Global Solar Generator Market Size, Share, Upcoming Investments Report By Storage Capacity (Below 1500 W, 1500 W to 2500 W, Above 2500 W), By Battery Type (Lead-acid, Lithium-ion, Others), By Grid Connectivity (Off-Grid, On–Grid), By End-User (Residential, Commercial, Industrial) , By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The Global Solar Generator Market size is expected to be worth around USD 1087.2 Mn by 2033, from USD 563.1 Mn in 2023, growing at a CAGR of 6.8% during the forecast period from 2024 to 2033.

A solar generator is a portable power system that uses solar energy to generate electricity. It typically consists of a solar panel, a battery, and an inverter. The solar panel captures sunlight and converts it into electricity, which is stored in the battery for later use.

The inverter then converts the stored DC (direct current) power from the battery into AC (alternating current) power, which can be used to power electronic devices, appliances, or other systems. Solar generators are especially popular in off-grid areas, as they provide a clean, renewable, and quiet alternative to conventional fuel-powered generators.

They are widely used for camping, outdoor activities, emergency backup, and for providing power to remote locations. Unlike traditional generators, solar generators do not emit harmful pollutants and offer a sustainable solution for energy needs.

Governments worldwide are heavily supporting solar energy solutions, including solar generators, through regulatory frameworks and incentives. In 2023, the U.S. Department of Energy (DOE) allocated $5 billion to support renewable energy technologies, including solar energy, as part of the Infrastructure Investment and Jobs Act.

These funds are being used for developing clean energy infrastructure, with a focus on rural and off-grid areas, boosting the demand for solar generators. Similarly, the European Union has set ambitious renewable energy targets, aiming for 32% renewable energy in the total energy mix by 2030. To achieve this, the EU is providing incentives for solar energy adoption, including tax rebates and subsidies for solar-powered systems like solar generators.

In India, the government has been increasing investments in solar energy as part of its National Solar Mission, which aims to generate 100 GW of solar power by 2022 and 280 GW by 2030. This initiative includes incentives and subsidies to encourage the adoption of solar energy solutions, contributing directly to the growth of solar generators, especially for rural electrification.

The solar generator market is also witnessing significant innovation, mergers, acquisitions, and partnerships. In 2023, Tesla expanded its solar product offerings with the acquisition of Solar City, a move that strengthened its position in the home energy storage and solar generator markets.

Additionally, Enphase Energy partnered with LG Electronics to enhance the efficiency of solar storage systems, integrating their products into comprehensive solar generator solutions. These partnerships are accelerating technological advancements, making solar generators more efficient and affordable.

In 2023, the U.S. imported solar equipment worth over $4.6 billion, with a significant portion of it being solar panels and generators, while China exported over $7 billion in solar-related products, including solar generators and batteries.

As the demand for off-grid energy solutions rises, these exports are expected to increase, particularly to developing countries in Africa, Asia, and Latin America, where the need for clean energy solutions is critical.

Key Takeaways

• Solar Generator Market size is expected to be worth around USD 1087.2 Mn by 2033, from USD 563.1 Mn in 2023, growing at a CAGR of 6.8%.
• Below 1500 W held a dominant market position, capturing more than a 46.5% share of the solar generator market.
• Lead-acid held a dominant market position, capturing more than a 56.4% share of the solar generator market.
• Off-Grid held a dominant market position, capturing more than a 69.4% share of the solar generator market.
• Residential held a dominant market position, capturing more than a 57.4% share of the solar generator market.
• North America is currently the dominant player in the solar generator market, holding a market share of 39.7% with a valuation of USD 2.5 billion.

By Storage Capacity

In 2023, Below 1500 W held a dominant market position, capturing more than a 46.5% share of the solar generator market. This segment is highly popular due to its affordability and suitability for residential and small business use.

Solar generators with storage capacities below 1500 W are ideal for powering small appliances, electronic devices, and lights in off-grid locations or during power outages. They are easy to transport, making them a go-to choice for outdoor activities like camping and RV trips. The low cost and versatility are key factors driving the growth of this segment.

The 1500 W to 2500 W range also holds a significant share of the market. These solar generators are typically used in medium-sized applications, including larger residential homes and small businesses.

They offer a higher storage capacity and can power more devices or larger appliances, making them suitable for households with more power needs or for use as backup systems during longer outages. As more consumers seek reliable and eco-friendly energy solutions, the demand for mid-range storage capacity solar generators is growing.

The Above 2500 W segment, while smaller in market share, is growing steadily. These generators are used in larger residential, commercial, and industrial applications, where high power demand is needed. They can support multiple devices, power tools, or even small machines, making them essential for remote work sites or large-scale off-grid energy solutions. As businesses and industries continue to focus on sustainable energy sources, the demand for high-capacity solar generators is expected to increase.

