The global solar generator market was valued at USD 513.84 million in 2022 and it is expanding around USD 914.7 million by 2030 with a CAGR of 7.47% from 2022 to 2030.

The growing advent of technology along with rising industrialization is driving the demand for energy supply. The increasing improvement in solar technologies is shifting the market towards cleaner fuel. Rising environmental concerns due to the destruction of the environment with extensive usage of fossil fuels are driving the demand for sustainable fuel. Increasing modernization and surging awareness among people regarding the harmful effects of fossil fuels are expected to shift the market towards renewable sources of energy.

Solar energy is one of the commonly used sources of renewable energy. The rising demand for reliable, sustainable, and environmentally friendly energy sources is driving the demand for solar energy.

What is Solar Generator?

A solar generator refers to the combination of solar panels, battery, battery charger, and inverter into a specific that enables to storage and capture of the energy obtained from the sun. The portable device utilizes solar energy rather than using fossil fuel. Moreover, stored energy captured by the device into the battery is later on used to generate energy whenever needed. The battery can be used to power various appliances and tools.

The working of a solar generator involves the solar panel that converts the sunlight into direct current electricity. The energy is collected during the daylight and transferred into the battery storage system. The solar-powered generators are widely used in various applications as they are convenient and reliable. This generator can even be used to generate electricity in households for various purposes such as AC and USB ports.

Market Overview

The solar generator market is anticipated to gain momentum in the upcoming years. The growth of the market is attributed to various factors including convenience, low installation cost, and environment friendly. Rising penetration towards zero emissions along with increasing government initiatives to move to a sustainable environment is expected to drive the growth of the market. The scarcity of electricity due to rapid industrialization and rising demand for manufacturing purposes is expected to support the growth of the industry. Increasing concern about climate change due to global warming is creating awareness regarding the usage of renewable sources. These factors are expected to create lucrative opportunities in the market. The government is also providing tax incentives to promote the installation of solar generators.

Solar generators are a reliable source of electricity during power outages due to natural calamities and bad weather conditions. It ensures the regular supply of power during lightning, wind, or rainstorms.

The global solar generator market was accounted for 478.1 million in 2021 and it is expanding around USD 914.7 million by 2030 with a CAGR of 7.47% from 2022 to 2030.

Restraints in the market

The high initial cost of the deployment of solar generators is expected to restrain the growth of the market. Changing stringent regulations by the government of various countries and growing competition is hindering the market demand. Moreover, the cost of raw materials is also experiencing a surge.

COVID-19 Impact

The outburst of the coronavirus has negatively declined the growth of the market. Lockdowns imposed by the government of the economies led to the temporary shutting down of manufacturing units. The decline in the number of new installations due to the delay in large-scale solar projects is expected to hinder market growth.

North America to hold the dominant share

Based on regions, the market is segmented into North America, Latin America, the Middle East, Africa, Europe, and Asia Pacific. North America is expected to acquire the highest share during the upcoming years owing to rising initiatives taken by the government of the region to promote natural energy consumption. Growing awareness regarding the environmental benefits associated with the adoption of solar generators is expected to propel the growth of the market. Asia Pacific region is also acquiring a significant position in the market and the share the expected to grow during the forthcoming years owing to the rising penetration towards zero carbon emission and ensuring the regular supply of power.

The Middle East solar generator market is also gaining traction owing to the increased solar capacity in UAE. Supportive government policies and rising demand to generate energy from renewable sources are expected to be the key driver in the market growth. Rising construction projects in Saudi Arabia and UAE trigger potential growth in the market. In Saudi Arabia, the National Renewable energy program has set a target of installing more than 30 renewable projects with more than 55GW of installed capacity by 2030. For instance, the nation's first utility-scale renewable energy project, the 300 MW Sakaka PV IPP, was officially opened by ACWA Power in April 2021 for an investment cost of SAR 1.2 billion. At a record-breaking rate of USD 2.3417 cents/kWh (8.781 halalas/kWh), ACWA Power was given the project.

Market share insights

The global solar generator market is moderately fragmented. Some of the prominent players in the market are:

• Duracell


• JackeryInc.


• Voltaic


• Solar line


• SolarRover


• Powerenz


• Sunvis Solar


• Jaspak


• Hollandia


• Goal Zero


• Sunvis Solar


• Altern Limited


• Biolite Powerenz


• SolSolutions LLC (DolMan)

Conclusion

The solar generator market is expected to witness significant growth in the coming years. The increasing demand for sustainable energy sources, the need for backup power solutions, and the rising awareness about sustainable living are the major factors driving this growth. The market is expected to witness a surge in demand from the residential and commercial sectors, as well as from the developing economies in Asia Pacific and the Rest of the World.

In conclusion, the solar generator market is a promising market with significant growth potential. The increasing demand for sustainable energy sources and the need for backup power solutions are expected to drive the market in the coming years. The key players in the market are focusing on product innovation and partnerships to expand their market share and strengthen their position in the market.