Containerized Solar Generators Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product Type (Off Grid, Grid Connected), By Storage Capacity (10 - 40 KWH, 40 - 80 KWH, 80 - 150 KWH, More Than 150 KWH), By Application (Commercial, Residential, Industrial), And By Geography - Forecasts From 2021 To 2026

The global containerized solar generators market is estimated to surge at a CAGR of 8.13% from a market value of US$360.326 million in 2019 to achieve a market value of US$622.757 million by the end of 2026. The growth in population and the rise in industrialization have led to unprecedented demand for energy.  The use of non-renewable energy sources to meet the growing demand has led to adverse climatic conditions and the risk of depletion of fossil fuels. Therefore, containerized solar generators are used as an alternative that provides uninterrupted clean energy. An increase in investments by the government to encourage the use of renewable energy will boost the demand for containerized solar generators in the market.

Impact of COVID-19 on the Containerized Solar Generators Market

Covid-19 had a significant impact on almost all industries around the world. Containerized Solar generators market also faced a significant downfall in the market. Lockdowns implemented in various countries affected transportation across countries thereby widening the gap between demand and supply. With the revival in the economy of various countries, the demand for containerized solar generators will increase and will help revive the market.

Market Drivers

• An increase in the cost of electricity produced from traditional methods and a fall in the prices of solar power generation is one of the key reasons driving the growth of the market. Strict government regulations to reduce CO2 emissions have forced energy-producing companies to switch from producing traditional energy to renewable energy generation. The compactness and scalability of containerized solar generators are the key features that encourage the adoption of containerized solar generators. By 2022 the Ministry of New and Renewable Energy in India has set an ambitious target to achieve 225 GW of renewable energy, this will foster the demand in the market for containerized solar generators.
• EU countries are adopting innovative action plans to minimize CO2 emissions, such as Solar Urban Mobility, Solar Smart Buildings, and Solar Sector Coupling, according to the EU Covenant of Mayors for Environment and Electricity. These initiatives will help reduce CO2 emissions and will increase the demand for containerized solar generators in the market. Saudi Arabia recently January 2021 launched its first containerized solar generator. Saudi Arabia's Vision 2030 is to move towards renewable energy and spent USD 200 billion to build factories and produce about 30 million solar panels, this, in turn, will lead to the creation of jobs for the people of Saudi. A rise in the cost of energy of commercial establishments and an increase in awareness about clean energy will help the commercial application sector to dominate the market. According to a recent study by the Solar Energy Industries Association, various companies that are highly recognized and are the best run are switching to renewable sources of energy and are adopting the use of solar energy. Some of these companies are Apple, Verizon data centers, Better Business Bureau, and various others companies. 

Market Restraints

The high cost involved in the use of containerized solar generators has acted as a major drawback for the market. Since the systems are climate dependent it might cause a hindrance which in turn will affect the market. Another drawback is that it is very slow when it comes to charging battery storage. On the contrary, fuel-powered generators can produce power more than 10 times when compared to containerized generators in the same amount of time intervals.

North America will witness lucrative growth.

It is estimated that North America will witness lucrative growth in the market during the forecast period. Strict rules and regulations about CO2 emissions will urge companies to switch from conventional sources of energy to solar energy. The growing concern for climatic changes will boost the demand for containerized solar generators in the market. Europe and the Asia Pacific held the second and third largest share when compared to other regions. Growing awareness among developing nations regarding dangers to the environment has led to an increase in the demand for containerized solar generators.

Key Players

The key players in the market of containerized solar generators are Jakson Group, HCI Energy LLC, GSOL Energy, Photon Energy AS, Intech Clean Energy Pty Ltd, Off-Grid Energy Limited, Energy Made Clean, Renovagen Ltd, REC Solar Holdings AS, and Silicon CPV plc. The companies use various strategies to stay ahead of their competitors and engage in various joint ventures, mergers, and acquisitions to expand their reach and take advantage of the untapped potential market.

Containerized Solar Generators Market Scope:

Segmentation

• By Product Type
  • Off-Grid
  • Grid-connected.
• By Storage Capacity
  • 10 - 40 KWH
  • 40 - 80 KWH
  • 80 - 150 KWH
  • More than 150 kWh
• By Application
  • Commercial
  • Residential
  • Industrial
• By Region
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Others
  • Europe
    • Germany
    • United Kingdom
    • France
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • Others