Market Research Future (MRFR) has published a cooked research report on the “Industrial Solar Generator Market” that contains information from 2018 to 2032. The Industrial Solar Generator Market is estimated to register a CAGR of 17.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Industrial Solar Generator Market— Hollandia Solar, Kirchner Solar Group GmbH, Altern Limited, Juwi AG, Ameresco, Jakson Group, Intech Clean Energy, REC Solar Holdings AS, Goal Zero Llc
The global Industrial Solar Generator Market is accounted to register a CAGR of 17.50% during the forecast period and is estimated to reach USD 0.78 billion by 2032.
The substantial expansion of the industrial Solar Generator market can be attributed to surging demand across diverse industries. This upswing is propelled by several key factors, including the escalating requirement for sustainable and renewable energy solutions, a heightened awareness of environmental issues, and a quest for economical alternatives to traditional power sources.
The global Industrial Solar Generator Market has been segmented based on Type, and Application.
Based on Type, the market is segmented into Below 40 KWH, 40-80 KWH, and 80-150 KWH, Over 150 KWH. 80-150 KWH type is expected to be the largest segment during the forecast period. This segment serves as a critical energy source for medium to large-scale industrial operations, commercial enterprises, and remote off-grid applications. The substantial growth in this segment can be primarily attributed to the escalating adoption of solar power within industries and commercial sectors. These entities are increasingly recognizing the economic advantages and positive environmental impact of shifting to renewable energy sources. Solar Generators in the 80-150 kWh capacity range are well-suited to meet their growing energy requirements.
Based on Application, the Industrial Solar Generator Market has been segmented into the Electrical Industry, the Oil and Gas Industry, and Others. The oil and Gas Industry is expected to be the largest segment during the forecast period. A major driving force behind this trend is the growing emphasis on sustainability and environmental accountability within the industry. With heightened scrutiny of the oil and gas sector's carbon emissions and environmental effects, companies are proactively exploring avenues to minimize their carbon footprint and integrate renewable energy solutions into their operational processes.
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The global Industrial Solar Generator Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The Europe Industrial Solar Generator Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Industrial Solar Generator Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Industrial Solar Generator Market comprises of Middle East, Africa, and Latin America.
The largest market share for the Industrial Solar Generator Market was maintained by the North American regional sector. A Key factor driving this trend is the favorable regulatory landscape and strong government backing for renewable energy initiatives in the region. According to the Solar Energy Industries Association (SEIA), the U.S. solar industry anticipates a remarkable addition of 32 gigawatts (GW) of new capacity in 2023. This represents a substantial 52% increase compared to the previous year, as highlighted in the U.S. Solar Market Insight Q3 2023 report. North American governments, notably the United States, have implemented a range of policies and incentives aimed at fostering the adoption of solar power, encompassing tax credits, grants, and renewable portfolio standards. These supportive measures have established an advantageous business climate that stimulates investments in Solar Generator installations, propelling market expansion.
Moreover, the Europe market has been persistently growing over the forecast period. According to the European Environment Agency, in 2021, approximately 22% of the energy consumed within the European Union (EU) originated from renewable sources, a proportion similar to that of the previous year, 2020. However, there was a notable rise in the absolute consumption of renewables in 2021. This increase was propelled by their heightened utilization in the heating sector and the expanded electricity generation derived from solar and wind power. In Europe, more initiatives have been undertaken, particularly by organizations like the European Union, to encourage the widespread adoption of renewable energy sources. This initiative aligns with the long-term goal of decarbonizing energy systems across all member countries. Furthermore, the swift progress in the adoption of electric vehicles, which are rapidly approaching commercial viability, has the potential to significantly contribute to the increased deployment of renewable energy sources.
The Asia Pacific region has played a pivotal role in driving the growth of the industrial Solar Generator market. This expansion is chiefly attributed to the region's swift industrialization and proactive government policies that encourage the adoption of clean and sustainable energy sources. Countries in the Asia-Pacific region are taking a prominent role in global energy initiatives by displaying a robust dedication to achieving objectives related to energy access, energy efficiency, and renewable energy. Notably, China, Japan, and the Republic of Korea have committed to ambitious targets of achieving zero net emissions by 2050, showcasing their commitment to sustainable energy practices. Additionally, the market's growing adaptability, with its applications spanning various industries, has attracted significant investments and fostered technological advancements.
Furthermore, the rest of the world's Industrial Solar Generator Market is divided into the Middle East, Africa, and Latin America. The Middle East & Africa region has witnessed a notable upsurge in investments in renewable energy, particularly in the Middle East countries. This heightened focus on renewable energy is a response to the region's rapid population growth and economic development, which have driven a significant surge in energy demand.
Key Findings of the Study