Solar Generator Market Size, Share, and Trends 2024 to 2034

Solar Generator Market Size and Forecast 2024 to 2034

The global solar generator market size is worth around USD 627.27 million in 2024 and is anticipated to reach around USD 1,188.57 million by 2034, growing at a CAGR of 6.6% over the forecast period from 2024 to 2034.

Solar Generator Market Key Takeaways

• North America led the global market with the highest market share of 35% in 2023.
• By type, the 80 - 150 KWH segment residential the biggest market share in 2023.
• By application, the residential segment has held the highest market share in 2023.
• By grid connectivity, the on-grid segment registered the maximum market share in 2023.

U.S. Solar Generator Market Size and Growth 2024 to 2034

The U.S. solar generator market size is accounted for USD 153.68 million in 2024 and is projected to be worth around USD 297.47 million by 2034, poised to grow at a CAGR of 6.83% from 2024 to 2034.

Segmentation of the solar generator based on the basis of geographical regions includes increased use of solar generators with developed features and types of the generators with increased efficiency and efficacy. North America to hold the highest position with increased revenue share of solar generators and to enhance the market during the forecast period increased initiative of the government for installing the solar panels with reduced cost. Asia Pacific also holds the highest position and estimated to enhance the market of solar generators with increased CAGR, Other regions which are in process to help the market to grow such as Europe, Latin America, Middle East and Africa to increase the market of solar generator with increased demand from the consumers.

Market Overview

Solar generator basically involves conversion of sunlight energy to electricity. A solar generator involves the solar panels, an inverter, solar panel battery, and battery charger are the components of the solar generator. The solar generator takes the energy from the sun light and store in the generators battery. Energy is taken by the inverters which converts the current from the DC power to the AC power before the output of the power. The output of the energy is in various electric gadgets and various sectors. Solar generator plant was first introduced in the year 1980. Solar generator involves photovoltaic mostly used as a source of electricity for small and normal utilization of electricity.

Solar generators utilize mirror, lenses, and solar tracking system and increased focus of sunlight over the large area and to drive a steam turbine. A solar generator involves device comes with option of fixed and mobile structures having inbuilt batteries. Which stores power in the inverter and can be utilized even during no sunlight. There are wide variety of solar generators developed with different size and capacities based on the needs of market and consumers. Increased shortage of the power supply solar generator is the backup plan for the consumption of the power in the battery. This generators do not emit any gases or noxious fumes and supply the power to the homes. Increased developments and technologies have increased the solar generator market. Increased population with increased demands from the market have accelerated the growth of the market.

Solar Generator Market Growth Factors

Increased developed technologies and new innovative features in the solar generator have increased the market to grow. Newly developed technologies and significant power storing generators for supplying the current and less dependent on the power supply. Photovoltaic cells utilizes solar panels on roof top or mounted in ground which involves converting the sunlight in to electric power. Concentrated solar power also called as concentrated solar thermal   which uses energy to make steam and conversion of energy in to electricity by a turbine. Solar generator does not emit any gases or fumes or any odors it is free from pollution but production of the panels led to pollution. Rapid urbanization and development of the countries with increased population and developed solar generators with different sizes, different types with increased demands from the market and increased consumer needs for installing the market. 

Governments from various regions have increased the initiatives with increased investment to use renewable source of energy and increased installments of the solar generators have increased the market of solar generators. One of the major factors striving the growth is less cost required for generation of energy by the traditional means and increased costing of solar power generation.

Impact of covid-19 with imposed rules and regulations by the governments and lock down of the nation led to decrease of the market growth due to shortage of supply and ceased transportation after the recovery of the pandemic situation eventually led to increased solar generator market. The market players involved in producing and manufacturing and installing of the solar generators plays a major role in growth of the market with increased revenue share during the forecast period. 

Market Scope

Market Dynamics

Market Drivers

• Natural Calamities and bad weathers- Major reasons of the power supply cut is due to the natural calamities such as heavy rainfalls, winds, foods, severe storms, snow, ice and many more. Such disasters may affect the power supply and can cause the breakdown of the electric power supply. Increased usage of  solar generators in residential  while consumers can completely depend of the continuous supply of electric power Which led to increase of utilization of solar generators in various field which stores the energy in to the battery and can be utilized later. Which helps to growth market of solar generator to a greater extent.
• Light in weight solar generators portable solar generators they do not emits any gases, fumes or odors. These factor have driven the growth of solar generator and increased the market with high revenue share.
• Increased awareness among the individuals regarding the the benefits of the solar generator and utilization of renewable energy are driving the market to grow high.

Market Challenges 

The increased cost of the solar generator is the biggest challenge for increasing the market growth during the forecast period. Weather also plays a major role in growth of the market in cloudy and rainy days the efficiency of solar system is not as same as in the summer season. Efficiency is more in summer due to sunlight’s. Solar generator requires more space for installing the solar panels, less space may hamper the usage of the solar generators and declined market growth. Some of the solar generators involves increased pollution could hamper the growth of the solar generator market to grow to a larger extent drying the forecast period.

Market Opportunities

• In solar generator market with increased developments and various types of solar generators produced with increased demands from the market and consumers have increased the market of solar generator market to a greater extent. Increased underdeveloped regions with increased developments of the solar generators and increased installments and types have driven the market to grow high.
• Government from various regions have contributed with investing funds and to integrate more solar generators with the usage of renewable sources consumption of energy by traditional means have increased the utilization of solar generators.
• The key market players involved in the introducing the solar generators and manufacturing and production with new developments and features plays a major role have accelerating the growth of the solar generator market to grow at a larger extent. 

Type Insights

Solar generator based on the types it is divided in to below 40 KWH, 40-80 KWH, 80-150 KWH and over 150 KWH. As 80 - 150 KWH holds the largest revenue share in the year 2023 and 40 - 80 KWH has examined to grow at arrest CAGR if 18.5%.

Application Insights

Increased market of the solar generator with increased multiple applications of solar generator in various industries with wide growth of the solar generator market. Applications of solar generator are such as in electrical industry, oil and gas industry, residential, commercial, government, academics and many more applications.

Power Rating Insights

Segmentation of the solar generator based on the power rating it is divided in to up to 500W and more than 500W. The 500W portable solar generator market in the year 2023 was dominated and increase of the market during the forecast period.

Battery Type Insights

Segmentation of the solar generator based on the basis of battery type includes lead-acid battery, lithium ion battery. The lithium ion battery has contributed for highest increase in demand in the year 2023 used in solar generators which is a source of power for the generators. Lithium - ion batteries are widely used in solar generators for storing the energy and can be utilized later. Lithium ion batteries are more costly than lead acid batteries with the advantage of fast charging than lead acid batteries.

Grid Connectivity Insights

Segmentation of the solar generator based on the basis of grid connectivity which involves off-grid and on-grid. On-grid connectivity involves solar panels installed in the local grid mostly utilized in residential sector. Off-grid solar system involves the inbuilt battery, having independent energy. It involves panels, battery, charger, and inverter. Increased demand for the use of off- grid solar generator with the use of traditional means of renewable source.

Solar Generator Market Companies

• Duracell
• JackeryInc.
• Voltaic
• Solar line
• SolarRover
• Powerenz
• Sunvis Solar
• Jaspak
• Hollandia
• Goal Zero
• Sunvis Solar
• Altern Limited
• Biolite Powerenz
• SolSolutions LLC (DolMan)

Recent Developments

• In the year 2019 May, Voltaic power introduced new contains solar laptop charging kit that is Arc 20W solar laptop charger kit.
• In the year 2021 July, Goal zero introduces ranger series, he ranger 300. The light in weigh rigid solar panels harness high power from the sun. Maintenance of high portability and transportation easy from one place to another place. The ranger 300 briefcase pairs perfect with Yeti 1000X power and larger for high use of solar power.

Segments covered in the report

By Type

• Below 40KWH
• 40-80 KWH
• 80-150 KWH
• Over 150 KWH

By Application

• Oil and Gas Industry
• Electrical Industry
• Residential
• Commercial
• Government
• Academics
• Others

By Power Rating 

• Up to 500 W
• More than 500 W

By Battery Type

• Lead-acid
• Lithium-ion

By Grid Connectivity

• Off - Grid
• On - Grid

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)