Off-grid Solar Market Prospects:
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.
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. Off-grid solar system should be designed in such a way that it should generate enough power throughout the year and have sufficient battery capacity to meet residential requirements.
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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.
Solutions for cutting down carbon emissions and reducing energy bills are estimated to positively impact market growth. Influx of capital in the renewable energy sector coupled with supportive government policies are factors likely to augment well for the off-grid solar market. As per the European Commission report, nearly USD 28.44 billion needs to be updated between 2020 and 2050 which creates a plethora of opportunities for the off-grid solar market.
The adoption of lithium-ion technology combined with lowered prices of solar panels and related technologies can create numerous opportunities and attract sizeable investments over the assessment period. Establishment of lithium battery manufacturing plants as well as equipment leasing companies can bring down the prices of solar photovoltaic panels and facilitate market growth.
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.
Geographically, the off-grid solar market comprises North America, South America, Europe, the Middle East & Africa (MEA), and Asia Pacific (APAC).
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 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 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.
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.
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