Global containerized solar generators market was valued at USD 365.09 million in 2018 and is expected to reach value of USD 570.12 billion by 2026 at a CAGR of 8.2% during the forecast period, 2019–2026.
The global containerized solar generators market is gaining huge popularity owing to environmental benefits and governmental initiatives to promote and support use of renewable energy. Containerized solar generator is used to transform sunlight into electricity.
Increasing cost of electricity produced by conventional method and growing per capita usage of electricity is positively impacted on containerized solar generator market. For instance, according to the central electricity authority of India, in 2013-14, per capita electricity consumption in India was 956.64 KWH and it was increased at 1101 KWH in 2015-16. Rapid industrialization and urbanization are expected to augment the per capita electricity consumption. This scenario of the increasing use of electricity highlights increasing burden on conventional methods of electricity generation which enforces to find alternative sources of electricity.
Global containerized solar generators market is segmented by type, storage capacity, and application.
By type, the market is segmented into off-grid/ hybrid and grid connected. Hybrid power plant generates electricity by using two or more sources of energy such as wind and solar power system. Off-grid/ hybrid solar power system is expected to gain huge demand during forecast period due to its significance of complementary power generator, increased capacity utilization and efficient usage of land. Increasing occupancy of land for residency impel to use a hybrid solar system which reduce dependency on the single sources and increase the productivity of a solar plant.
By storage capacity, the market is segmented into 10 – 40 KWH, 40 – 80 KWH, 80 - 150 KWH and More than 150 KWH. More than 150 KWH storage capacity containerized solar generators are majorly used for the government solar projects, commercial, industrial projects, etc. Increasing government projects are expected to propel the growth of containerized solar generators market during forecast period 2019- 2026. For instance, China was the first country to pass 100 GW of cumulative installed PV capacity in 2017 and it was increased at 174 GW of cumulative installed solar capacity by 2018. Moreover according to US-based Institute for Energy Economics and Financial Analysis (IEEFA), China's large international clean energy projects and takeovers was accounted USD 32 billion in 2016 and it was increased by USD 44 billion in 2017.
By application, the market is segmented into household appliances, manufacturing, energy, automotive and others. Energy sector is a major contributor for the growth of global containerized solar generators market owing to increasing attention to produce electricity by solar energy system than conventional system, attributed to control CO2 emission and environmental threats. For instance, according to report published by International Renewable Energy Agency, the share of renewable energy sector was 25 % in 2017 and it is projected to capture share 85% by 2050 mostly through growth of solar and wind power sector.
Asia Pacific is anticipated to gain major traction in global containerized solar generators market owing to growing technology enabled urban population and government’s initiatives to promote to produce cleaner energy. For instance, according to Ministry of new and renewable energy, in 2010, India launched The National Solar Mission and set ambitious target to install 100,000 MW of grid connected solar power by 2022. In addition to that, according to the, Global Innovation & Technology Alliance, annual electricity consumption per electrified household of rural and urban was 800 KWH and 1400 KWH respectively and it is anticipated to increase at 2,100 KWH (Rural)and 3700 KWH (Urban), which intensifies the increasing burden on energy sector and impel to find alternative sources of energy.
China dominated global containerized solar generators market in 2017. For instance, According to Global Market Outlook 2018-2022 for solar power China installed 34.5 GW solar capacity plant in 2016 and it was increased 52.8 GW in 2017 which accounts to half of the world solar capacity.
Europe is likely to hold significant market share in global containerized solar generators market during forecast period 2019- 2026. Europe focuses on long term decarbonisation of EU energy system for that Europe straightening solar power system and installed 76.6 GW of grid connected solar plants in 2016 and it was increased up to 99.1 GW which accounts to 30% year- on - year growth, additionally, Europe targeted to install 1 terawatt solar power plant by 2022.
North America is expected to gain significant growth in global containerized solar generators market during assessment period 2016 - 2026. This growth is mainly attributed to increasingly shifting form non-renewable to renewable sources to reduce carbon emission and adoption of solar energy to reduce the business cost. U.S. business are increasingly adopting solar generators due extensive reduction in the cost of solar. For instance according to Solar Energy Industries Association, many more recognizable and best run companies are adopting and expanding their use for solar energy such as Apple, Verizon data centres, Better Business Bureau and other. New headquarter of Apple Inc. in Cupertino is LEED Platinum-certified office in North America. It is powered by 100% renewable energy from multiple sources which includes a 17 megawatt onsite rooftop solar installation.
Latin America is expecting notable growth in containerized solar generators market during the forecast period 2016- 2026. This region represents world's one of the world's most dynamic renewable energy markets. According to International Renewable Energy Agency and Climate Policy Initiative Organizations (Non-Government Organizations), Brazil, Mexico and Chile ranked amongst the top ten countries in renewable energy markets. Addition to that, Brazil generates almost 45% of its energy by renewable resources and out of total renewable resources, decentralized solar generation contributes almost 70% of power in the region.
Middle East and Africa may witness significant growth in the containerized solar generators market due to the relatively slow rate of overall development and lack of government support in the region.
Some of the key players in the global containerized solar generators market are
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