Off-Grid Solar Market Analysis
The global off-grid solar market is expected to exhibit 12.50% CAGR over the forecast period (2018-2023) due to application in remote areas outside the boundary of electrical grids. Measures and steps taken by governments to reduce the dependence on non-renewable energy sources stands as one of the primary market drivers. Investments in solar power by China, India, Italy, and the U.S. can spur the market demand exponentially during the forecast period.
Off-grid solar systems are devices which rely on solar panels to charge the internal battery and remain unconnected to the grid. The power accumulated from these panels are used in supplying a constant stream of electricity to power all applications. End-users are able to attain their energy demand without relying on utility companies. The global off-grid solar market report by Market Research Future (MRFR) consists of trends, insights, and opportunities for the period of 2018 to 2023.
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Market Boosters and Key Barriers
Measures are being taken by governments to reduce the use of non-renewable energy sources, which are working in favor of the off-grid solar market. High investments in solar power by India, China, the U.S., and Italy is boosting the demand for the market all over the world.
Solutions are being thought of to cut down carbon emissions and bring down the energy bills, which are leading a positive impact on the market. Also, the influx of capital within the renewable energy sector, along with rigid government policies, can benefit the off-grid solar market in the coming years. The European Commission estimates that close to USD 28.44 billion will be accumulated between 2020 and 2050, which can offer a host of growth opportunities to the off-grid solar market.
High adoption of lithium-ion technology paired with low prices of solar panels, as well as similar technologies, are attracting sizeable investments in the market. Boom in the lithium battery manufacturing plants along with equipment leasing companies is leading to reduced prices of solar photovoltaic panels, which is expected to facilitate market growth.
Prominent names profiled in the Off-Grid Solar Market include Solar Power Rocks, HelioPower, SMA Solar Technology, Schneider Electric, Canadian Solar, Greenlight Planet, Su-Kam Power Systems, Backwoods Solar, Off Grid By Design, Yingli Solar, and others.
The global off-grid solar market is segmented by type and application.
Types include up to 10 W, 11-50 W, 51-100 W, and above 100 W. Among these, the up to 10 W segment is projected to attain the largest market share due to its use in residential applications.
Major applications include industrial, commercial, and residential. The residential segment can register a stellar CAGR during the forecast period and generate significant revenue for the market.
The regional study of the off-grid solar market consists of regions such as South America, Europe, Asia Pacific, North America, Middle East, and Africa.
The North America region is expected to accrue a windfall due to inclination towards renewable energy sources. The U.S. and Canada can be the biggest revenue contributors due to high sales of equipment and devices in the area. In addition, the impact on employment is likely to ensure the continuous growth of the market. Demand for eco-generators coupled with development of micro grids connected to renewable energy sources can bode well for the global market.
The APAC region is presumed to showcase a robust CAGR during the forecast period due to considerable investments in generation of power via solar energy by China, India, Japan, and other Southeast Asian countries. Changes in their energy policies and transition to renewable fuels from fossil fuels for reducing environmental damage can bode well for the regional market growth.
The MEA region possess the maximum market potential due to rural and unelectrified regions in sub-Sahara. The abysmal power supply coupled with the absence of electricity for nearly 80 million for Nigeria with a population of 180 million has created the market for off-grid power stations and equipment. Desire of industrialization coupled with initiatives by the government to stave off poverty can drive the market demand within the region.
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