Off-Grid Solar Market Estimation Projected USD 3.9 billion, at a Thriving CAGR of 8.80% Growing Revenue, Trends and Global Outlook 2023 – 2030

Off-Grid Solar Market Overview:

The Global Off-Grid Solar Market size is projected to be worth USD 3.9 billion by 2030, registering a CAGR of 8.80% during the forecast period (2022–2030).

The off-grid solar market has seen significant growth in recent years as more and more people look for reliable and affordable ways to generate their own electricity. Off-grid solar systems are typically used in remote areas where grid access is limited or non-existent. They are also popular in developing countries where access to electricity is a challenge.

Solar energy is becoming the fastest-growing sector in power generation herded by regulatory mechanisms, technological solutions, and institutional structures. Renewable energy is now seen as a transformative solution to fulfill energy demand as well as sustainable economic development. Off-grid solar systems work freely off the grid and include batteries that store the excess energy generated by the solar system during the day.  These systems are self-sustaining and supply a viable backup of power during critical times. Off-grid solar systems can deliver electricity in rural areas or areas with frequent power outages. This can restrain the operations of large institutions and companies from halting and creating a delay in production. An off-grid solar system initially comprises four components; battery, solar panels, inverter, and controller. These systems supply power for critical loads in regions where the power grid is not available.

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Key Players:

The global Off-Grid Solar Market’s prominent key players are,

• ABB LTD. (Switzerland),
• Schneider Electric Se (Paris),
• Canadian Solar (Canada),
• Engie (France),
• SMA Solar Technology (Germany),
• Jinko Solar Holdings (China),
• Sunpower Corporation (US),
• Hanwha Group (South Korea),
• M-Kopa (Kenya),
• OOLU Solar (Senegal),
• Solectria Renewables (US),
• Delta Electronics (Taiwan).

The global off-grid solar market is bound to flourish over the forecast period owing to the establishment of solar component manufacturing plants, goals to lower dependency on fossil fuels, and renewable energy goals. Enhancement of technology and access to modern electricity services can push the market demand significantly. Change in business models to get more customers and low tariff plans can cope well with the market. The global off-grid solar market is specified by the presence of many local, regional, and global vendors. The market is very competitive, with all the players continually competing to obtain a larger market share. Massive competition, hasty advances in technology, frequent changes in government policies, and strict environmental regulations are some of the key factors that could flourish the off-grid solar market growth.

Regional Analysis

The global Off-Grid Solar Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

The Asia Pacific region is esteemed as the largest market share accounting for 53% in 2021. The region’s growth is ascribed to the remarkable expenditure on solar power in Japan, China, India, and other southeast countries in the zones.

The North American region is expected to witness superb growth at a CAGR of 5.7% through the forecast period. North America can be viable for investments and expansion for the worldwide off-grid solar market owing to the acquisition of clean energy schemes and the adoption of solar power in residential neighborhoods. The U.S. and Canada are anticipated to contribute to the market growth owing to being part of the Paris Agreement.

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Market Segmentation

The global Off-Grid Solar Market is segmented into the following types;

By Component:

• Solar Panel
• Battery
• Controller
• Inverter

By Application:

• Residential
• Non-Residential

TABLE OF CONTENTS

1 EXECUTIVE SUMMARY

1.1 MARKET ATTRACTIVENESS ANALYSIS

1.1.1 GLOBAL OFF-GRID SOLAR INDUSTRY, BY COMPONENT

1.1.2 GLOBAL OFF-GRID SOLAR INDUSTRY, BY APPLICATION

1.1.3 GLOBAL OFF-GRID SOLAR INDUSTRY, BY REGION

2 MARKET INTRODUCTION

2.1 DEFINITIONS

2.2 SCOPE OF THE STUDY

2.3 RESEARCH OBJECTIVE

2.4 MARKET STRUCTURE

3 RESEARCH METHODOLOGY

3.1 RESEARCH PROCESS

3.2 PRIMARY RESEARCH

3.3 SECONDARY RESEARCH

3.4 MARKET SIZE ESTIMATION

3.5 FORECAST MODEL

3.6 LIST OF ASSUMPTIONS & LIMITATIONS

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 DRIVERS

4.2.1 INCREASING SHARE OF SOLAR ENERGY SOURCES IN THE GLOBAL ENERGY MIX

4.2.2 GROWING ADOPTION OF OFF-GRID SOLAR IN DEVELOPING AND RURAL AREAS

4.2.3 DRIVERS IMPACT ANALYSIS

4.3 RESTRAINT

4.3.1 HIGH INITIAL INVESTMENTS

4.3.2 RESTRAINTS IMPACT ANALYSIS

4.4 OPPORTUNITY

4.4.1 SMALL AND MEDIUM ENTERPRISES (SMES) SWITCHING TO SOLAR ENERGY

4.5 IMPACT ANALYSIS OF COVID-19

4.5.1 IMPACT ON OVERALL RENEWABLE INDUSTRY

4.5.1.1 ECONOMIC IMPACT

4.5.2 IMPACT ON THE OFF-GRID SOLAR MARKET

4.5.3 IMPACT ON SUPPLY CHAIN OF OFF-GRID SOLAR

4.5.3.1 PRICE VARIATION OF KEY RAW MATERIALS

4.5.3.2 PRODUCTION SHUTDOWN

4.5.3.3 CASH FLOW CONSTRAINTS

4.5.3.4 IMPACT ON IMPORT/EXPORT

4.5.4 IMPACT ON THE MARKET DEMAND FOR OFF-GRID SOLAR

4.5.4.1 IMPACT DUE TO LOCKDOWN

4.5.4.2 CONSUMER SENTIMENTS

4.5.5 IMPACT ON PRICING OF OFF-GRID SOLAR

5 MARKET FACTOR ANALYSIS

5.1 SUPPLY CHAIN ANALYSIS

5.1.1 DESIGN & DEVELOPMENT

5.1.2 RAW MATERIAL & COMPONENT SUPPLY

5.1.3 MANUFACTURE & ASSEMBLY

5.1.4 SALES & DISTRIBUTION

5.1.5 END USE

5.2 PORTER’S FIVE FORCES MODEL

5.2.1 THREAT OF NEW ENTRANTS

5.2.2 BARGAINING POWER OF SUPPLIERS

5.2.3 THREAT OF SUBSTITUTES

5.2.4 BARGAINING POWER OF BUYERS

5.2.5 INTENSITY OF RIVALRY

…Continued.

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