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.
Access Full Report at: https://www.marketresearchfuture.com/reports/off-grid-solar-market-7227
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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