This market research report presents a detailed segmentation of the global solar generator market by grid connectivity (On-grid and off-grid), end user (residential, commercial, military, and industrial) and by geography (Americas, APAC, and EMEA). Key findings also include an analysis of the leading vendors such as Hollandia, Altern, Jaspak, and Sunvis Solar.
Technavio market research analysts estimate the global solar generator market to grow at a CAGR of around 8% between 2015 and 2019. Rising power shortage globally and the demand for power backup have triggered the demand for solar generators. The Americas dominates the global solar generator market accounting for 44% market share. US, Canada, Brazil, and Chile are significant revenue contributors in the region. The increase in government support and the decrease in solar panel prices are fueling the growth of the market in this region. Moreover, the installed solar generators are entitled to nearly 30% federal renewable energy tax credit.
The new market research report from Technavio provides a breakdown and analysis of the solar generators segments by connectivity.
As per this market analysis, the off-grid connectivity segment will continue to dominate the market with around 86% share. Off-grid generators are independent of the utility grid and have batteries to store surplus power generated. The portable nature of these generators helps in avoiding the cost of extending the utility line. Also, they can be used during emergency/power shortages and at rural worksites or greenhouses. This segment is expected to generate around US $388 million during the forecast period.
Global solar generator by off-grid connectivity 2014-2019 ($ millions)
Source: Technavio Research
“Awareness towards climate change crisis has led to increased use of renewable energy sources such as solar power. Governments are providing tax advantages and incentives to make renewable energy economical for the users. For instance in China, raw materials such as polysilicon, used in solar panel production, is available at very low prices,” says Navin Rajendra, Lead Analyst, Energy, Technavio Research.
The top five vendors in the solar generator market are Goal Zero, Hollandia, Altern, Jaspak and Sunvis Solar. The market is witnessing intense competition with the entry of new players and solar generator being an untapped market with huge potential. Sunvis Solar is one of the leading providers in the solar generator market and specializes in manufacturing solar products and energy-saving lights.
A more detailed analysis is available in the Technavio report, Global Solar Generator Market 2015-2019 – Market Analysis.
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