New York US, Jan. 23, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), Off-Grid Solar Market Research Report Information by Application, Component, and Regions-Forecast 2030, the off-grid solar market is predicted to thrive substantially during the review era from 2022 to 2030 at a robust growth rate of approximately 8.8%. The report further anticipates the market to attain a valuation of around USD 3943.4 million by the end of 2030.
Off-Grid Solar Market Overview:
Off-grid solar solutions have begun as conventional solutions to enhance access to renewable energy in an environmentally sustainable way. Off-grid solar systems operate individually off the power grid with the help of batteries storing solar power produced by the system. An off-grid solar system primarily consists of four components: controller, inverter, solar panels, and battery. These systems offer power for crucial loads in areas where the power grid is unavailable. Off-grid solar solutions have portrayed a significant part in expanding energy access to millions of people, particularly in Sub-Saharan Africa and South Asia, which deal with some of the world's most significant gaps in energy access rates. End users, private investors, and policymakers comparable have comprised off-grid solar products as a reasonable and sustainable solution for electricity access, as practical-use appliances for refrigeration, cooling, and irrigation have assisted offer a source of income for households across the commercial and public, industrial, and agricultural sectors. The global market for off-grid solar has shown massive growth in the last few years. The central aspect supporting the market's growth is the sustainable solutions demanded by governments. Furthermore, aspects such as soaring costs of electricity & near depletion of fossil fuel reserves, adoption of off-grid solar solutions, incentives provided to villagers for installation of solar panels, and acquisition of renewable energy schemes are also likely to boost the growth of the market over the coming years.
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Off-Grid Solar Market Competitive Analysis
The list of key participants across the global Off-Grid Solar Market includes players such as:
- ABB LTD (Switzerland)
- Sunpower Corporation (US)
- Schneider Electric Se (Paris)
- Hanwha Group (South Korea)
- Canadian Solar (Canada)
- M-Kopa (Kenya)
- Engie (France)
- OOLU Solar (Senegal)
- SMA Solar Technology (Germany)
- Solectria Renewables (US)
- Jinko Solar Holdings (China)
- Delta Electronics (Taiwan)
- Among others.
Off-Grid Solar Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 3943.4 Million |
| Growth Rate | CAGR of 8.8% from 2023 to 2030 |
| Base Year | 2022 |
| Study Period | 2023-2030 |
| Key Market Opportunities | Small and medium enterprises (SMEs) switching to solar energy |
| Key Market Drivers | Increasing share of solar energy sources in the global energy mix Growing adoption of off-grid solar in developing and rural areas |
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Off-Grid Solar Market USP Covered
Market Drivers
The global market for off-grid solar has shown massive growth in the last few years, given factors like the rising adoption of off-grid solar in developing and rural regions, the growing share of solar energy sources in the global energy mix, and small and medium enterprises (SMEs) switching to solar energy.
Off-Grid Solar Market Restraints
On the other hand, the high installation cost is anticipated to restrict the market's growth.
COVID-19 Impact
The global Off-Grid Solar Market has witnessed several unexpected challenges recently, given the arrival of the global health crisis in the form of COVID-19. On the other hand, with rapid vaccination rates across the globe, the global market for off-grid solar is anticipated to witness massive growth over the coming years.
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Off-Grid Solar Market Segment Analysis
Among all the products, the solar panel segment is anticipated to hold the top position across the global market for off-grid solar over the coming years. Solar panels are an assemblage of photovoltaic cells that harness solar energy from solar radiation. The rising demand for renewable-based electricity and several government initiatives to boost the implementation of solar energy are considered the main parameters are supporting the segment's growth.
Among all the applications, the non-residential segment is predicted to ensure the top spot across the global market for off-grid solar over the review era. The residential sector comprises residential colonies, housing societies, and electrical equipment. The segment's growth is ascribed to the factors such as the demand for residential complexes & residential units and the rapidly growing population across the globe.
Off-Grid Solar Market Regional Analysis
The global market for off-grid solar is analyzed across five major regions: South America, the Middle East & Africa, Asia-Pacific, Europe, and North America.
According to the analysis reports by MRFR, the Asia-Pacific region is anticipated to hold the top position across the global Off-Grid Solar Market over the review era. The central aspect supporting the regional market's growth is the rising demand for solar power energy sources. Furthermore, the growing investments in developing rural areas across the region is another crucial parameter likely to boost the regional market's growth over the review timeframe. Solar energy is believed to be the ideal replacement for conventional energy sources to lower carbon emissions by meeting regional electricity needs. In India, in August 2019, ReNewPower (India) and Shapoorji Pallonji & Company Private Limited (India) invested over USD 110 million in the development of a 150 MW floating solar power project in Uttar Pradesh.
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The off-grid solar market for the Middle East & African region is anticipated to record substantial growth over the review era. Most nations do not have universal access to electricity, and stakeholders across the energy industry emphasize implementing renewable energy sources to lower carbon emissions across the region. Moreover, several solar firms operating across the region have launched financial systems to help consumers pay for the equipment in installments to assist the low-income group. Such aspects are boosting the growth of the off-grid solar market across the Middle East & African region over the coming years.
The North American regional market for off-grid solar is anticipated to show massive growth over the coming years. the region has the US as the leading growth contributor. The central aspect supporting the growth of the regional market is the growing consumption of PV panels in the country. Furthermore, the rising awareness among the population is also predicted to boost the regional market's growth over the assessment timeframe.
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