Off-Grid Solar Market Overview –
A new statistical surveying study titled “Global Off-Grid Solar Market 2020” by Market Research Future investigates a few critical features identified with ongoing coronavirus outbreak that has affected the world severely. Down to earth ideas of the market are referenced in a straightforward and unassuming way in this report. A far-reaching and exhaustive essential investigation report features that the market would expand at a pace of ~12.50 % during the forecast period 2016-2023.
A detailed analysis of many vendors operating in the off-grid solar market is included as SMA Solar Technology, Schneider Electric, Yingli Solar, Canadian Solar, HelioPower, Backwoods Solar, Greenlight Planet, Solar Power Rocks, and among others.
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Off-Grid Solar Trends & Growth
Projections show growth for off-grid solar market over the forecasted period as the sector matures and productive with the use of off-grid solar solutions such as cold storage, solar water pumps, and other products servicing public institutions that become natural expansion areas. In this market, the companies are progressively focused on its financial sustainability, which is making the market stabilized and promoting growth on consecutive terms for the future.
Off-grid solar solutions have played an essential role in extending energy access to millions of people, mainly in the regions of Africa and South Asia. Policymakers, private investors and end-users alike have embraced off-grid solar products as a reasonable and sustainable solution for electricity access, as prolific use appliances for cooling, irrigation, and refrigeration. These have facilitated with provision a source of income for households across the industrial, agricultural, public and commercial sectors.
The off-grid solar industry holds great promise, having reached 420 million users worldwide in the past ten years and with the impending for continued growth. Still, even more, financial investments will be critical to hasten the employment of off-grid solar solutions and many of the 840 million people globally who lack access to electricity even today. This factor has evolved as one of the critical backed by much gravity that has propelled the market to a great extent.
On the contrary, the factor such as the high cost of grid expansion has been instrumental in motivating the growth of the market. Yet, the high initial PV system cost might obstruct the market growth for the forecasted period.
The global Off-Grid Solar Industry has further been studied among the segments such as product and application.
Depending on type segment, the market is classified among 10 W, 11-50 W, 51-100 W, and beyond 100 W. Among these, up to 100 W segment is leading the market and has the substantial market share, mainly owing to intensifying usage in residential applications.
The global off-grid solar is segmented based on the segment of the application, includes commercial, residential, and industrial. Among these, the residential segment might record the highest growth rate during the assessment period.
The global off-grid solar market might witness extensive growth during the assessment period owing to the minimization of carbon footprint and less electricity costs. The Asia Pacific is probable to be the fastest-growing market during the forecast period. This is owing to the noteworthy investments in solar power in India, Japan, China, and other Southeast Asian countries in the region. For instance, many countries in the region are introducing all-embracing changes in energy policies and shifting the dependence from fossil fuels to renewable fuels in order to reduce pollution and maintain ecological balance.
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