Industrial Solar Generator Market

Industrial Solar Generator Market Size (2023-2028):

The Global Industrial Solar Generators Market size is estimated at US$ 502 million in the year 2022 and is projected to succeed in a revised size of US$ 884 million by 2028, growing at a CAGR of 10.27% during the forecast period 2023 -2028.

Market Overview:

Off-Grid, one of the segments, is projected to record a 4.4% CAGR and reach US$323.5 Million by the end of the analysis period. Solar generators refer to photovoltaic (PV) systems that produce electricity by converting photonic energy from sunlight into electricity. They're available in several sizes and capacities and offer numerous benefits, including zero pollution and minimal fuel requirement for operations. Excluding this, they assist in storing energy for future purposes and reduce the usage of non-renewable resources like fossil fuels.

The major benefit including the economic nature of solar generators is promoting the growth rate of the market. These generators do not emit noxious fumes like gas-powered generators and may power homes for as long as required. They're available in several sizes and capacities to support the consumer’s requirements. A solar generator works by capturing energy from the sun through solar panels, storing the energy in its in-built battery, and converting energy into AC power through an inverter before being released to be used in household appliances and electronic devices. The charge controller is an important component of a solar energy generator. Its primary purpose is to guard and promote the sturdiness of the solar generator’s battery. Charge controllers normally have different characteristics for charging and discharging, counting on your battery type. This is often the brain of the generator.

Market Trends:

As Solar Generators help in sustainable electricity production, governments in numerous countries are taking initiatives to expand their applications in both the residential and industrial sectors. Moreover, there has been a great increase in the per capita consumption of energy, especially in developing economies.

This has given a lift to the demand for power backup solutions like solar generators in these countries. Excluding this, manufacturers are investing in research and development activities to introduce new technologies which offer more convenience to consumers. They launched portable solar generators that are significantly used in automobiles and other rechargeable electronic devices.

Market Drivers:

The increasing shortage of electricity across the world and therefore the consequent demand for power backup is one of the first factors driving the market growth. Global energy companies are gradually switching from exhaustible energy resources to renewable resources for power generation. Apart from this, the compactness and scalability features of containerized solar generators, alongside the reliability of constant power through solar photovoltaic modules even in weather condition is making them pioneer in the market.

In addition, Solar generators are economical; require minimal cost investments and fuel for operation; generate zero pollution, and may store energy for future purposes. Due to these factors, they're increasingly getting used to the assembly and distribution of power across the world. The imbalance between the availability of and demand for electricity because of rapid urbanization and an increase in population has eventually led to power shortages across many regions where solar generators can play an important role in reducing this scarcity.

Furthermore, the market is influenced by the rising concerns about global climate change, which have created awareness regarding the usage of renewable resources like solar, hydro, and wind generation. Due to this, governments of varied countries are encouraging investments in renewable resources by providing tax relaxations and incentives. These initiatives have decreased the costs of solar generators, which, in turn, has boosted their sales.

Market Restraints:

The high cost of products and availability of other alternatives that are cost-effective, like battery power packs or inverter technology, are expected to decrease market growth. Although they're more expensive than lead-acid batteries, various benefits offered by them make them highly suitable to be used in portable solar generators.

Market Opportunities:

Supportive government policies and programs to build up the installation of concentrated solar energy will continue to bolster the expansion of this market during the subsequent five years. The U.S. Department of Energy (DOE) provides funding through competitive awards to industry, universities, and national laboratories with the common goal of creating large-scale dispatchable solar power systems cost-competitive with zero subsidies by 2020. MUSTEC (Market uptake of solar thermal electricity through cooperation), in light of the EU 2030, aims to explore and propose solid solutions to beat the barriers that hamper the arrangement of solar energy cooperation projects.

Market Recent Developments:

• In December 2018, NTPC Ltd, a New Delhi-based power generation company, received approval from the govt to speculate on two solar energy projects of roughly 160-megawatt capacity in Uttar Pradesh. These projects include the 20 Mw Auraiya solar PV project and the 150 Mw Bilhaur solar project.
• Dubai Energy and Water Authority-managed Mohammed bin Rashid Al Maktoum Solar Park entered the 3rd phase of construction in 2019. Nearly US$ 13.6 billion are invested in the project, which is predicted to be completed by 2030. It is the world’s largest solar park with a capacity of 1,100MW by 2020 and 5,100MW by 2030. The park will utilize a large range of PV and concentrated solar energy technologies to supply clean energy to as many as 1.3 million homes within the area.

INDUSTRIAL SOLAR GENERATOR MARKET REPORT COVERAGE:

Market Segmentation:

Industrial Solar Generator Market - By Type:

• Below 40 KWH
• 40-80 KWH
• 80-150 KWH
• Above 150 KWH

Based on Type, the market is classified into Below 40 KWH, 40-80 KWH, 80-150 KWH, and Over 150 KWH. The 80-150 KWH segment dominated the industrial Solar Generator Market in 2019, and this trend is predicted to continue during the forecast period. An increase in the global population is expected to extend the demand for power backup, which, in turn, is projected to drive the up to 500 W segment during the forecast period.

Industrial Solar Generator Market - By Application:

• Electrical Industry
• Oil and Gas Industry

Based on Application, the market is classified into Electrical Industry, Oil and Gas Industry. The electrical Industry is expected to become the fastest-growing market within the forecast duration. This may be accredited to the rising electricity prices and growing awareness among consumers about renewable energy sources.

Market Regional Analysis:

• Europe
• North America
• Asia Pacific
• Middle East

North America is predicted to carry the biggest market share within the forecast period because of the rise in government support for solar installation also as reduced prices of solar panels. Following North America, Europe is holding significant shares of the industrial solar generator market. 

COVID-19 Impact on the Industrial Solar Generator Market:

The recent global pandemic outbreak caused due COVID-19 has affected the expansion of the solar generator market. The demand side has been negatively impacted on account of nationwide lockdowns, which, in turn, has caused turmoil within the global economic growth, leading to declining business spending and investments in new projects. On the availability side, global supply chain disruption alongside the falling productivity across manufacturing facilities because of mandatory social distancing measures has also reduced the production of solar generator systems. On the demand side, solar installation is hit hard by this pandemic, with subsequent lockdown and declining business spending resulting in postponing of several solar projects.

Market Key Players:

Key participants operating in the Industrial Solar Generator Market include 

1. Intech Clean Energy
2. Ameresco
3. REC Solar
4. Juwi
5. Jackson Group
6. REDAVIA
7. Kirchner Solar
8. Carnegie Clean Energy
9. Photon Energy
10. Enviroearth