By Battery Type

In 2023, Lead-acid held a dominant market position, capturing more than a 56.4% share of the solar generator market. Lead-acid batteries are widely used due to their lower initial cost and long-standing presence in the energy storage industry.

They are commonly found in budget-friendly solar generators, making them a popular choice for consumers seeking an affordable solution for residential or recreational use. While lead-acid batteries are heavier and have a shorter lifespan compared to other options, their cost-effectiveness continues to make them the preferred choice in many markets, especially in regions where cost is a significant factor.

The Lithium-ion segment is also gaining traction, although it currently holds a smaller share. Lithium-ion batteries are known for their higher efficiency, longer lifespan, and lighter weight, making them ideal for applications where portability and longer-lasting power are needed.

As the demand for cleaner, more efficient energy storage solutions increases, lithium-ion batteries are being increasingly adopted in solar generators for both residential and commercial applications. Their performance advantages, including faster charging times and deeper discharge cycles, are driving growth in this segment.

By Grid Connectivity

In 2023, Off-Grid held a dominant market position, capturing more than a 69.4% share of the solar generator market. Off-grid solar generators are in high demand due to their ability to provide electricity in areas without reliable access to the power grid. These systems are commonly used in remote locations, such as rural areas, outdoor activities, and emergency situations.

Off-grid systems allow users to be self-sufficient and reduce dependence on traditional power sources, which is particularly important in regions where power outages are frequent or where the grid infrastructure is limited. The increasing adoption of off-grid solar generators is also driven by the growing focus on sustainability and renewable energy solutions.

The On-Grid segment, while smaller in market share, is steadily gaining traction. On-grid solar generators are typically used in areas where electricity from the main grid is readily available, but users still want to reduce their energy costs or have a backup power option. These systems are connected to the grid, allowing users to feed excess power back into the grid, often earning credits or payments.

The growing awareness of environmental issues and government incentives for renewable energy are contributing to the adoption of on-grid systems. However, the on-grid market is still evolving, as consumers prefer off-grid solutions in areas with less stable grid access or in situations where energy independence is prioritized.

By End-User

In 2023, Residential held a dominant market position, capturing more than a 57.4% share of the solar generator market. The growing demand for clean, renewable energy in homes is driving the adoption of solar generators in residential applications. Many homeowners are choosing solar generators as a backup power source during outages or to reduce their reliance on grid electricity.

The increasing awareness of environmental concerns and rising energy costs are also contributing to this trend. Solar generators provide a reliable, sustainable, and cost-effective solution for residential users who want to ensure energy availability without the environmental impact of traditional fuel-powered generators.

The Commercial segment is also seeing steady growth, though it holds a smaller share compared to residential applications. Commercial users, including small businesses, offices, and retail stores, are increasingly adopting solar generators to reduce operational costs and ensure continuity during power disruptions.

These systems are used to power lights, computers, and other essential equipment during blackouts, particularly in areas with unreliable grid power. As businesses move toward sustainability, solar generators are becoming a preferred choice for reducing carbon footprints and promoting energy independence.

The Industrial segment, while capturing a smaller portion of the market, is growing as well. Industrial users often require larger, more powerful solar generators to meet high energy demands in remote locations or for specific projects.

These generators are used in construction sites, mining operations, and off-grid industrial facilities where traditional energy infrastructure is not available. The increasing adoption of renewable energy in industrial operations, driven by both government regulations and cost savings, is expected to push further growth in this segment.

Key Market Segments

By Storage Capacity

• Below 1500 W
• 1500 W to 2500 W
• Above 2500 W

By Battery Type

• Lead-acid
• Lithium-ion
• Others

By Grid Connectivity

• Off – Grid
• On – Grid

By End-User

• Residential
• Commercial
• Industrial

Drivers

Increased Government Support and Incentives for Renewable Energy

Governments worldwide are ramping up efforts to combat climate change, reduce dependence on fossil fuels, and promote cleaner, more sustainable energy solutions. Solar energy, due to its renewable nature and minimal environmental impact, has become a central focus in these initiatives.

In the United States, for example, the Biden administration’s clean energy goals have led to significant investments in renewable technologies, including solar. As part of the Inflation Reduction Act (IRA) passed in 2022, the U.S. government allocated over $369 billion towards energy security and climate change programs.

This includes subsidies for solar installations, tax incentives, and rebates for solar equipment, making solar power more affordable for both residential and commercial applications.

