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.
Off-Grid
Solar Market Trends Report
The Off-Grid
Solar Market Trends Report 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.
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.
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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