Solar Generator Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Type (Below 40 KWH, 40-80 KWH, 80-150 KWH, and over 150 kWh); Grid Connectivity (Off-Grid and On-Grid); End-User (Residential, Industrial, Commercial & Military); and Region/Country
Detailed Analysis of COVID-19 Impact on the Solar Generator Market
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.
The global Solar generator market is expected to register a CAGR of more than 10 % throughout 2021-2027. Solar generators refer to photovoltaic (PV) systems that produce electricity by converting the photonic energy from sunlight into electricity. They are available in different sizes and capacities and offer numerous benefits including zero pollution generation and minimal fuel requirement for operations. Apart from this, they help to store energy for future purposes and reduce the usage of non-renewable resources like fossil fuels. Solar generators are usually made up of two primary components: solar panels and a storage system. Solar energy can be stored by putting solar panels in direct sunlight and connecting them to a storage system.
Factors escalating the market size of solar generators are the growing shortage of electricity across the globe and the consequent demand for power-backup has escalated the sales of solar generators. In addition, solar generators are reasonably priced and require negligible capital investments and can stock energy for forthcoming requirements. Due to these reasons, they are gradually being utilized for the generation and supply of power throughout the world.
Goal Zero LLC, Hollandia Solar, Altern Limited, Sunvis Solar Co. Ltd., BioLite, Inc., Powerenz, Inc., SolSolutions LLC (SolMan), SolaRover, Inc., SolarLine Group, Jackery Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, below 40 KWH accounted for the majority share in the market in 2020”
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.
“Amongst grid connectivity, off-grid are expected to witness highest CAGR during the forecast period”
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-users, a residential segment expected to witness extensive CAGR during the forecast period”
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.
“North America to witness significant growth during the forecast period”
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. Moreover, factors that are augmenting the market size of solar generators in the region are incessant demand for the backup of power, pollution-free generation of energy, and support plans for renewable energy.
Furthermore, increasing R&D investments to develop products with enhanced battery power and rapid recharging is expected to fuel market growth in North America going ahead. Also, fueling demand for seamless and clean power supply is creating awareness among consumers coupled with technological developments and availability of various types of advanced solar generator systems, and increasing adoption of solar generators across the region are supporting the growth of adoption of solar generators in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Solar Generator Market|
|2.2.||Research Methodology of the Solar Generator Market|
|2.5.||Main Objective of the Solar Generator Market Study|
|5||GLOBAL SOLAR GENERATOR MARKET COVID-19 IMPACT|
|6||GLOBAL SOLAR GENERATOR MARKET REVENUE 2019-2027F|
|7.1.||Below 40 KWH|
|7.4.||Over 150 KWH|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.5.||Rest of Asia Pacific|
|10.4.||Rest Of the World|
|12||SOLAR GENERATOR MARKET OPPORTUNITIES|
|13||SOLAR GENERATOR MARKET TRENDS|
|14||LEGAL & REGULATORY FRAMEWORK|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|15.2.1.||Top Product Launches|
|15.2.2.||Top Business Partnerships|
|15.2.3.||Top Business Expansions, Investments, and Divestitures|
|15.2.4.||Top Merger and Acquisitions|
|16||VALUE CHAIN ANALYSIS|
|17.1.1.||Company Shares, By Revenue|
|18.1.||Goal Zero LLC|
|18.4.||Sunvis Solar Co. Ltd.|
|18.7.||SolSolutions LLC (SolMan)|
Analyzing the historical market, estimating the current market, and forecasting the future market of the global solar generator market were the three major steps undertaken to create and analyze the adoption of solar generators in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global solar generator market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of solar generator market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the solar generator market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, grid connectivity, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the solar generator market. Further, we conducted factor analysis using dependent and independent variables such as various types, grid connectivity, and end-users of solar generator. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Solar generator market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global solar generator market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the solar generator market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global solar generator market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global solar generator market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, grid connectivity, and end-user in the global Solar generator market.
The main objective of the Global Solar generator Market Study
The current & future market trends of the global Solar generator market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the solar generator market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, grid connectivity, and end-user.
- Define and analysis of the regulatory framework for the solar generator market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the solar generator market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
- Company profiles of the solar generator market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry