Industrial Solar Generator Market Evaluation Worth $907 Million by 2030
Global Industrial Solar Generator Market projected to grow at a CAGR of 16.9% from 2021 to 2030
WILMINGTON, DE, UNITED STATES, December 13, 2024 /EINPresswire.com/ --
According to a new published report by Allied Market Research, 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.
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.
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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.
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.
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.
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.
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.
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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.
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 be utilized in different industrial appliances and/or electronic gadgets when they are most needed, such as during a power outage.
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%.
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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%.
Impact Of Covid-19 On The Global Industrial Solar Generator Market
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.
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.
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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.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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