Off-Grid Solar Market Analysis

Off-Grid Solar Market share is expected to reach USD 5 Billion by 2030, expanding at a compound annual growth rate (CAGR) of 8.62% during the forecast period.

The off-grid solar market refers to the market for solar power systems that are not connected to the electricity grid. Off-grid solar systems are typically used in remote locations or areas where grid electricity is not available or unreliable. They consist of solar panels, batteries, and other components that store and distribute the electricity generated by the solar panels.

Factors Studied For Market Forecast

Drivers:

Increasing Share Of Solar Energy Sources In The Global Energy Mix

Growing Adoption Of Off-grid Solar In Developing And Rural Areas

Restraints:

High Initial Investments

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Recent Development

Trina Solar, Canadian Solar, and six other important companies in the solar module manufacturing industry are proposing a standard for silicon wafers in order to produce more power. The standard has the potential to increase efficiency, reduce production costs, and encourage technical advances. Standardization of silicon cells to 210mm can increase the flux value and dumpling impact of solar modules. 

Market Segmentation

By Type

• Solar Panels
• Batteries
• Controllers
• Inverters

By Application

• Residential
• Non-Residential

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

Opportunities:

Small And Medium Enterprises (Smes) Switching To Solar Energy

Key Companies Profiled

• Hanwha Group (South Korea)
• M-Kopa Kenya (Kenya)
• Delta Electronics Inc. (Taiwan)
• Jinko Solar Holding Co. Ltd. (China)
• Sunpower Corporation (U.S.)
• Abb (Switzerland)
• Solectria Renewables Llc (Japan)
• Canadian Solar (Canada)
• Engie (France)
• Schneider Electric (France)
• Oolu Solar (Senegal)
• Sma Solar Technology Ag (Germany)

The Global Market to Grow Post COVID-19 Pandemic

The COVID-19 pandemic has had a significant influence on the global off-grid solar business, causing production lines to be disrupted and solar installations to be shut down. The approval of many solar energy schemes and initiatives boosted renewable energy growth significantly in the first quarter of 2020. According to International Energy Agency data, distributed solar photovoltaic panels accounted for nearly 20% of renewable energy capacity in 2019. During the projection period, demand may be driven by the installation of solar energy panels as a result of their procurement by small and medium-sized businesses.

Adoption of Off-Grid Solar Equipment in Rural Areas

Off-grid solar systems are increasingly being used in rural regions as an alternative to grid extensions. It is necessary for lowering greenhouse gas emissions and successfully transitioning to renewable energy. People's acceptance of solar energy and the incentives supplied to them can drive its sales. The Malaysian government has planned to electrify a village in Sarawak, East Malaysia, using off-grid solar equipment.