• According to the U.S. Department of Energy (DOE), by 2030, solar power could provide up to 40% of the country’s electricity if current trends continue.

In Europe, countries like Germany, Spain, and Italy have been at the forefront of solar energy adoption, incentivized by the European Union’s Green Deal and its target to achieve net-zero emissions by 2050.

Germany alone has seen solar energy capacity increase significantly, from 40.2 GW in 2022 to an expected 60 GW by 2030, driven in part by government incentives. The European Investment Bank (EIB) has also committed billions to renewable energy projects, including solar, as part of the European Green Deal to accelerate the region’s clean energy transition.

Moreover, in China, the largest producer of solar panels globally, government support has led to explosive growth in solar energy adoption. The Chinese government has set ambitious targets for solar energy, aiming for 1,200 GW of installed solar capacity by 2030, as part of its efforts to reduce carbon emissions and move away from coal.

In 2023, China’s solar capacity reached an impressive 392.5 GW, a growth of 27% compared to the previous year. This growth is attributed to both domestic demand for solar energy and China’s position as a global solar equipment manufacturer.

These government-led incentives are not just limited to financial support but also extend to policies that favor the widespread deployment of solar energy. For instance, net metering policies, renewable energy targets, and mandates for solar installations on new buildings are increasingly common in regions with strong governmental support for clean energy.

Restraints

High Initial Installation Costs

For instance, in 2023, the average cost of installing a residential solar power system in the United States ranged from $15,000 to $25,000 for a standard 6kW system, depending on the location and equipment quality.

This cost includes the solar panels, inverter, installation labor, and additional system components. The high upfront price often discourages homeowners, especially those in lower-income brackets, from making the transition to solar energy, even when they are aware of the long-term cost savings and environmental benefits.

Although government incentives, such as the Investment Tax Credit (ITC), help reduce the burden by offering 26% of the total cost as a tax credit for solar installations, these programs are often not enough to make solar affordable for everyone.

For example, in the U.S., the average payback period for a residential solar system is between 6 to 10 years, but the high upfront investment remains a financial challenge for many individuals and businesses.

• According to a 2023 report by the International Energy Agency (IEA), the average cost of installing solar power plants worldwide has decreased by over 80% in the past two decades.

However, even with reduced costs, large-scale solar installations still require substantial capital, especially in regions where grid integration or land acquisition costs are high. In many cases, private companies and utilities must secure financing through loans, equity investment, or public funding, which can delay projects or make them financially unviable without government subsidies.

As of 2023, the cost of battery storage systems, such as lithium-ion batteries, can range from $200 to $300 per kWh, depending on the technology and scale. While prices have fallen over time, the addition of battery storage significantly increases the overall cost of solar systems.

Opportunity

Expansion of Solar Power in Developing Markets

The International Energy Agency (IEA) estimates that nearly 770 million people worldwide still lack access to electricity, with the majority located in Sub-Saharan Africa and rural parts of Asia. Solar generators, with their ability to provide off-grid electricity without the need for expensive and difficult-to-maintain infrastructure, present an ideal solution.

Countries like Kenya, Tanzania, and Nigeria are leading the way with innovative solar projects and mobile pay-as-you-go systems that allow users to pay for electricity based on consumption. In Kenya alone, solar home systems are helping to provide electricity to over 2 million people, with plans to reach 10 million more by 2030.

In India, the government’s ambitious solar energy goals further highlight the growth potential in emerging markets. The Indian government has set a target of 500 GW of non-fossil fuel-based capacity by 2030, with a large portion of this being solar energy. India’s total installed solar capacity reached approximately 50 GW by 2023, and the country aims to increase this figure by another 25 GW per year. This aggressive target opens up vast opportunities for solar generator manufacturers, developers, and investors in the region.

Governments in these developing regions are increasingly supportive of solar energy adoption. For instance, the African Development Bank (AfDB) has committed to investing $20 billion in renewable energy projects across Africa between 2020 and 2030. In addition, the World Bank and other international financial institutions are providing funds and financing mechanisms that make solar power more accessible to communities that lack reliable grid access.

Trends

Integration of Solar Energy with Energy Storage Solutions

In recent years, the adoption of solar-plus-storage systems has gained significant momentum, driven by declining battery costs and government incentives. According to the U.S. Energy Information Administration (EIA), the cost of lithium-ion batteries, a key component for energy storage, has decreased by over 80% since 2010, making them much more affordable for consumers and businesses.

In the United States, the market for solar-plus-storage systems has seen substantial growth. The Solar Energy Industries Association (SEIA) reported that in 2023, nearly 1.5 gigawatts (GW) of energy storage capacity was installed alongside solar systems, which is an increase of 50% compared to the previous year.

