PORTLAND, Ore., Jan. 13, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Industrial solar generator Market by Type (below 40 KWH, 40-80 KWH, 80-150 KWH, and over 150 KWH) Application (Electrical Industry, Oil and Gas Industry, and others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report published by Allied Market Research, the global industrial solar generator market was estimated at $195.2 million in 2020 and is expected to hit $907.0 million by 2030, registering a CAGR of 16.9% from 2021 to 2030.
Drivers, restraints, and opportunities-
Increasing demand for sustainably generated electricity drives the growth of the global industrial solar generator market. On the other hand, availability of alternative energy sources impedes the growth to some extent. However, emergence of government policies on renewable resources by providing tax relaxations and incentives is anticipated to pave the way for lucrative opportunities in the future.
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Huge disruptions in the supply chain led to significant slowdown in the production of industrial solar generators, thereby impacting the market negatively, especially during the initial phase.
However, as the global situation is getting better, the market is anticipated to revive soon.
The 80-150 KWH segment to retain the lion’s share-
On the basis of type, the 80-150 KWH segment held the major share in 2020, garnering more than one-fifth of the global industrial solar generator market, owing to increasing usage of high capacity solar generators in different industries. The 40-80 KWH segment, on the other hand, is projected to cite the fastest CAGR of 18.0% throughout the forecast period.
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The oil and gas industry segment to dominate by 2030-
On the basis of application, the oil and gas segment contributed to the lion’s share in 2020, holding nearly half of the global industrial solar generator market, due to increasing awareness about renewable energy. However, the electrical industry segment is projected to manifest the fastest CAGR of 18.2% from 2021 to 2030.
Asia-Pacific, followed by Europe and North America, held the major share in …