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 fuel. Therefore, containerized solar generators are used as an alternative that provides uninterrupted clean energy. An increase in the 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
The Covid-19 had a significant impact on almost all the industries around the world. Containerized Solar generators market also faced a significant downfall in the market. Lockdown 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.
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 interval.
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 hold second and third largest share when compared across other regions. Growing awareness among the developing nations regarding dangers to the environment has led to an increase in the demand for containerized solar generators.
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 to take advantage of the untapped potential market.