Portable Solar Power Generator Market: Overview
· Generators convert mechanical energy into electrical energy. There are two types of generators: mobile or portable generators; and stationary generators.
· Portable solar power generator is considered a suitable off-grid alternative power source for light use. These generators are powered by the sun and provide power.
· Several solar power generators are actually all-in-one portable power stations with rechargeable batteries that charge with solar energy, a wall outlet AC supply, or through a CIG port
· Portable solar power generators are gaining popularity across the globe, as they reduce the usage of non-renewable resources such as fossil fuels. They are also cheaper to maintain as compared to conventional sources of power generation.
Key Drivers and Restraints of Portable Solar Power Generator market
· Natural calamities and bad weather are the major reasons for power outages. Generally, power failures are caused by natural weather phenomena, such as lightning, rain, snow, ice, wind, floods, and severe storms. Such natural disasters disrupt continuous power supply, which causes major faults or breakdowns in the power grid. Therefore, residential consumers rely on generators as their auxiliary power source. Continuous power requirement and unreliable power supply situation have boosted the demand for portable solar power generators.
· Portable solar power generators are lightweight. They do not produce fumes or require fossil fuels, and are soundless. These factors are projected to drive the portable solar power generator market.
· Awareness regarding the use of solar energy and favorable initiatives toward promotion of renewable energy are major factors driving the global portable solar power generator market.
· High cost of products and availability of other alternatives that are cost-effective, such as battery power packs or inverter technology, are expected to hamper the market in the near future
Global Portable Solar Power Generator Market: Segmentation
· The global portable solar power generator market can be segmented based on battery type, power rating, and region
· In terms of battery type, the portable solar power generator market can be divided into lead-acid and lithium-ion. The lithium-ion segment accounted for significant share of the global portable solar power generator market in 2020. Most solar generators use lithium-ion batteries to store electricity. They are expensive than lead-acid batteries; however, they offer various benefits. This makes them highly suitable for usage in portable solar generators. In terms of weight, lithium-ion batteries are typically 50% to 33% of similar-sized lead-acid batteries. Lithium-ion batteries are also able to charge faster than lead-acid batteries.
· Based on power rating, the global portable solar power generator market can be classified into up to 500 W and more than 500 kW. The up to 500 W segment dominated the portable solar power generator market in 2020. This trend is expected to continue during the forecast period.
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Global Portable Solar Power Generator Market: Regional Segmentation
· In terms of region, the global portable solar power generator market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
· North America dominated the global portable solar power generator market in 2020. This trend is expected to continue during the forecast period, owing to rise in government support for solar installation as well as reducing prices of solar panels in the regions.
· The portable solar power generator market in Asia Pacific is expected to expand at a significant CAGR during the forecast period. Rapid urbanization in several countries of the region, such as China, India, Indonesia, and Thailand, and rise in per capita consumption of energy in several ASEAN economies are anticipated to drive the market in the region.
· The sales of generators in Australia, Sri Lanka, India, and New Zealand are expected to fuel the market during the forecast period owing to regular power failures in these countries. For instance, the number of blackouts across New Zealand increased in 2020.
· In terms of revenue, Europe is expected to contribute significantly to the global portable solar power generator market during the forecast period
COVID-19 Impact on Global Portable Solar Power Generator Market
· The COVID-19 pandemic has adversely affected the global portable solar power generator market. It is impeding the global economic growth. The power sector has also been adversely impacted with significant reduction in demand for energy around the world during lockdowns. However, demand recovery for energy across globe after lockdowns is likely to lead to quick recovery of the portable solar power generator market in the near future.
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