Global Solar Generator Market Trends, Growth, Share, Size, Region and Forecast 2018-2023
Over the past few years, the global solar generator market has exhibited a positive growth. This can be accounted to various factors including low operational cost, favorable initiatives by the governments of various nations along with innovative product variants introduced by the manufacturers.
According to the latest report by IMARC Group, titled “Solar Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global solar generator market reached a value of US$ 370 Million in 2017. 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 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 is projected to reach US$ 525 Million by 2023, registering a CAGR of around 6% during 2018-2023.
Solar Generator Market Segmentation:
Market Segmentation by Grid Connectivity
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.
Market Segmentation by End-User
Based on end-user, the market has been segregated into residential, commercial, industrial and military. Amongst these, the residential sector represents the largest end-user on account of increasing electricity cost as well as rising awareness among consumers towards renewable energy sources.
Market Segmentation by Region
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
On a regional basis, North America enjoys a leading position in the global solar generator market 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 also been examined with some of the key players.
• Goal Zero
• Sunvis Solar
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