Off-Grid Solar Market – Global Industry Analysis And Forecast (2022-2029)

Off-Grid Solar Market was valued at US$ 1.86 Bn. in 2021 and is estimated to reach US$ 4.44 Bn. in 2029. The Off-Grid Solar Market size grow at a CAGR of 11.50% over the forecast period.
Off-Grid Solar Market Overview:
The report explores the Off-Grid Solar market's segments (Type of power rating, Technology, Application, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2021. The report investigates the Off-Grid Solar market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Off-Grid Solar market's contemporary competitive scenario.

Solar energy is appearing as the fastest-growing sector in power generation driven by the regulatory mechanism, technological solutions, and institutional structures. Renewable energy is being seen as a transformative solution to meet energy demand as well as sustainable economic development.To know about the Research Methodology :- Request Free Sample Report
Off-Grid Solar Market Dynamics:
Off-grid solar market, quite simply, has changed lives. For instance- In Bangladesh, Monpura is thriving, thanks to solar power. Markets are in buzz, households can power TVs, Refrigerators, and even street lights are lit up at night. Off-grid solar systems provide power to the 20 million population of Bangladesh.

Today, off-grid solar systems are reaching over 360 million people globally. This seems like a huge number, but it is just only 17% of the global market potential. Off-grid solar systems are life-changing products that hold tremendous promise for reaching more than 1 billion people, who lack to access electricity or the other 1 billion who live with unreliable or insufficient electricity services.
World Banks Groups committed $1.3 billion for the off-grid solar programs mostly based on solar technologies- in developing countries around the world, concerned with the largest population communities like Sub-Sahara, Africa, and South Asia, where homes are without access to electricity.
Off-grid solar systems are self-sustaining and provide power for critical loads in areas, where a power grid is not available. Major driving factors which lead them to dominate the solar power market are that they are self-sustainable, and do not rely on the grids. Generate enough power that can be stored and used at night or when the power grid is down. Act as an ideal for remote areas where there is no power access from the grid. Grid failure or shutdown does not affect their power supply.

Off-Grid Solar Market Driving Factors:

Rising actions or factors of the off-grid solar market are because of the power consumption of non-sustainable resources, operating off-grid solar market. Biomass has considered the third most frequent sustainable electricity source enhance by solar energy. These systems controlled expenditure in nations like the US, India, Italy, China, and worldwide for the implementation of off-grid solar systems. Utilizations of solar systems are rising because of the increasing cost of power & electricity, and several businesses are shifting to solar power systems.

The Ministry of New and Renewable Energy is encouraging solar systems by the Government of India under their Jawaharlal Nehru National Solar Mission. In 2021, India is ranked second amongst emerging economies to lead toward clean energy.

Commercial, Industrial building, and residential areas globally where off-grid solar electricity is supplied is having low rates than the supplied non-sustainable electricity, they are switching to solar systems because it is more economical for them. The panels store enough sunlight during the day and use the excess power generated in the light.

For example, Schneider Electric is constantly working on innovative technologies for the solar power industry's market growth. The lighting Kenya initiative helped a market for off-grid products and services in the country. Characterized by a diversity of companies and business models.
Off-Grid Solar Market Restraints:
A key factor that is challenging for the forecasted growth is their installation cost and area for installation. Costly in comparison with the on-gird solar system, it is a system that generates power using a solar power system and is directly connected to the utility power grid. These systems are best suitable when power consumption is high or wish to reduce electricity bills compare to off-grid solar systems. Businesses mostly rely on on-grid solar systems for their daily requirements because one bright sunny days are enough to handle operate their appliances, lights, water heating systems, etc. These factors are restraining the market growth.
Off-Grid Solar Market Segment Analysis:
Based on Type of Power Rating-

The global off-grid solar market is segmented into Up to 10KW, 11KW-50KW, 51KW-100KW, and above 100KW used in various areas for consumption. Electricity consumption in all over countries on an average is forecasted to reach 1580GW by 2029. Therefore, it requires to set a target for reaching a renewable energy generation capacity of 225gw by 2024. Due to the price drop on panels in the last few years, setting up solar technology systems in residential buildings and business organizations.

Based on the Application, the off-grid solar market is segmented into residential, commercial, industrial, and utilities. The Industrial segment held the largest market share accounting for 40% in 2021. Small, medium, and large-scale production and manufacturing facilities, along with construction sites, are included in the industrial section. During the forecast period, the residential segment is expected to increase at the quickest rate. Consumers preferring to abandon contracts with utility providers by opting for off-grid solar PV panels while maintaining the freedom to meet their energy demands is expected to fuel the rapid rise.
Off-Grid Solar Market Regional Insights:
The Asia Pacific region held the largest market share accounting for 53% in 2021. The region’s growth is attributed to the remarkable expenditure on solar power in Japan, China, India, and other southeast nations in the zones. For example- Different nations in the zone are presenting substantial changes in terms of shifting to renewable energy and moving their vulnerabilities and dependencies from fossil fuel to sustainable energy which maintains environmental stability and slopes down the pollution.

The North American region is expected to witness significant growth at a CAGR of 5.7% through the forecast period. Their usage of sustainable energy sources to attain rising energy demand and also their devotion to the condition of the Paris agreement.

The objective of the report is to present a comprehensive analysis of the global off-grid solar market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the off-grid solar market dynamic, and structure by analyzing the market segments and projecting the off-grid solar market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Off-grid solar market make the report investor’s guide.
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Off-Grid Solar Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 1.86 Bn.


Forecast Period 2022 to 2029 CAGR:
11.50%
Market Size in 2029:
US$ 4.44 Bn.


 Segments Covered:
by Type of power rating
• Up to 10KW
• 11KW-51KW
• 51KW-100KW
• Above 100KW


by Application
• Residential
• Commercial
• Industrial
• Utilities


by Technology
• Crystalline Silicon
• Thin layer film



Off-Grid Solar Market by Region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
Off-Grid Solar Market Key Players:
• Schneider Electric
• SMA Solar Technology
• Canadian Solar
• Yingli Solar
• Su-Kam Power System
• Backwoods Solar
• Helio Power
• Delta Electronics
• Outback Power Inc.
• Solar Power Rocks
• Greenlight Plant
• Gem Energy Australia Pvt
• Nant Energy Inc.
• ABB Ltd.
• ENGIE SA
• M-Kopa Kenya Ltd
• Hanwha Group
• Jinko Solar Holding Co

Frequently Asked Questions about the off-grid solar market:

Q.1 What is the forecasted market size of off-grid solar products for the year 2029?
Ans. The off-grid solar market forecasted size for the year 2029 is expected to reach at US$ 4.44 billion.

Q.2 What will be the forecasted CAGR for the year 2029?
Ans. The forecasted CAGR for the global off-grid solar market is expected to reach 11.5 % in the year 2029.

Q.3 What is the off-grid solar system?
Ans. The off-Grid solar system is a work independent system connected independently with the grid but has batteries that can store the solar power for future use.

Q.4 What are the advantages of an off-grid solar system?
Ans. The advantages of off-grid solar systems are they work independently and provide a battery for the storage of power, not rely on non-sustainable power.

Q.5 What are the efficiencies of off-grid solar panels?
Ans. Across the world, these systems are the numerous efficiencies that try to store the power which not affect the environment adversely.