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The solar generator is a solar-based photovoltaic (PV) system that converts the photonic energy from sunlight into electricity. These generators are economical as they require minimal operational cost and can store energy without needing to be warmed up. The rising power shortage globally and the demand for backup power will continue to drive the growth of this market. Technavio’s market research analyst predicts the solar generator market to reach USD 450 million by the end of 2019.
The climate change crisis has increased the awareness towards the benefits of using renewable energy sources such as solar power. Governments across the globe are also providing tax advantages and incentives to make renewable energy economical for the users. These factors and growing investments in this market have led to a drop in the cost of these power systems. For instance in China, raw materials such as polysilicon, used in solar panel production, is available at very low prices. These factors are expected to fuel the growth of the solar generator market during the forecast period.
The report predicts the off-grid connectivity segment to reach USD 388 million by the end of the forecast period. The portable nature of the off-grid generators helps in avoiding the cost of extending the utility line, and these generators can be used during emergency/power shortages and at rural worksites or greenhouses.
Technavio’s market research analysts forecast the residential segment to account for the nearly 73% of the market share by the end of 2019. The increasing cost of electricity and the rising awareness of global warming are the key drivers to the growth of this segment.
The Americas is predicted to account for the largest share of the solar generator market by 2019, with countries such as the US, Canada, Brazil, and Chile projected to be the significant revenue contributors. The increase in government support and the decrease in solar panel prices are the drivers fueling the growth of the market in this region. Moreover, the installed solar generators are entitled to nearly 30% federal renewable energy tax credit.
Sunvis Solar is one of the leading providers in the solar generator market and specializes in manufacturing solar products and energy-saving lights. The company has an established presence in the power sector with its array of offerings such as solar generators, solar lighting kits, solar lantern, and solar flood light.
The top five vendors in the market are –
Other vendors in the market include Biolite, Powerenz, Sol-man, Solarover, Solarline, and Voltaic.
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