Off-grid solar systems are
devices which rely on solar panels to charge the internal battery and remain
unconnected to the grid. The power accumulated from these panels are used in
supplying a constant stream of electricity to power all applications. End-users
are able to attain their energy demand without relying on utility companies.
The global off-grid solar market report by Market Research Future (MRFR)
consists of trends, insights, and opportunities for the period of 2018 to 2023.
Market Outlook
The global off-grid solar
market is expected to exhibit 12.50% CAGR over the forecast period (2018-2023)
due to application in remote areas outside the boundary of electrical grids.
Measures and steps taken by governments to reduce the dependence on
non-renewable energy sources stands as one of the primary market drivers.
Investments in solar power by China, India, Italy, and the U.S. can spur the
market demand exponentially during the forecast period.
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Solutions for cutting down
carbon emissions and reducing energy bills are estimated to positively impact
market growth. Influx of capital in the renewable energy sector coupled with
supportive government policies are factors likely to augment well for the
off-grid solar market. As per the European Commission report, nearly USD 28.44
billion needs to be updated between 2020 and 2050 which creates a plethora of
opportunities for the off-grid solar market.
The adoption of lithium-ion
technology combined with lowered prices of solar panels and related
technologies can create numerous opportunities and attract sizeable investments
over the assessment period. Establishment of lithium battery manufacturing
plants as well as equipment leasing companies can bring down the prices of
solar photovoltaic panels and facilitate market growth.
Segmentation
Analysis
The global off-grid solar
market is segmented by type and application.
Types include up to 10 W,
11-50 W, 51-100 W, and above 100 W. Among these, the up to 10 W segment is
projected to attain the largest market share due to its use in residential
applications.
Major applications include
industrial, commercial, and residential. The residential segment can register a
stellar CAGR during the forecast period and generate significant revenue for
the market.
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Region Analysis
Geographically, the
off-grid solar market comprises North America, South America, Europe, the
Middle East & Africa (MEA), and Asia Pacific (APAC).
The APAC region is presumed
to showcase a robust CAGR during the forecast period due to considerable
investments in generation of power via solar energy by China, India, Japan, and
other Southeast Asian countries. Changes in their energy policies and
transition to renewable fuels from fossil fuels for reducing environmental
damage can bode well for the regional market growth.
The North America region is
expected to accrue a windfall due to inclination towards renewable energy
sources. The U.S. and Canada can be the biggest revenue contributors due to
high sales of equipment and devices in the area. In addition, the impact on
employment is likely to ensure the continuous growth of the market. Demand for
eco-generators coupled with development of micro grids connected to renewable
energy sources can bode well for the global market.
The MEA region possess the
maximum market potential due to rural and unelectrified regions in sub-Sahara.
The abysmal power supply coupled with the absence of electricity for nearly 80
million for Nigeria with a population of 180 million has created the market for
off-grid power stations and equipment. Desire of industrialization coupled with
initiatives by the government to stave off poverty can drive the market demand
within the region.
Competitive
Landscape
Prominent names profiled in
the off-grid solar market include Solar Power Rocks, HelioPower, SMA Solar
Technology, Schneider Electric, Canadian Solar, Greenlight Planet, Su-Kam Power
Systems, Backwoods Solar, Off Grid By Design, Yingli Solar, and others.
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