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The Industrial Solar Generator Market is projected to grow by USD 240.13 million with a CAGR of 17.12% during the forecast period 2021 to 2026.
This industrial solar generator market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the industrial solar generator market segmentation by type (below 40kwh, 40-80 kWh, 80-150 kWh, and over 150 kWh) and geography (APAC, Europe, North America, South America, and the Middle East and Africa). The industrial solar generator market report also offers information on several market vendors, including Ameresco Inc., Carnegie Clean Energy Ltd, Ecosphere Technologies Inc, Enviroearth, GSOL Energy AS, HCI Energy Inc., Intech GmbH & Co. KG, JA Solar Technology Co. Ltd., Jakson Group, Kirchner Solar Group GmbH, Longi Green Energy Technology Co. Ltd, MVV Energie AG, Off Grid Europe GmbH, Photon Energy Ltd, REDAVIA GmbH, Reliance Industries Ltd., Shanghai Aiko Solar Energy Co Ltd, Silicon CPV Ltd, Tongwei Group Co. Ltd, and Xando Energy LLC among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global industrial solar generator market. During the COVID-19 pandemic, the demand in the industrial solar generator market has been impacted significantly, but a holistic analysis of drivers will help in estimating exact demands and refining marketing strategies to gain a competitive advantage.
Key Industrial Solar Generator Market Driver
The declining cost of solar generation (PV) panels is a key factor driving the global industrial solar generator market growth. In the past decade, the cost of solar generation panels has declined by over 90% and is expected to reach $0.45 per watt (W) by 2030. In 2011, the Solar Energy Technologies Office (SETO) of the US Depart of Energy (DOE) launched the SunShot Initiative to reduce the cost of solar PV panels, thus boosting solar electricity adoption. Furthermore, with the declining costs of solar generator panels due to government initiatives and subsidies and the competitive bidding process, there has been a significant increase in solar generator panels installations globally. Coupled with the demand for clean and sustainable energy, the demand for industrial solar generator panels is expected to grow further during the forecast period, particularly in countries such as the US, China, and India. Such factors will drive the industrial solar generator market during the forecast period.
Key Industrial Solar Generator Market Trend
The increasing adoption of microgrids will fuel the global industrial solar generator market growth. A microgrid is a small-scale power grid that has its own generation and storage resources and definable boundaries. Microgrids can operate independently or collaboratively with other small power grids. If the microgrid is integrated with the main power grid, it is referred to as a hybrid microgrid. A microgrid can connect and disconnect from the power grid to operate in grid-connected and island modes. A microgrid can shift to island mode when there is an outage in the main power grid or if the system is disconnected from the main grid. Power grids are not always stable in some areas; there are frequent power outages due to relatively unstable power grids, as power outages on critical manufacturing lines negatively impact the work-in-process, further impacting operational costs. Microgrids play a crucial role in preventing outages. The adoption of microgrids is driving the global industrial solar generator market. Multiple microgrid projects are also planned in the US and China to upgrade industrial bases. Such projects are expected to drive the global industrial solar generator market during the forecast period.
Key Industrial Solar Generator Market Challenge
The intermittent nature of solar power is the major challenge to the global industrial solar generator market growth. Renewable energy source like solar is abundantly available and can fulfill electricity needs without posing any risk to the environment. However, utilizing these clean energy sources is not easy due to certain reasons. One of the major reasons is the intermittent nature of solar energy. Intermittency is a common constraint associated with power generation from renewable sources. The intermittent nature of these sources is due to several factors, such as the change in weather conditions, geographical location, and the time of the day. This affects the overall output and availability and leads to disruptions that are difficult to overcome as they are beyond the control of the operators. High dependence on intermittent sources of power generation increases the risk of grid instability. This negatively impacts industrial productivity as the industrial sector requires a continuous and stable supply of power. The intermittency of solar power affects the adoption of industrial solar generation, which is expected to hinder the growth of the global industrial solar generator market during the forecast period.
This industrial solar generator market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The global industrial solar generator market is a part of the global renewable electricity market within the global utilities market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the industrial solar generator market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the industrial solar generator market encompasses successful business strategies deployed by the key vendors. The industrial solar generator market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The industrial solar generator market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our In-house experts produce extensive information on the value chain and parent market of the industrial solar generator market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also the optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
The value chain of the global utilities market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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56% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the industrial solar generator market in APAC. Market growth in this region will be slower than the growth of the market in other regions.
The declining cost of solar generator panels will facilitate the industrial solar generator market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
Owing to the COVID-19 pandemic, most of the operations associated with solar plants came to a halt, or construction activities in plants were suspended during the first half of 2020. In addition, the construction of new solar PV manufacturing plants across the region was temporarily put on hold. All these factors reduced the demand for industrial solar generators in 2020. This resulted in a steep decline in industrial solar installed capacity growth in 2020. However, in 2021, after the implementation of vaccination drives and following the country's economic recovery from the impact of the COVID-19 pandemic, China installed around 29 GW of solar capacity during the fourth quarter of 2020. Therefore, owing to the significant growth in solar capacity additions across China and other countries in the region, including industrial solar projects, the regional industrial solar generator market is expected to grow moderately during the forecast period.
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The industrial solar generator market share growth in the below 40 kWh segment will be significant during the forecast period. The below 40 kWh segment accounted for the largest share of the global industrial solar generator market in 2022. This type of solar generator is well-equipped to handle fluctuating small loads effectively and is also suitable for providing power backup during outages without negatively impacting the performance and productivity of industrial operations. The demand for small-capacity solar generators, such as those below 40 kWh, is witnessing an increase, which is attributed to growing urbanization and population growth. Rapid urbanization and population growth often create an imbalance between supply and demand for energy, which results in power shortages and sometimes outages in many areas. Going forward, the trend is expected to continue during the forecast period, and this type of solar generator, i.e., below 40 kWh, is expected to witness growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the industrial solar generator market size and actionable market insights on the post-COVID-19 impact on each segment.
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Industrial Solar Generator Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 17.12% |
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Market growth 2022-2026 |
$240.13 million |
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Market structure |
Fragmented |
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YoY growth (%) |
12.27 |
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Regional analysis |
APAC, Europe, North America, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 56% |
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Key consumer countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Ameresco Inc., Carnegie Clean Energy Ltd, Ecosphere Technologies Inc, Enviroearth, GSOL Energy AS, HCI Energy Inc., Intech GmbH and Co. KG, JA Solar Technology Co. Ltd., Jakson Group, Kirchner Solar Group GmbH, Longi Green Energy Technology Co. Ltd, MVV Energie AG, Off Grid Europe GmbH, Photon Energy Ltd, REDAVIA GmbH, Reliance Industries Ltd., Shanghai Aiko Solar Energy Co Ltd, Silicon CPV Ltd, Tongwei Group Co. Ltd, and Xando Energy LLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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