Industrial Solar Generator Market Overview:
Industrial Solar Generator Market Size was valued at USD 0.18 Billion in 2022. The Industrial Solar Generator Market industry is projected to grow from USD 0.21 Billion in 2023 to USD 0.78 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.50% during the forecast period (2023 - 2032). The growing global electricity deficit and the resulting need for backup power solutions are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Industrial Solar Generator Market Trends
Growing concern over climate change and the imperative to transition to sustainable energy sources is driving the market growth
Market CAGR for Industrial Solar Generator Market is being driven by the Increasing demand for project and task management solutions. Due to a growth in customer desire for using aircraft for transportation, more autonomous aircraft projects are being deployed, which is assisting in the market expansion.Additionally, the decreasing cost of solar technology has enhanced the economic feasibility of industrial Solar Generators. Ongoing improvements in solar panel efficiency, manufacturing techniques, and economies of scale have significantly lowered installation expenses. Consequently, many industries recognize that investing in solar power systems yields long-term cost advantages by reducing reliance on conventional grid electricity and fossil fuels. In 2020, China, as reported by its National Energy Administration, added over 48 gigawatts (GW) of photovoltaic (PV) capacity, contributing to a total installed capacity of 253.6 GW in the country. Concurrently, the European Union saw its combined PV power capacity exceed 138 GW during the same year, with a substantial portion, approximately 55%, attributed to residential and commercial rooftop installations. Furthermore, a 2021 report from the International Energy Agency highlighted Vietnam as a leader in solar energy advancements in 2020, boasting an estimated 11.1 GW of solar energy capacity.
A significant driver behind this growth is the escalating demand within the industrial sector for environmentally responsible and sustainable energy solutions. As industries grow increasingly cognizant of the ecological consequences of their operations and seek to diminish their carbon emissions, solar power has emerged as a compelling option. This transition is further accelerated by advantageous government regulations and incentives, coupled with the decreasing expenses associated with solar technology. These factors collectively render industrial Solar Generators a highly appealing investment for businesses.
As a result, it is anticipated that throughout the projection period, demand for the Industrial Solar Generator Market will increase due to the growing global concern over climate change and the imperative to transition to sustainable energy sources. Thus, driving the Industrial Solar Generator Market revenue.
Industrial Solar Generator Market Segment Insights:
Industrial Solar Generator Market Type Insights
The Industrial Solar Generator Market segmentation, based on Type includes Below 40 KWH, 40-80 KWH, 80-150 KWH, Over 150 KWH. The 80-150 KWH segment dominated the market, accounting for 58% of market revenue (0.10 Billion). The growth of the 80-150 kWh segment can be attributed significantly to advancements in solar technology and energy storage solutions. Progress in solar panel efficiency and the evolution of sophisticated battery systems have enabled the capture and storage of larger quantities of solar energy. Consequently, this has enhanced the reliability and consistency of power provision, rendering 80-150 kWh Solar Generators a practical choice for businesses and applications with greater energy demands.
Figure 1: Industrial Solar Generator Market by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Industrial Solar Generator Market Application Insights
The Industrial Solar Generator Market segmentation, based on Application, includes the Electrical Industry, the Oil and Gas Industry, and Others. The Oil and Gas Industry segment dominated the market, accounting for 55% of market revenue (0.10 Billion). The utilization of Solar Generators within the oil and gas sector is experiencing growth due to their capacity to offer clean and sustainable energy solutions for essential operations like drilling, pumping, and on-site facilities. Technological advancements in solar power and energy storage have significantly contributed to the expansion of this segment. Solar technology has evolved to become more efficient, cost-effective, and reliable, thereby making it an increasingly appealing choice to fulfill the energy requirements of the oil and gas industry.
Industrial Solar Generator Market Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America enjoys a thriving solar industry ecosystem characterized by a well-established supply chain. This ecosystem encompasses numerous solar equipment manufacturers, system integrators, and service providers, contributing to an efficient process of sourcing, installation, and maintenance of Solar Generators. Furthermore, the region benefits from a highly skilled workforce and substantial expertise in solar power systems, reinforcing its position as a dominant player in the Solar Generator market.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Industrial Solar Generator Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Industrial Solar Generator Market accounts for the second-largest market share as Many European countries have implemented supportive policies and incentives to promote the adoption of renewable energy sources, including solar power. According to the European Environment Agency, The European Union (EU) has made significant progress in incorporating renewable energy sources into its transport sector, with the share of renewables rising from less than 2% in 2005 to 10.2% in 2020. This accomplishment signifies the achievement of the EU's 10% target for renewable energy utilization in transportation across its member countries. Additionally, in 2021, renewables accounted for 22% of the total energy consumption in the EU. This growth in renewable energy adoption was primarily driven by expanded use in heating applications and increased electricity generation from solar power sources. There is a growing awareness and commitment to environmental sustainability in Europe. Industries are increasingly seeking cleaner and greener energy alternatives to reduce their carbon footprint and comply with stringent environmental regulations. Solar power aligns with these sustainability goals. Further, the German Industrial Solar Generator Market held the largest market share, and the UK Industrial Solar Generator Market was the fastest-growing market in the European region
The Asia-Pacific Industrial Solar Generator Market is expected to grow at the fastest CAGR from 2023 to 2032. The region boasts a substantial and burgeoning industrial sector characterized by substantial energy demands. Prominent nations such as China, India, Japan, and South Korea feature flourishing manufacturing industries and swiftly advancing infrastructure projects, leading to a significant uptick in energy consumption. Industrial Solar Generators present a sustainable and economically advantageous remedy for fulfilling these energy requirements while diminishing dependency on conventional fossil fuel-powered energy sources. The imperative to address environmental concerns and mitigate carbon emissions has instigated the widespread adoption of renewable energy solutions, including industrial Solar Generators, within the region. This strategic shift aligns with both economic and ecological imperatives, offering a promising avenue for business investment and growth. Moreover, China’s Industrial Solar Generator Market held the largest market share, and the Indian Industrial Solar Generator Market was the fastest-growing market in the Asia-Pacific region.
