Off-grid solar is a system
that allow the users to store their solar power batteries for use when the
power grid goes down. The off-grid provide power to offset the grid power
whenever the sun is visible and also send excess power to the grid for later
use. The major end-users for the off-grid solar system are the households that
lack access to electricity connection to the national or main grid. These
households form a potential customer base for off-grid devices.
The global off-grid solar market is estimated to expand at ~12.50% CAGR during the forecast period.
Global off-grid solar market is expected to witness
substantial growth during the forecast period owing to minimization of carbon
footprint and less electricity costs. Asia Pacific is expected to be the
fastest-growing market, by region, during the forecast period.
The global off-grid solar market
is set to witness significant growth due to Rising population in the countries such as India and
China are mainly driving the off-grid solar market. The implementation of
off-grid devices in the region is also driven by increased availability and
affordability of small solar devices such as solar lights and lighting kits.
Moreover, the major issue of electrification in the region is being tackled
through various solar products with tailored solutions. For instance, stand-alone
solar products in the region involves catering to various applications such as
solar home systems, and community lighting solutions, among others.
Key Players:
The key players of the
global off-grid solar market are Schneider Electric, SMA Solar Technology,
Canadaian Solar, Yingli Solar, Su-Kam Power Systems, Backwoods Solar, HelioPower,
Solar Power Rocks, Greenlight Planet, and Off Grid By Design.
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Segmental Analysis:
Based on application, the off-grid
solar market is segmented into residential, commercial, and industrial. Residential
segment is estimated to dominate the market during the forecast period due to
the increasing demand for energy efficient resources and rising renewable
projects in remote areas. The installation is majorly taking place in Europe, North
America, and Asia Pacific. Considering the product, the market is segmented as up
to 10 W, 11-50 W, 51-100 W, and above 100 W. Up to 10 W segment accounts for
largest share in the off-grid solar market due to its rising installation in
residential sector.
Asia
Pacific accounts for the largest market share in the Off-Grid Solar Market
Region wise, Asia Pacific held the largest market
share of the global off-grid solar market in 2017. It is estimated that Asia-Pacific
region would be the fastest growing market during the forecast period, mainly
due to the rising investment in renewable energy sources and high demand for off-grid
solar systems by the residential sector. The off-grid solar market would be
mainly driven by the favorable government regulations against greenhouse gas
emissions.
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