Off-Grid Solar Market Trends, Top Key Players, Demand, Growth, Forecast By 2030
Research Reports
Jul 18, 2023
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 (2023–2030).
Market Research Future Insights
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.
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.
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Covid-19 Impact on Off-Grid Solar Market
Supply Chain Disruptions: The global lockdowns and restrictions on movement impacted the production and distribution of solar components and equipment. Many manufacturers faced delays and shortages of raw materials, leading to delays in project implementation and increased costs.
Financial Constraints: The economic downturn resulting from the pandemic affected financing and investment in off-grid solar projects. Many investors became more cautious, and funding for new initiatives may have been postponed or reduced.
Increased Energy Demand: As people spent more time at home during lockdowns, the demand for off-grid solar systems increased, especially in rural areas where access to electricity was limited. This demand surge presented opportunities for market growth.
Deployment Challenges: Social distancing and travel restrictions hindered on-site installations and maintenance, impacting project timelines. In some cases, ongoing projects were paused or faced difficulties in accessing remote areas.
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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
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.
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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.
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).
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