Off-Grid Solar Market is predicted to reach USD 3943.4 million at a CAGR of 8.8% during the forecast period

Pune, India, Oct 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Proppants Market.

Global Off-Grid Solar Market

Off-grid solar solutions have emerged as mainstream solutions to increase access to renewable energy in an environmentally sustainable manner. Off-grid solar systems work independently off the power grid with the help of batteries that store solar power generated by the system. An off-grid solar system mainly comprises four components, namely, battery, solar panels, inverter, and controller. These systems provide power for critical loads in areas where the power grid is unavailable.

Off-Grid Solar

Market Synopsis

According to the MRFR analysis, the Global Off-Grid Solar market size is projected to reach USD 3943.4 million by 2030 at a CAGR of 8.8%.

The demand for off-grid solar market is growing rapidly in the global market owing to various factors, including the increasing share of solar energy sources in the global energy mix and the growing adoption of off-grid solar in developing and rural areas. Off-grid solar systems are important sources of renewable energy that work independently with batteries that can store the solar power generated by the off-grid system. These solar systems are self-sustaining and provide power for critical loads where a power grid is unavailable. Within the global power sector, almost 40% of the supply chain is dependent on supply from China and other Southeast Asian countries. For instance, the US and several countries in Europe are heavily dependent on low-cost solar cells and modules from China. Hence, the pandemic has resulted in a halt in the production of off-grid solar components, which is ultimately hindering global supply.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Off-Grid Solar Market Research Report

Off-Grid Solar Market Competitive Landscape

The global off-grid solar market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.

ABB LTD, Schneider Electric Se, Canadian Solar, Engie, SMA Solar Technology, Jinko Solar Holdings, Sunpower Corporation, Hanwha Group, M-Kopa, OOLU Solar, Solectria Renewables, Delta Electronics are the major players in the off-grid solar market.

Segmentation:

Off-Grid Solar Market Based on Component:

• Solar Panel: Solar panels are an assembly of photovoltaic cells used to harness solar energy from solar radiation. The growing demand for renewable-based electricity and numerous government initiatives to increase the adoption of solar energy are the primary factors driving the demand for solar panels. The installation of solar panels has been growing rapidly in recent years in the residential and non-residential sectors.


• Battery: Solar batteries are used for the storage of electricity harnessed through the solar panels for future use. All off-grid solar systems are equipped with solar batteries for energy storage. The growing use of off-grid solar systems is expected to boost the demand for batteries in the global market. The increasing installations of off-grid solar capacity and the increasing need for expanding energy storage systems are expected to drive the growth of the battery segment in the global off-grid solar market during the forecast period.


• Controller: Controllers control the voltage and current used to charge the batteries. They prevent electric cells from overcharging, which may lead to cell damage. Controllers also reduce maintenance costs for the solar equipment by increasing the lifetime of the battery. The increasing installations of off-grid solar equipment in the global market and the rising demand for renewable-based electricity are the primary factors driving the growth of the controller segment in the global off-grid solar market.


• Inverter: Solar inverters play an important role in a solar energy system as they convert DC power output into AC for residential and non-residential applications. They improve the efficiency and reliability of a solar energy system. All off-grid solar equipment comprises inverters. As the demand for solar equipment grows, the demand for inverters will also rise. PV units in residential applications are small in size.

Off-Grid Solar Market Based on Application:

• Residential: The rise in the population resulting in urbanization and industrialization across all major economies and the declining costs of solar systems are the key factors that are boosting the use of off-grid solar equipment in the residential segment. The government authorities in countries such as India and the US offer numerous financial incentives, which are expected to increase the demand for off-grid solar equipment in the residential sector.


• Non-Residential: The residential sector includes housing societies, residential colonies, and various electrical equipment used in the sector. As the global population is growing steadily, the demand for residential complexes and residential units has grown tremendously. Such factors are expected to drive the growth of the residential segment in the global off-grid solar market during the forecast period.

• North America: North America is a prominent region in the off-grid solar market owing to the large-scale installation of solar PV equipment and incentives and government policies to promote the use of solar PV systems. Residential Renewable Energy Tax Credit, Energy Efficient State Building Initiative, Empire District Electric, and Net Metering Policy are some of the initiatives taken by the governing authorities in the US to promote the installation of solar energy systems in the region.


• Europe: Europe is one of the prominent regions in the off-grid solar market, owing to the growing demand for renewable energy sources and the increasing installation of solar power systems in residential and commercial sectors. Government bodies across Europe have introduced numerous regulations, which have boosted the adoption of solar energy in Europe. Such developments increase the demand for solar power systems in the region.


• Asia-Pacific: The demand for off-grid solar systems in Asia-Pacific is expected to grow significantly due to the growing demand for solar power energy sources and increasing investments in developing rural areas in the region. Solar energy is considered the best replacement for conventional energy sources to decrease carbon emissions by meeting the electricity needs in the region. In India, in August 2019, Shapoorji Pallonji And Company Private Limited (India) and ReNewPower (India) invested around USD 110 million for the development of a 150 MW floating solar power project in Uttar Pradesh.


• Middle East and Africa: The majority of the Middle East & Africa countries do not have universal access to electricity, and stakeholders in the energy industry are focusing on adopting renewable energy sources to reduce carbon emissions in the region. Furthermore, to help the low-income group, many solar firms operating in the region have introduced financial systems to help consumers pay for the equipment in instalments. Such factors are driving the growth of the off-grid solar market in the Middle East & Africa.


• South America: Countries in South America are currently at a developing stage, and the energy demand from the region is growing at a steady pace. Approximately 22 million people in South America do not have access to electricity. In many of these areas without access to electricity, off-grid solar equipment is increasingly being installed to provide the basic energy needs. The growing need for the electrification of rural and unelectrified areas in South America is expected to drive the growth of the regional off-grid solar market during the forecast period.