Solar Generators Market By Type (Portable Solar Generators, Stationary Solar Generators); By Power Output (Below 500W, 500W–1000W, Above 1000W); By Battery Type (Lithium-Ion Batteries, Lead-Acid Batteries, Others); By Application (Residential, Commercial, Industrial, Emergency Backup, Outdoor and Recreational); By Geography, Segment revenue estimation, Forecast, 2024–2032.

The solar generators market was USD 1.8 billion in 2023 and is predicted to reach USD 4.5 billion by the end of 2030, with a compound annual growth rate of 13.8% from 2024 to 2030. The rise is due to growing awareness of climate change, high energy costs, enhanced innovations in battery storage, and government policies on the adoption of renewable energy.

 

Solar generators are renewable energy products that can power homes, businesses, and other establishments relying on solar power. They use photovoltaic (PV) panels, batteries, and inverters. Solar generators are eco-friendly and efficient, solving a wide variety of issues, from residential to industrial. Solar generators have become an essential part of the energy mix as energy requirements continue to increase and the global focus turns toward renewable energy sources.

 

Market Drivers

Growing Demand for Renewable Energy: Due to the increased emphasis on global conventions on emissions and climate change, renewable solutions like solar generators are getting popular. People have started embracing clean energy as a solution to climate change by using energy from renewable sources. New solar energy installations added 20% in 2023, with solar generators playing a major role in off-grid and backup power systems. Example: In 2023, residents of a Californian community use solar generators to supply homes after wildfires and to cut the use of diesel generators.

 

Advancements in Energy Storage Technology: Recent advancements in battery storage, especially lithium-ion and solid-state batteries, have advanced solar generators and improved their reliability for extended periods. For example, a US firm introduced a portable solar generator with a lithium-ion battery in 2023 that provides power for up to 48 hours during blackouts.

 

Rising Energy Costs and Grid Instability: The high volatility of energy costs and rising frequency of blackouts, for example, in the wake of storms or aging distribution networks, have made solar generators an affordable and reliable power supply solution. In 2023, the number of outages in the United States was 30% higher than in 2021, and more consumers demanded solar backup.

 

Government Incentives and Policies: Government subsidies and tax credits for the public to embrace solar energy also drive the solar generator market higher internationally. For example, in 2022, the EU launched grants for residential and commercial solar investment, so solar generators became popular in member countries.

 

Market Opportunities

Expansion in Emerging Markets: Asian and Pacific Ocean countries, Latin American and African nations struggling with reliable grid connectivity and power supply represent major opportunities for solar generators. Example: In 2023, a non-governmental organization from India engaged a global solar power generator manufacturer to provide electricity to 50,000 households in rural villages.

 

Rising Demand for Portable Solar Generators: Outdoor recreation, work-from-home solutions, and emergency kits lead to enhanced demand for portable and tiny solar generators. Example: A new Japanese venture said that its sales of portable camping solar generators will increase by 40% in 2022.

 

Market Restraints

High Initial Costs: While the costs of solar panels and batteries are progressively coming down, the overall costs of Solar generators are comparatively higher, which poses a problem in sensitive markets.

 

Lack of Awareness and Technical Expertise: Lack of awareness regarding the advantages of SGI systems and their day-to-day working may slow the growth of this market, particularly in developing countries.

 

Market Segmentation

By Type:

• Portable Solar Generators

• Stationary Solar Generators

 

By Power Output:

• Below 500W

• 500W–1000W

• Above 1000W

 

By Battery Type:

• Lithium-Ion Batteries

• Lead-Acid Batteries

• Others

 

By Application:

• Residential

• Commercial

• Industrial

• Emergency Backup

• Outdoor and Recreational

 

By Region:

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

 

Segment Analysis

Leading Type: Portable Solar Generators

Portable solar generators continue to drive the market and account for the highest revenue share of 60% in 2023 because the application runs across various segments, and there is an increasing need for power sources for outdoor and emergency power. Example: Originally, in 2023, a company based in the United States introduced a compact solar generator for RV users; it became simple to transport and install, and it had a 25% year-on-year increase in sales.

 

Leading Application: Residential

The residential application segment was the largest, with 45% of revenue in 2023, mainly due to higher demand for solar generators as backup power sources and a reduction in energy bills. Example: In the year 2022, a German homeowner initiative encouraged the use of solar generators, and within one year, there were 15,000 installations.

 

Regional Analysis

North America is the biggest market, with 40% gross revenue in 2023, owing to frequent power outages, high energy costs, and customer consciousness. The U.S. remained the dominant market in North America for solar generators, contributing to three-fourths of the regional demand. Example: As of the year 2023, the government of California passed incentives for households to install solar generators, increasing by 30 percent of the solar generator sales in California.

 

The Europe region comprises 30% of the global revenue, resulting from strong emission control standards and policies promoting renewable energy. For example, in 2022, one French solar firm embarked on community solar generator projects based on the region's most frequent power outages.

 

Asia-Pacific remains one of the fastest-growing regions due to growing urbanization, increased energy consumption, and governmental policy encouraging the utilization of solar power. For example, in 2023, a Chinese manufacturer collaborated with local governments to deliver solar generators to electrify villages that had no access to the national grid.

 

Key Players

• Goal Zero

• Jackery Inc.

• EcoFlow

• Bluetti

• Renogy

• Tesla, Inc.

• Lion Energy

• Suaoki

• Champion Power Equipment

• Anker Innovations

 

Future Outlook

The solar generator market has excellent potential to grow in the near future due to developments in the sphere of storage, rising consumer awareness, and supportive legislation. The market in the Asia-Pacific and Latin American regions will be significant and will be fuelled by the backup of infrastructure and increased energy requirements.

Companies that work towards specific aspects of cost, size, and compatibility with smart electricity networks are expected to have an advantage. In 2030, solar generators will provide a common and efficient solution for clients and industrial applications for energy.