Additionally, the Inflation Reduction Act (IRA) passed in 2022 provides tax credits for both solar and energy storage installations, which has further accelerated the adoption of these integrated systems. This move aligns with the U.S. government’s goal to achieve net-zero emissions by 2050, which is likely to continue driving the adoption of both solar and energy storage technologies.

According to the Australian Energy Market Operator (AEMO), the country’s grid has already seen over 3 million rooftop solar systems installed, and integrating these systems with storage is key to stabilizing the grid. Australia is expected to reach 4.7 GW of energy storage capacity by 2030, making it one of the world’s leaders in solar-plus-storage adoption.

In emerging markets, energy storage is particularly beneficial for off-grid solar solutions. Many regions in Sub-Saharan Africa and India are increasingly using solar energy combined with batteries to power homes, businesses, and even entire villages.

According to IRENA, over 60 million people in India lack access to electricity, and solar-powered energy storage systems are a low-cost solution that can provide a consistent power supply without the need for extensive grid infrastructure.

Regional Analysis

North America is currently the dominant player in the solar generator market, holding a market share of 39.7% with a valuation of USD 2.5 billion. This dominance is fueled by robust investment in renewable energy technologies and supportive government policies promoting green energy. The U.S. and Canada are leading this push, with numerous incentives for solar power adoption, including tax credits and grants for solar equipment purchases.

Europe follows closely, with a strong emphasis on reducing carbon emissions and promoting sustainable energy practices. The European Union’s aggressive targets for reducing greenhouse gas emissions have spurred significant growth in the solar generator sector. Countries like Germany, the UK, and France are leading in the adoption of solar technologies, supported by favorable government policies and the increasing affordability of solar systems.

Asia Pacific is witnessing the fastest growth in the solar generator market, driven by rapidly increasing energy demand and significant investments in solar power in China, India, and Japan. These countries are leveraging their vast solar potential to meet rising energy needs while addressing significant environmental challenges.

The Middle East & Africa region shows promising growth potential, largely due to its abundant solar resources and increasing government initiatives to diversify energy sources away from oil and gas. Countries like Saudi Arabia and the UAE are investing heavily in solar power to establish a sustainable energy future.

Latin America is also emerging as a significant market for solar generators, with countries such as Brazil and Chile leading the way. The region benefits from its high solar irradiance and supportive policies encouraging renewable energy installations, which are essential for meeting the growing power demands sustainably.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Players Analysis

The solar generator market is vibrant and diverse, with a range of companies from small startups to established energy corporations contributing to the industry’s growth. Among these key players, Jackery Inc. and Goal Zero are particularly notable for their portable solar generators, which have gained popularity among consumers for outdoor recreational use and emergency power solutions. These companies have successfully combined portability with efficient energy storage, making solar power more accessible to a wide audience.

Renogy and EcoFlow are other significant contributors, focusing on delivering solar power solutions that are not only sustainable but also innovative and user-friendly. Renogy is well-regarded for its solar panels and complete solar kits, while EcoFlow has made waves with its high-capacity power stations that cater to both residential and commercial needs. Their products are designed to offer reliability and high performance, which are critical in markets that demand uninterrupted power supply.

Furthermore, companies like Bluetti and Anker Solix underline the technological advancements in the sector. Bluetti offers a range of high-capacity solar generators that cater to more demanding power needs, whereas Anker Solix is carving a niche with its integration of solar technology into portable charging solutions. These companies highlight the ongoing innovation within the solar generator market, focusing on enhancing product efficiency and expanding applications.

Top Key Players

• Alpine Energies Private Limited
• Ameresco Solar
• Anker Solix
• Aton Solar
• BioLite Inc.
• Bluetti
• Coolnut
• Custom Manufacturing & Engineering Inc.
• EcoFlow
• Foshan Tanfon Energy Technology Co., Ltd.
• GMDT MARINE & INDUSTRIAL ENGINEERING PVT. LTD.
• Goal Zero
• Growatt
• Jackery Inc.
• KNV Solar Energy Private Limited
• Lion Energy
• Maxoak Corporation
• Mobile Solar Power
• Oukitel
• Renogy
• Renology
• Solar Line
• SolSolutions
• Volta Energy
• WHC SOLAR

Recent Developments

November 2023, Ameresco was awarded a contract to construct a 6.25 MW solar generation plant at Military Ocean Terminal Concord, enhancing the energy resilience for critical military operations

In 2023 BioLite Inc, the company’s innovative products like the SolarHome systems and HomeStove helped avoid over two million tons of CO2 emissions, which is akin to removing 537,000 cars from the road for a year.

Report Scope