Solar Generator Market Size

Solar Generator Market size is evaluated at USD 554.9 million in 2024 and is projected to reach USD 1.32 billion by the end of 2037, growing at around 7.5% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of solar generator is estimated at USD 596.5 million.

The rising demand for renewable energy sources, along with tumbled prices of solar panels and an increase in energy storage technology, has influenced the rapid growth in the solar generator market. The growing concerns about climate change, government initiatives related to sustainable energy, and the growing need for energy independence drive the market further. Moreover, the reduction in the prices of solar panels and batteries, with innovative designs of products, has made solar generators economically viable for residential, commercial, and industrial markets. Thus, it has ensured the rise in the adoption of solar generators in applications such as off-grid generation, grid-tie systems, and backup power solutions which has led the solar generator market to grow substantially over the period.

For instance, in 2023, India positioned itself as the world’s third-largest generator of solar energy. According to the Institute of Energy Economics and Financial Analysis (IEEFA), India added a record 13.7 gigawatts of electricity in the first quarter of 2024, with 71.5% of the new additional capacity coming from renewable sources.