According to the latest report by IMARC Group, titled “Solar Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global solar generatormarket reached a value of US$ 391 Million in 2018. Solar generators are solar photovoltaic (PV) systems that produce electricity by working on the photovoltaic effect. It enables the photon energy of the sun to enter the panels and cause disruption in electrons, thereby, generating an electric current which charges the battery. Nowadays, solar generators have become popular among the consumers as they help in reducing the usage of non-renewable resources such as fossil fuels. They are also cheaper to maintain as compared to conventional sources of power generation.
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Solar Generator Market Trends:
Solar generators have been gaining traction across the globe on account of their economic nature. As solar generators promote sustainable electricity production, the governments of several nations have taken initiatives to promote their usage in both residential and industrial spaces. Apart from this, there has been a significant rise in the per capita consumption of energy across the developing economies, which has given a boost to the overall energy production in these regions. Manufacturers have also been making efforts to introduce new technologies that provide enhanced convenience to the consumers, including portable solar generators which are currently used in automobiles and other rechargeable electronic devices. However, the generation of solar energy majorly depends upon the weather conditions of a region, and therefore, solar generators are not suited for areas with a low sun exposure. Despite this, the global solar generator market size is projected to reach a value of US$ 555 Million by 2024, registering a CAGR of around 6% during 2019-2024.
Solar Generator Market Summary:
The solar generator market has been segmented according to different kinds of grid connectivity which include off-grid and on-grid solar generators. Currently, off-grid solar generators exhibit a clear dominance as they are portable in nature which is beneficial at the time of emergencies and power outages.
Based on end-user, the market growth has been segregated into residential, commercial, industrial and military. Amongst these, the residential sector represents the largest market share end-user on account of increasing electricity cost as well as rising awareness among consumers towards renewable energy sources.
On a regional basis, North America enjoys a leading position in the global market price on account of increasing government support as well as reducing prices of solar panels. Some of the other major markets include Europe, Asia Pacific, Middle East and Africa, and Latin America.
The competitive landscape of the market has been examined in the report, along with the profiles of the key players. Some of the leading players operating in the market include Goal Zero, Hollandia, Altern, Jaspak, Sunvis Solar, Biolite, Powerenz, SolMan, SolaRover, SolarLine and Voltaic.
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