Off-grid solar systems operate away from the grid but store solar energy inside batteries. The self-sustaining systems can allocate power to loads in case of an energy crunch. The global off-grid solar market report by Market Research Future (MRFR) underscores the various growth enablers, challenges, opportunities, and trends and other facets of the industry for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its impact on the industry are explored in the report as well.
The off-grid solar market size is anticipated to grow at 12.50 % CAGR during the forecast period. It is expected to witness substantial growth during the forecast period owing to efforts to minimization of carbon footprint and low electricity costs. The transition towards clean energy is expected to drive the installation of solar panels and establishment of solar power plants. Efforts by governments to lower carbon dioxide levels as evident by the government of India encouraging solar systems for major businesses to lower the load on utilities can be a plus for the market.
Aversion to grid sourced power can drive the off-grid solar market growth. The establishment of special economic zones, subsidies for small and medium enterprises, and investment opportunities provided to large corporations can bode well for the market. A viable backup solution for regions with frequent power cuts can benefit from the installation of off-grid solar systems which store and distribute energy accordingly. The huge demand for renewable energy can work as force majeure for the market. This can be attributed to the large share of solar energy and installation of plants in remote regions. The access to reliable and sustainable energy as part of the Sustainable Development Goal (SDG7) by 2030 through various financing options can provide the market a boost till 2023.
But the high installation costs of off-grid solar systems can threaten its growth.
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The global off-grid solar market size has been segmented based on product and application.
- Based on type, the market is classified into up to 10 W, 11-50 W, 51-100 W, and above 100 W. The up to 100 W segment is leading the market and has the largest market share, mainly due to rising usage in residential applications. Financing options and micro loans for small enterprises can drive the segment growth in the global off-grid solar market.
- By application, it is segmented into residential, commercial, and industrial. The residential segment of the global off-grid solar market is estimated to register the highest growth rate during the forecast period. However, the industrial segment is likely to generate huge dividends for the market owing to encouragement of governments to switch to renewable sources of energy.
Tables Of Contents
1 Executive Summary
2 Research Methodology
3 Market Dynamics
4 Global Off-Grid Solar Market, By Reactor Type
5 Global Off-Grid Solar Market, By Strategy
6 Global Off-Grid Solar Market, By Capacity
7 Regional Market Analysis
8 Competitive Analysis
9 List of Tables
10 List of Figures
Also Read @ https://www.marketwatch.com/press-release/new-innovation-off-grid-solar-market-2021---dynamics-capital-investment-and-growth-prospects-till-2024-2020-12-30?tesla=y
Asia Pacific is expected to be the fastest-growing market, by region, during the forecast period. This is due to the significant investments in solar power in China, Japan, India, and other Southeast Asian countries in the region. For instance, the various countries in the region are introducing extensive changes to their energy policies and shifting their dependence from fossil fuels to renewable fuels in order to reduce pollution and maintain ecological balance. The fall in solar PV panels and implementation of these systems in residential and industrial setups can drive the market growth exponentially.
- Greenlight Planet
- Yingli Solar
- Solar Power Rocks
- SMA Solar Technology
- Su-Kam Power Systems
- Backwoods Solar
- Canadian Solar
- Schneider Electric
- Off Grid By Design
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