Due to rising environmental consciousness, government backing, growing industrialization and lower solar panel prices, Asia-Pacific is anticipated to lead the worldwide industrial solar generator market. Asia-Pacific is the fastest developing market of industrial solar generator with highest CAGR rate owing to adequate government support, increasing commercial activities regarding renewable energy and rising investment on developing renewable energy infrastructure in this region. The global industrial solar generator market size was valued at $ 195.2 million in 2020, and is forecasted to reach $ 907.0 million by 2030, growing at a CAGR of 16.9% from 2021 to 2030.
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A solar generator is a device that, when used in conjunction with solar panels, provides crucial automatic backup power to industries at times when they are most needed, such as during power outages. They come with the option of fixed and mobile structures and have inbuilt storage batteries that store surplus power which can be utilized during non-sunlight hours. Solar generators are also portable but don’t include the moving components. An inverter, solar panels, a solar panel battery, and a battery charger are the basic components of these systems. The solar panels of a solar generator collect energy from the sun and store it in the generator’s built-in battery. The inverter then takes that energy and converts it from DC power to AC power before releasing it. After the energy has been released, power may utilized in different industrial appliances and/or electronic gadgets when they are most needed, such as during a power outage.
Solar generators are cost-effective; they require minimum capital to operate, produce no pollution, and may store energy for later use. They are rapidly being deployed for the generation and distribution of power across the globe as a result of these considerations. 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. Furthermore, the market is impacted by growing worries about climate change, which has raised awareness of the benefits of renewable energy sources like as solar, hydro, and wind. Owing to which, governments of various countries are encouraging investments in renewable resources by providing tax relaxations and incentives. These are some of the factors which are driving the demand of industrial solar generators globally. Also availability of alternate energy source for power generation can be a restraint to the growth of the market, while increasing government policies on renewable resources by providing tax relaxations and incentives can be considered a industrial solar generator market opportunities. These factors are some of the market trends industrial solar generator market trends.
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The global Industrial solar generator market is segmented on the basis of type, application, and region.
On the basis of Type, the global Industrial solar generator market is segmented into below 40 KWH, 40-80 KWH, 80-150 KWH, and over 150 KWH. The 80-150 KWH segment accounted for the largest share in 2020, while the 40-80 KWH segment is projected to grow at the highest CAGR of 18.0%.
The applications of Industrial solar generator include Electrical Industry, Oil and Gas Industry, and others. The industrial solar generator Market Share in oil & gas segment accounted for the largest share in 2020, while the Electrical Industry segment is projected to be the fastest growing segment at a CAGR of 18.2%.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest share of the market in 2020 as well as was the fastest growing region.
Major players operating in the global industrial solar generator industry include Juwi, Ameresco, Intech Clean Energy, REC Solar, Jakson Group, Kirchner Solar, Goal Zero LLC, Hollandia Solar, and Altern Limited.
Key Findings Of The Study
- On the basis of type, the 80-150 KWH segment emerged as the global leader by acquiring more than 36% of the market share in 2020, and is anticipated to continue this trend during the forecast period.
- On the basis of application, the Oil and Gas Industry segment accounted for more than 46% of the global market share in FY 2020.
- On the basis of region, Asia-Pacific is a major market of industrial solar generator among other regions. It accounted for around 39% of the global market share in 2020.
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Impact Of Covid-19 On The Global Industrial Solar Generator Market
- COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
- Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
- Industrial solar generator is primarily used in Electrical Industry, Oil and Gas Industry, industrial, and personal care.
- In many countries, the economy has dropped due to the halt of several industries, especially transport and supply chain. Demand for the product has been hindered as there is no development due to the lockdown.
- The demand–supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the industry during the COVID-19 pandemic.
- Due to a scarcity of resources in various parts of the world, the COVID-19 epidemic has impacted negatively on the manufacturing and industries. The industry’s top players are concerned about the market’s prospects and are rethinking their strategies to meet the challenge.
- The global solar generator industry has been negatively impacted by the COVID-19 pandemic. During lockdowns, the electricity sector has also been harmed due to a huge drop in demand for industrial energy around the world.
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