Off-grid Solar Market Overview —
Off-Grid Solar Market is estimated to exhibit a CAGR of 8.62% over the forecast period (2022-2030), according to Market Research Future (MRFR). Off-grid solar solutions are an alternative for storing renewable energy amid the looming energy crisis and fluctuations in oil prices. Off-grid solar systems can work independently and store energy with the help of batteries. International agreements on lowering carbon emissions and pushing forward on sustainable development schemes are major factors driving the market.
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Key Companies Covered in the Report
Hanwha Group (South Korea)
M-KOPA Kenya (Kenya)
Delta Electronics Inc. (Taiwan)
Jinko Solar Holding Co. Ltd. (China)
SunPower Corporation (U.S.)
Solectria Renewables LLC (Japan)
Canadian Solar (Canada)
Schneider Electric (France)
Oolu Solar (Senegal)
SMA Solar Technology Ag (Germany)
Key Market Drivers
Increasing share of solar energy sources in the global energy mix
Growing adoption of off-grid solar in developing and rural areas
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Trina Solar, Canadian Solar, and other 6 prominent names in solar module manufacturing are proposing a certain standard for silicon wafers for producing higher wattage. The standard can improve efficiency, lower production costs, and spur technological breakthroughs. The 210mm standardization of silicon cells can improve flux value and dumpling effect of solar modules.
North America to be a Lucrative Off-grid Solar Market
North America is expected to be lucrative for the global off-grid solar market owing to adoption of clean energy technologies and growing residential activities. Industries are largest consumers of electricity and use of thin films for storing energy in maximum sunlit areas. In addition, long-term contracts by vendors and suppliers for maintenance and servicing of panels can bode well for the market. Awareness of financial incentives and adherence to the Paris Agreement by the U.S. government can bode well for the off-grid solar market.
APAC to Rule the Off-grid Solar Market
APAC is expected to dominate the global off-grid solar market owing to the demand for solar energy, potential in renewable energy projects, and investments in rural areas. Schemes for electrification of villages and incentives provided by governments for boosting solar energy use can drive the regional market demand. Sustainable goals of countries in the region to lower carbon emission levels and meeting power demand can bode well for the market. This is exemplified by the establishment of a solar power plant by the collaboration of Shapoorji Pallonji and Private Company Limited and ReNew Power India.
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The global off-grid solar market is competitive with countries providing funds and grants to large companies for breakthrough innovations. Sustainable development schemes as well as aims for electrification of struggling economies are opportunities driving leading market players. Recycling and e-waste management underline the major challenges to be overtaken for gaining the edge over the competition.
Adoption of Off-grid Solar Equipment in Rural Areas
Off-grid solar systems are increasingly finding applications in rural areas for providing an alternative to grid extensions. It is required for lowering the emission levels of greenhouse gases and successfully making the switch to alternative energy. Acknowledgement of solar energy and incentives provided to people can drive its sales. The Malaysian government has decided to use off-grid solar equipment for electrifying a village in Sarawak, east Malaysia.
Switch of SMEs to Solar
Small and medium-sized enterprises can take advantage of grid-based electricity to attain their needs. Grid defection rates can be lowered in situations of hybrid plants offering distributed energy services. Village lighting schemes and establishment of microgrids can lead to storage of solar energy in off-site grids. Rise of microgrid companies and crowdfunding platforms for driving investments can drive the demand in the global off-grid solar market.
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Global Off-Grid Solar Market report by MRFR provides insights on renewable energy production and the scope of solar energy production. The insights gleaned from thorough primary and secondary research can act as a lodestar for future investors. It is segmented in the following manner for easier comprehension of readers:
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