand, Trends & Outlook - IMARC Group

Blog post   •   Jul 30, 2019 08:00 EDT

Solar generators are defined as devices that convert solar energy into electrical energy and are used for supplying power to other machines and power grids. They usually consist of solar panels a battery charger, solar batteries and an solar pv inverter market. A process called the photovoltaic (PV) effect powers a solar generator. During this process, the sun’s photon energy enters solar panels, and leads the electrons to be disrupted from their atomic orbit. This effect results in the creation of electrical power, which is then sent to the generator.

The evolution of solar generators can be traced back to the late 1760s when a Swiss physicist, Horace De Saussure, invented the first solar oven. The oven was made with an insulated box covered with three layers of glass which were used for concentrating the heat of the sun. Following this, several other discoveries were made which included the photovoltaic effect in the 1830s, the solar cell in the 1880s and retractable RV solar panels in the 1990s. They also included the establishment of the first solar power plant in the early 1980s which could generate nearly 1000 kilowatts per hour at its full capacity. Since then, the global solar generator market size has expanded to US$ 391.5 Million in 2018.

Solar Generator Market Trends

The growth of the global solar generator market can be attributed to the several benefits offered by the utilization of solar generators. The primary advantage is the renewable nature of solar power, which helps in catering to the rapidly rising demand for energy and environmental concerns across the globe. Other than this, solar generators can be used for a wide range of purposes such as powering electricity grids in residential, commercial, industrial and military sectors. Moreover, the alternative energy sector is presently creating numerous employment opportunities on a global level, which is further providing a boost to the growth of the solar generator market. According to the estimates by IMARC Group, the market is expected to reach a value of US$ 555.5 Million by 2024, registering a CAGR of around 6% during 2019-2024.

Along with the aforementioned drivers, technological advances, new development projects, and initiatives by governmental and corporate organizations are also driving the market growth. Some of these initiatives are mentioned below:

  • 1.India: Investment Approval Received by NTPC Ltd for Solar Power Projects in Uttar Pradesh

In December 2018, NTPC Ltd, a New Delhi-based power generation company, received approval from the Government to invest in two solar power projects of approximately 160-Megawatt capacity in Uttar Pradesh. These projects include the 20 Mw Auraiya solar PV project and the 140 Mw Bilhaur solar PV project.

  • 2.UAE: Mohammed Bin Rashid Al Maktoum Solar Park Enters Second Phase III of Development

Dubai Energy and Water Authority-owned, Mohammed bin Rashid Al Maktoum Solar Park has entered the third phase of construction in 2019. Nearly US$ 13.6 billion have been invested in the project, which is expected to be completed by 2030. It is projected to be the world’s largest single-site solar park with the capacity of 1,000MW by 2020, and 5,000MW by 2030. The park will utilize a wide range of PV and concentrated solar power technologies to provide clean energy to as many as 1.3 million homes in the area.

  • 3.The Netherlands: Hanergy Launches Roodehaan Industrial Park

Solar Energy Works, a Dutch development partner, in association with Hanergy Thin Film Power Group, a China-based clean energy company, announced in March 2019 that it had launched Roodehaan solar park in Groningen city of the Netherlands. It acquires 22 hectares of land with an installed capacity of 11.4-Megawatt and consists of around 81,000 solar modules. The power generated by the industrial park is equivalent to the annual consumption of nearly 3,500 households in the country.

  • 4.Canada: Innogy to Build Subsidy-free Solar Farms

In February 2019, Innogy, a Germany-based energy company, announced that it has started the development of two utility-scale solar farms in Alberta, in partnership with the Canada-based Solar Krafte Utilities Inc. These farms include Prairie Sunlight II with a capacity of 30 MWp and Prairie Sunlight III with a capacity of 27 MWp.