Wilmington, Delaware, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Solar Generator Market by Type (Below 40KWH, 40-80 KWH, 80-150 KWH and Over 150 KWH), Battery Type (Lead-acid, Lithium-ion and Others), and Application (Residential, Commercial, Industrial and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the solar generator market was valued at $549.2 million in 2023, and is estimated to reach $1024.2 million by 2033, growing at a CAGR of 6.5% from 2024 to 2033.
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Prime determinants of growth
Consumer demand and changing market trends are driving the growth of the solar generator market. There is a growing preference for portable and off-grid power solutions among consumers, particularly in regions prone to power outages or those with limited access to the electrical grid. Solar generators provide a reliable and independent source of electricity, making them ideal for emergency backup, outdoor activities, and remote work sites. Furthermore, the rise of the tiny house movement and the increasing popularity of van life and RV living have boosted the demand for compact and efficient solar power systems. Consumers are increasingly seeking products that align with their desire for sustainability, self-sufficiency, and convenience, all of which are offered by solar generators. However, high initial costs may hinder the growth of the solar generator market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $549.2 million |
| Market Size in 2033 | $1, 024.2 million |
| CAGR | 6.5% |
| No. of Pages in Report | 350 |
| Segments covered | Type, Battery Type, Application, and Region. |
| Drivers | Environmental Awareness Government Policies and Incentives Growing Consumer Demand |
| Opportunities | Expanding Applications in Remote and Off-Grid Areas Advancements in Energy Storage Technologies |
| Restraints | High Initial Costs |
The 40KWH segment to maintain its lead position during the forecast period.
By type, the demand for 40 kWh solar generators is increasing due to the need for substantial, reliable, and sustainable power solutions for larger homes, businesses, and off-grid applications. These high-capacity generators can support multiple high-energy appliances and provide extended power during outages, making them ideal for areas prone to frequent power disruptions. Additionally, as more consumers and businesses prioritize reducing their carbon footprint, the appeal of a robust, eco-friendly alternative to traditional diesel generators grows. Advances in battery technology and decreasing costs also contribute to the rising adoption of larger solar generators, making them more accessible and efficient for extensive power needs.
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The lithium-ion segment to maintain its lead position during the forecast period.
By battery type, the lithium-ion batteries are widely used in solar generators due to their high energy density, long lifespan, and fast charging capabilities. These batteries store more energy in a compact and lightweight design, making solar generators more portable and efficient. Their long cycle life ensures durability and reduced maintenance costs, which is appealing for both residential and commercial users. Additionally, lithium-ion batteries charge quickly, optimizing the use of available sunlight and enhancing the reliability of solar power systems. As technology advances and costs decrease, the advantages of lithium-ion batteries over alternatives, such as lead-acid batteries, further drive their popularity in the solar generator market.
The residential segment to maintain its lead position during the forecast period.
By application, the demand for solar generators in residential applications is increasing due to heightened environmental awareness, the desire for energy independence, and the need for reliable backup power during outages. Homeowners are increasingly seeking eco-friendly alternatives to reduce their carbon footprint, and solar generators offer a clean energy solution without harmful emissions. Additionally, solar generators provide a reliable source of power during grid failures, ensuring uninterrupted power supply during emergencies. The decreasing cost of solar technology and the availability of government incentives and rebates further make solar generators an attractive investment for homeowners, enhancing their appeal and driving market growth.
North America to maintain its dominance by 2033
Region wise, the demand for solar generators in North America is increasing due to a combination of rising environmental consciousness and the need for reliable, off-grid power solutions. Concerns about climate change and reducing carbon footprints drive consumers and businesses toward renewable energy options like solar generators, which offer clean and sustainable power. Additionally, frequent natural disasters and power outages highlight the need for dependable backup power sources. Solar generators provide a quiet, maintenance-free alternative to traditional generators. Government incentives and rebates for solar energy installations further enhance affordability and encourage adoption, contributing to the growing demand in the region.
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Leading Market Players: -
- KNV Solar Energy Private Limited
- Foshan Tanfon Energy Technology Co., Ltd.
- GMDT MARINE & INDUSTRIAL ENGINEERING PVT. LTD.
- WHC SOLAR
- Alpine Energies Private Limited
- Aton Solar
- Volta Energy
- Ameresco Solar
- Renology
The report provides a detailed analysis of these key players in the global solar generator market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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