Off-Grid Solar Market Demand, Scope, Business Insights, Forecast By 2030

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 (2023–2030)

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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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.

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) and Delta Electronics (Taiwan).

Off-Grid Solar Market Drivers:

Energy Access and Electrification: Off-grid solar solutions play a crucial role in providing access to electricity in remote areas and regions with limited or no grid infrastructure. They enable communities and households to power essential appliances, lighting, and communication devices, improving their quality of life and enabling economic opportunities.

Cost-Effectiveness: Off-grid solar systems are becoming increasingly affordable, with declining prices of solar panels, batteries, and other components. These systems offer a cost-effective alternative to extending the centralized grid to remote areas, where it may be financially and logistically challenging.

COVID-19 Impact on Off-Grid Solar Market:

Disruption in the Supply Chain: The global lockdown measures, travel restrictions, and temporary factory closures disrupted the supply chain for off-grid solar products. Many manufacturers faced challenges in sourcing raw materials, components, and equipment, leading to delays in production and distribution.

Reduced Consumer Demand: The economic uncertainties and financial constraints caused by the pandemic have impacted consumer demand for off-grid solar solutions. With job losses and reduced incomes, potential customers have become more cautious with their spending, leading to a decline in sales.

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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.

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

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