New York, US, May 17, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Off-Grid Solar Market Research Report Information by Type, Region, and Application - Forecast Till 2030, the global Off-Grid Solar market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 8.80%. The reports further predict the market will acquire nearly USD 3.9 billion by the end of 2030. As per the documents, the Off-Grid Solar market was valued at nearly USD 2.2 billion in 2022.
Off-Grid Solar Industry Overview:
Off-grid solar solutions have begun as conventional solutions to enhance access to renewable energy in an environmentally sustainable way. Off-grid solar systems operate individually off the power grid with the help of batteries storing solar power produced by the system. An off-grid solar system comprises four components: controller, inverter, solar panels, and battery. These systems offer power for crucial loads in areas where the power grid is unavailable.
Off-Grid Solar Market Competitive Analysis
The listing of the prominent leaders across the global market for Off-Grid Solar includes players such as:
- ABB LTD (Switzerland)
- Sunpower Corporation (U.S.)
- Schneider Electric Se (Paris)
- Hanwha Group (South Korea)
- Canadian Solar (Canada)
- M-Kopa (Kenya)
- Engie (France)
- OOLU Solar (Senegal)
- SMA Solar Technology (Germany)
- Solectria Renewables (U.S.)
- Jinko Solar Holdings (China)
- Delta Electronics (Taiwan)
- Among others.
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Off-grid solar solutions have portrayed a significant part in expanding energy access to millions of people, particularly in Sub-Saharan Africa and South Asia, which deal with some of the world's most significant gaps in energy access rates. End users, private investors, and policymakers comparable have comprised off-grid solar products as a reasonable and sustainable solution for electricity access, as practical-use appliances for refrigeration, cooling, and irrigation have assisted in offering a source of income for households across the commercial and public, industrial, and agricultural sectors. The global Off-Grid Solar industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the expanding proportion of solar energy in the world's energy mix and off-grid solar energy across rural and underdeveloped locations.
Off-Grid Solar Market Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 3.9 billion 2032: Significant Value |
| CAGR during 2023-2032 | 8.80% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Key Market Opportunities | Solar energy adoption by small and medium-sized enterprises (SMEs) |
| Key Market Dynamics | Increasing share of solar energy sources in the energy mix Growing adoption of off-grid solar in developing and rural areas |
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Off-Grid Solar Market USP Covered
Market Drivers
The global Off-Grid Solar industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the expanding proportion of solar energy in the world's energy mix and off-grid solar energy across rural and underdeveloped locations. Furthermore, the reducing cost of solar P.V. and batteries is also considered one of the crucial parameters supporting market development. Moreover, the factors such as increased usage of clean energy sources for the generation of industrial & commercial electricity and an increase in construction activities in the residential sector are also projected to support the expansion of the market over the review timeframe.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated. Moreover, alternative renewable energy sources are also projected to limit market performance over the coming years.
COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Off-Grid Solar market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
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Off-Grid Solar Market Segment Analysis
Among all the types, the Solar Panel sector is predicted to ensure the top spot across the global market for off-grid solar over the review timeframe. The segment's growth is ascribed to the factors such as many government programs and the growing need for renewable-based electricity.
Among all the application areas, the Non-Residential sector is anticipated to lead the global market for off-grid solar over the review timeframe. The demand for residential complexes and apartments, with the rapid population growth, is considered the main parameter supporting the development of the segment.
Off-Grid Solar Market Regional Analysis
The global market for Off-Grid Solar is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the North American region held the top position across the global Off-Grid Solar industry in 2022, with the largest contribution of around USD 1.00 billion. The main parameter supporting the development of the regional market is the adoption of clean energy technologies. Furthermore, factors such as awareness of financial incentives, adherence to the Paris Agreement by the U.S. government, and growing residential activities as industries are also projected to enhance the regional market performance over the coming years.
Given the availability of cutting-edge technology, the European regional market for off-grid solar is anticipated to ensure the second position globally. The region has Germany as the leading growth contributor.
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The Asia-Pacific Off-Grid Solar Market will likely showcase the maximum growth rate over the coming years. The growth of the regional market is ascribed to the factors such as solar energy, investments in rural areas, the desire for potential in renewable energy projects, government incentives to increase solar energy use, the desire for potential in renewable energy projects, and growing focus to reduce carbon emissions.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
