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The solar generator is a solar-based photovoltaic (PV) system that converts the photonic energy from sunlight into electricity. These generators are economical as they require minimal operational cost and can store energy without needing to be warmed up. The rising power shortage globally and the demand for backup power will continue to drive the growth of this market. Technavio’s market research analyst predicts the solar generator market to reach USD 450 million by the end of 2019.
The climate change crisis has increased the awareness towards the benefits of using renewable energy sources such as solar power. Governments across the globe are also providing tax advantages and incentives to make renewable energy economical for the users. These factors and growing investments in this market have led to a drop in the cost of these power systems. For instance in China, raw materials such as polysilicon, used in solar panel production, is available at very low prices. These factors are expected to fuel the growth of the solar generator market during the forecast period.
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