Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2.1 Billion in 2021 off-grid solar market will reach USD 4.5 Billion by 2030. Off-grid solar power systems are a popular solution to increase access to renewable energy while protecting the environment. Off-grid solar systems work independently from the electrical grid due to batteries that store the solar electricity generated by the system. The four essential components of an off-grid solar system are batteries, solar panels, inverters, and controllers. These systems provide electricity for essential loads in locations without a power grid.
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Key Insight of the Off-Grid Solar Market
Asia Pacific emerged as the most significant market, with 30% market revenue share in 2021.
Asia Pacific dominated the market, with a market share of around 30% in 2021. Plans for electrifying rural regions and government incentives to boost solar energy use could have an impact on the demand in the APAC market. The market may profit from the sustainable efforts being made in the APAC region to minimise carbon emissions and meet energy needs.
The thin-film segment is expected to grow at the highest CAGR of 9.36% over the forecasted period.
Over the projected period, the thin-film segment is anticipated to grow at the highest CAGR of 9.36%. It is as a result of their small size, high level of durability, and manufacturing process' usage of flexible and light-weight materials. Thin-film off-grid solar PV panels are frequently employed in commercial applications due to their light weight and inexpensive installation.
The commercial segment is expected to grow at the highest CAGR of 9.17% over the forecasted period.
Over the projected period, the commercial segment is anticipated to grow at the highest CAGR of 9.17%. Commercial solar PV panels have the ability to heat water in buildings, pre-heat ventilation air, and power industrial facilities in off-grid or remote locations. They span between 14 and 20 years.
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Market Dynamics
Driver: Growing adoption of off-grid solar in developing and rural areas
Off-grid solar energy has changed lives. For instance, solar energy is contributing to the growth of Monpura in Bangladesh. Markets are prospering, houses can run refrigerators and TVs, and even the street lighting at night. Off-grid solar arrays in Bangladesh are used to provide electricity for the country's 20 million residents. Off-grid solar installations are presently available to more than 360 million people worldwide. Despite the fact that this amount appears to be enormous, it only accounts for 17% of the potential global market. Off-grid solar systems have the potential to greatly improve the lives of the additional 1 billion people who have irregular or insufficient access to power in addition to the 1 billion people who do not.
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Some of the major players operating in the off-grid solar market are:
• Jinko Solar
• JA Solar
• Trina Solar
• LONGi Solar
• Canadian Solar
• Sun Power Corporation
• First Solar
• Hanwha Q-CELLS
• Risen Energy
• Talesun
Key Segments cover in the market:
By Type:
• Thin Film
• Crystalline Silicon
• Others
By Application:
• Residential
• Commercial
• Industrial
By Region
• Asia Pacific (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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