Off-Grid Solar Market
Research Report: Information by Type (Up to 10 W, 11-50 W, 51-100 W, and Above
100 W), Application (Residential, Commercial, and Industrial), and Region –
Global Forecast till 2023
Off-Grid Solar Market
Research Report – Global Forecast till 2023
The
growing popularity of solar energy sources has led to an escalation in the
progress of the off-grid solar market. Reports that gauge the energy and power
industry have been made available by Market Research Future which creates
reports on several industry verticals that review the market growth and
prospects. The displays poise to achieve a 12.50 % CAGR in the upcoming
forecast period.
The
upsurge in the use of off-grid solar power in residential applications is
expected to boost the advancement of the market. The freedom of the end users
from utility companies due to isolation from the grid is expected to create a
surge in the expansion of the off-grid solar market. The rising ability to use
battery back-up for power requirements is anticipated to motivate the off-grid
solar market in the impending period.
Segmental
Analysis
The
segmentation of the off-grid solar market has been carried out on the basis on
application, product, and region.
The
segmentation of the off-grid solar market on type basis comprises of 10 W,
51-100 W, 11-50 W, and above 100 W.
Based
on the applications, the off-grid solar market is segmented into commercial,
residential, and industrial.
The
regions evaluated in the off-grid solar market are South America, Europe, Asia
Pacific, North America, Middle East, and Africa.
Regional
Analysis
The
regional study of the off-grid solar market consists of regions such as South
America, Europe, Asia Pacific, North America, Middle East, and Africa. The
off-grid solar market globally is anticipated to observe extensive growth
through the forecast period due to the emphasis on minimization of carbon
footprints and reduced electricity costs. The Asia Pacific region is assessed
to be the swiftest growing market, by region, throughout the forecast period.
This growth is due to the noteworthy investments in the solar power sector in
countries such as Japan, China, India, and other Southeast Asian countries. For
example, several countries in the region are presenting widespread
modifications to their energy policies and removing their reliance on fossil
fuels to renewable fuels in order to decrease pollution and preserve ecological
balance.
Competitive
Analysis
The
significant competitors in the off-grid solar market are SMA Solar Technology,
Yingli Solar, Canadian Solar, Su-Kam Power Systems, Greenlight Planet,
Backwoods Solar, HelioPower, Schneider Electric, Solar Power Rocks, and Off Grid
By Design, among others.
Industry
Updates:
Apr
2019 The World Bank has consented to strengthen the Regional Off-Grid
Electrification Project (ROGEP) with access to $225 million in credit and cash.
The project expands off-grid access to electricity via standalone solar systems
in 19 countries in West Africa and the Sahel. The World Bank capital consists
of $150 million in grants and credit from the International Development
Association which is a unit of the World Bank that aids the world’s underprivileged
countries. The and a $74.7 million contingent recovery grant from the Clean
Technology Fund of the Climate Investment Funds, which are also administered by
the World Bank alongside regional development banks.
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