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An off-grid solar generator system allows electricity to be captured by solar panels and stored in a battery, giving an independent power source to the house or company without a direct connection to the power system. In general, an off-grid solar system is a unique invention that supplies with autonomous solar energy. This system is made up of the components like solar panels, battery bank(s), inverters & charge controllers. The effectiveness of the components of an off-grid solar energy system determines its inventiveness. The solar panels, charge controllers, battery bank, and inverters of a solar energy system all work together to power your laptop or refrigerator.
The market is highly fragmented with key players & trend of using off-grid solar generator for saving environment as well as money. The surge in population and industrialisation has resulted in enormous energy consumption. Additionally, to fulfil rising demand, non-renewable energy sources have been used, resulting in poor climatic conditions and the possibility of fossil fuel depletion. As a result, off grid solar generators are utilized as an alternate source of clean energy that is available at all times. Increased government initiatives to stimulate the use of renewable energy will increase market demand for Off-Grid Solar Generators.
One of the major factors driving the market's growth is a decrease in the cost of energy generated through traditional means and a rise in the cost of solar power generation. Government laws requiring energy producers to convert from traditional energy generation to renewable energy generation have compelled them to do so. Off-grid solar generator generators' scalability are major advantages that favour their adoption. For Instance, India's Ministry of New and Renewable Energy has sset an ambitious goal of achieving 225 GW of renewable energy by 2022, which will boost demand for off-grid solar generator.
However, the COVID-19 had a significant impact on nearly every industry on the planet. The market for off grid solar generators has also experienced a substantial decline. Additionally, Lockdowns enforced in several nations’ impacted cross-border traffic, increasing the gap between demand and supply. However, with the recovery of various nations' economies, demand for off-grid solar generators would rise, reviving the industry.
Key Market Driver -
• Increased Consumption Of Energy, Rapidly Increasing Population Of World, And Depletion Of Natural Resources
Key Market Restraint -
• High Installation Cost & Required Daily Maintenance
Some of the key players in this market include Goal Zero, Hollandia Solar, Altern Limited, Jaspak, Sunvis Solar, BioLite, Powerenz, SolSolutions LLC (SolMan), SolaRove, SolarLine Group, Voltaic Power & others.
North America expected to witness major growth in off-grid solar generator. Additionally, companies will be compelled to convert from traditional energy sources to solar energy as a result of severe CO2 emission laws. In the addition, the market for off grid solar generators will expand as people become more concerned about climate change. Furthermore, this increase is mostly due to a move away from non-renewable to renewable energy sources in order to minimize carbon emissions and the use of solar energy to lower company costs. Therefore, due to significant cost reductions in solar, businesses in the United States are rapidly embracing solar generators.
Europe is expected to witness high growth rates in the off-grid solar generator in the forecast period. Additionally, factors like high acceptance of automation & technology in the region is further fueling the market growth. Due to the technological advancements along with rise in industrilaization & urbanization is further fueling the market. Furthermore, this region places a greater emphasis on long-term decarbonization of the EU energy system, as evidenced by the installation of 76.6 GW of grid-connected solar plants and representing a 30% year-on-year increase. Europe aims to install 1 terawatt of solar power by 2022.
Furthermore, Asia Pacific region is anticipated to experience profitable market throughout the forecast period. The growing population of the countries like China and India in the region is further creating opportunities for the growth in the market. Especially in India, the National Solar Mission was established in 2010 with the goal of installing 100,000 MW of grid-connected solar power by 2022. Furthermore, Rapid urbanization in several ASEAN nations as well as rising per capita energy consumption, are expected to boost the market in the area.
Middle East and Africa are expected to witness considerable growth in the off-grid solar generator market due to the region's modest overall development and lack of government involvement.
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