New York, USA, July 06, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global off grid solar market. According to the report, the global market is projected to surpass $5,825.80 million and grow at a CAGR of 12.3% in the estimated period, 2021-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the off grid solar market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Off Grid Solar Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global off grid solar market. The pandemic caused delays in the production and supply of essential components by disrupting transportation and manufacturing. This resulted in shortages of supplies and higher prices for off-grid solar installations. Moreover, the restrictions enforced to control the virus's transmission, such as lockdowns and social distancing measures, had a major impact on the installation and maintenance of off-grid solar systems. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Off Grid Solar Market Growth
The key factor boosting the growth of the global off grid solar market is a significant rise in the need for off grid solar owing to growing demand for electricity independence. Furthermore, the growing pressure to decrease carbon emissions is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the high initial costs of off grid solar are anticipated to deter the market’s growth.
The report segments the global off grid solar market into application and region.
Industrial Sub-Segment to Grab a Foremost Share of the Market
The industrial sub-segment of the application segment is foreseen to observe leading growth in the forecast period. This growth is mainly because industrial users can significantly decrease their energy expenses by employing solar power, especially in remote places where getting grid connectivity may be challenging or costly.
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Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global off grid solar market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to the surge in need for off-grid solar solutions owing to its vast population and rapidly rising economy in this region.
Key Players of the Global Off Grid Solar Market
The report states some of the foremost players operating in the market including
- ABB Ltd.
- Canadian Solar
- Engie
- Schneider Electric SE
- Jinko Solar Holding Co. Ltd.
- SMA Solar Technology AG
- SunPower Corporation
- Greenlight Plant
- Delta Electronics
- Hanwha Group
These players are taking various initiatives, such as investing in novel product launches, strategic alliances and collaborations, etc., to obtain a leading edge in the global market.
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For instance, in October 2022, Tata Power Solar Systems, the largest integrated power utility in India, announced the launch of affordable solar off-grid solutions in Jharkhand, West Bengal, and Bihar. The off-grid solutions come in 11 variations ranging from 1 to 10 kW and come with a 5-year warranty. They combine high-efficiency solar inverters, modules, and batteries.
Also, the report provides numerous industry insights, such as top strategic initiatives and developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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