Industrial Solar Generator Market Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Industrial Solar Generator Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Industrial Solar Generator industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Industrial Solar Generator industry to benefit clients and increase the market sector. In recent years, the Industrial Solar Generator industry has offered some of the most significant advantages to the region's energy sustainability and environmental conservation efforts. Major players in the Industrial Solar Generator Market, including Hollandia Solar, Kirchner Solar Group GmbH, Altern Limited, Juwi AG, Ameresco, Jakson Group, Intech Clean Energy, REC Solar Holdings AS, Goal Zero Llc, are attempting to increase market demand by investing in research and development activities to introduce innovative products and improve their market position.
Juwi AG, a subsidiary of MVV Energie AG, operates as a prominent player in the renewable energy sector. The company specializes in offering comprehensive services encompassing project development, engineering procurement, and construction, as well as a range of energy solutions to support the transition to sustainable energy sources. Juwi excels in the planning and execution of large-scale onshore wind farms and solar installations. Additionally, the company is actively involved in the construction and development of solar off-grid plants with capacities exceeding 1 MW. Juwi's expertise extends to providing diverse energy systems, including photovoltaic solutions, battery technology, and hybrid systems tailored to work alongside diesel generators. Their clientele spans various industries, including mining, cement production, desalination, commercial and industrial sectors, tourism, and agriculture. With a global footprint, Juwi serves customers across Asia, Europe, Africa, and North America, contributing significantly to the worldwide adoption of sustainable energy solutions. The company is headquartered in Worrstadt, Germany, where it strategically manages its operations and projects.
Ameresco is a prominent player in the renewable energy sector, offering a wide spectrum of comprehensive services. The company functions as a cleantech integrator and serves as a developer, owner, and operator of renewable energy assets. Ameresco's core offerings include services related to energy efficiency, infrastructure enhancement, asset sustainability, and renewable energy solutions. They are also actively involved in the development, construction, and operation of renewable energy facilities. Moreover, Ameresco leverages its small-scale renewable energy plants to supply electricity, processed landfill gas, and heating or cooling generated from renewable sources. In addition to these services, the company provides consulting and enterprise energy management solutions. Ameresco also engages in the sale of solar PV energy products and systems. The company's client base encompasses federal agencies, housing authorities, state and local governments, healthcare and educational institutions, as well as commercial and industrial customers in North America, the United Kingdom, and Europe. Ameresco is headquartered in Framingham, Massachusetts, USA, where it strategically manages its operations and global endeavors in the renewable energy sector.
Key Companies in the Industrial Solar Generator Market include
- Hollandia Solar
- Kirchner Solar Group GmbH
- Altern Limited
- Juwi AG
- Jakson Group
- Intech Clean Energy
- REC Solar Holdings AS
- Goal Zero Llc
Industrial Solar Generator Industry Developments
May 2019:In May 2019, Voltaic Power introduced a groundbreaking product, the Arc 20W Solar Laptop Charger Kit. This innovative kit offers cutting-edge solar charging technology designed specifically for laptops. It represents a significant advancement in portable renewable energy solutions, catering to the needs of professionals and businesses seeking efficient and eco-friendly ways to power their laptops. The Arc 20W Solar Laptop Charger Kit aligns with the company's commitment to providing high-quality and sustainable energy solutions for a range of business and personal applications.
July 2021:In July 2021, Goal Zero unveiled the Ranger Series, including the Ranger 300, a line of lightweight and durable solar panels designed to capture maximum solar power. These panels prioritize portability and ease of transportation, making them highly convenient for various applications. The Ranger 300 briefcase model is an ideal companion for power sources like the Yeti 1000X and larger systems, ensuring efficient utilization of solar energy for high-demand purposes. This product release caters to the needs of businesses and individuals seeking reliable, portable solar solutions to power their operations and equipment.
Industrial Solar Generator Market Segmentation
Industrial Solar Generator Market Type Outlook
- Below 40 KWH
- 40-80 KWH
- 80-150 KWH
- Over 150 KWH
Industrial Solar Generator Market Application Outlook
- Electrical Industry
- Oil and Gas Industry
Industrial Solar Generator Market Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
|Market Size 2022
||USD 0.18 Billion
|Market Size 2023
||USD 0.21 Billion
|Market Size 2032
||USD 0.78 Billion
|Compound Annual Growth Rate (CAGR)
|Market Forecast Period
|Market Forecast Units
||Value (USD Billion)
||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
||Type, Application, and Region
||North America, Europe, Asia Pacific, and the Rest of the World
||The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
|Key Companies Profiled
||Hollandia Solar, Kirchner Solar Group GmbH, Altern Limited, Juwi AG, Ameresco, Jakson Group, Intech Clean Energy, REC Solar Holdings AS, Goal Zero Llc
|Key Market Opportunities
||Development of innovative energy storage solutions to overcome the intermittent nature of solar power
|Key Market Dynamics
||Growing demand for clean and environmentally friendly power sources
Frequently Asked Questions (FAQ) :
The Industrial Solar Generator Market size was valued at USD 0.18 Billion in 2022.
The Industrial Solar Generator Market is projected to grow at a CAGR of 17.50% during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are Hollandia Solar, Kirchner Solar Group GmbH, Altern Limited, Juwi AG, Ameresco, Jakson Group, Intech Clean Energy, REC Solar Holdings AS, Goal Zero Llc.
The 80-150 KWH type dominated the market in 2022.
The Oil and Gas Industry had the largest share in the global market.
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