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The growing popularity of solar energy sources has led to an escalation in the progress of the off-grid solar market. Reports that gauge the energy and power industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The displays poise to achieve a 12.50 % CAGR in the upcoming forecast period.
The upsurge in the use of off-grid solar power in residential applications is expected to boost the advancement of the market. The freedom of the end users from utility companies due to isolation from the grid is expected to create a surge in the expansion of the off-grid solar market. The rising ability to use battery back-up for power requirements is anticipated to motivate the off-grid solar market in the impending period.
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Segmental Analysis
The segmentation of the off-grid solar market has been carried out on the basis on application, product, and region.
The segmentation of the off-grid solar market on type basis comprises of 10 W, 51-100 W, 11-50 W, and above 100 W.
Based on the applications, the off-grid solar market is segmented into commercial, residential, and industrial.
The regions evaluated in the off-grid solar market are South America, Europe, Asia Pacific, North America, Middle East, and Africa.
Detailed Regional Analysis
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 off-grid solar market globally is anticipated to observe extensive growth through the forecast period due to the emphasis on minimization of carbon footprints and reduced electricity costs. The Asia Pacific region is assessed to be the swiftest growing market, by region, throughout the forecast period. This growth is due to the noteworthy investments in the solar power sector in countries such as Japan, China, India, and other Southeast Asian countries. For example, several countries in the region are presenting widespread modifications to their energy policies and removing their reliance on fossil fuels to renewable fuels in order to decrease pollution and preserve ecological balance.
Competitive Analysis
The expansion of the market is reliant on the cutbacks achieved in profile-raising and miscellaneous overhead. The client base in the market is diversifying rapidly to display a broad range of demands that have to be dealt with precision so as to create a loyal user base. An unequivocal lead in the market place is expected to be created due to amended strategies in specific areas. The creation of new competencies and resources in the market is expected to further fuel the development of the market. The restrictions in the market are dealt with effectively so that they don’t impact the growth of the market. The creation of favorable competitive advantage is expected to further expedite the development of the market in the forthcoming period. The experimentation in the basic strategies to help leadership to attain successful results in the market space is bolstering the growth in the market.
Competitive Dashboard
The significant competitors in the off-grid solar market are SMA Solar Technology, Yingli Solar, Canadian Solar, Su-Kam Power Systems, Greenlight Planet, Backwoods Solar, HelioPower, Schneider Electric, Solar Power Rocks, and Off Grid By Design, among others.
Industry Updates:
Apr 2019 The World Bank has consented to strengthen the Regional Off-Grid Electrification Project (ROGEP) with access to $225 million in credit and cash. The project expands off-grid access to electricity via standalone solar systems in 19 countries in West Africa and the Sahel. The World Bank capital consists of $150 million in grants and credit from the International Development Association which is a unit of the World Bank that aids the world’s underprivileged countries. The and a $74.7 million contingent recovery grant from the Clean Technology Fund of the Climate Investment Funds, which are also administered by the World Bank alongside regional development banks.
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