Off-Grid Solar Market Analysis
Off-Grid Solar Market share is expected to reach USD 5 Billion by 2030, expanding at a compound annual growth rate (CAGR) of 8.62% during the forecast period.
Key Players
Hanwha Group (South Korea), M-KOPA Kenya (Kenya), Delta Electronics Inc. (Taiwan), Jinko Solar Holding Co. Ltd. (China), SunPower Corporation (U.S.), ABB (Switzerland), Solectria Renewables LLC (Japan), Canadian Solar (Canada), Engie (France), Schneider Electric (France), Oolu Solar (Senegal), SMA Solar Technology Ag (Germany).
Adoption of Off-Grid Solar Equipment in Rural Areas
Off-grid solar systems are increasingly being used in rural regions as an alternative to grid extensions. It is necessary for lowering greenhouse gas emissions and successfully transitioning to renewable energy. People's acceptance of solar energy and the incentives supplied to them can drive its sales. The Malaysian government has planned to electrify a village in Sarawak, East Malaysia, using off-grid solar equipment.
The Global Market to Grow Post COVID-19 Pandemic
The COVID-19 pandemic has had a significant influence on the global off-grid solar business, causing production lines to be disrupted and solar installations to be shut down. The approval of many solar energy schemes and initiatives boosted renewable energy growth significantly in the first quarter of 2020. According to International Energy Agency data, distributed solar photovoltaic panels accounted for nearly 20% of renewable energy capacity in 2019. During the projection period, demand may be driven by the installation of solar energy panels as a result of their procurement by small and medium-sized businesses.
Market Segmentation
The global off-grid solar market has been segmented on the basis of type and application.
On the basis of type, the global off-grid solar market has been segmented into solar panels, batteries, controllers, and inverters.
On the basis of application, the global off-grid solar market has been segmented into residential and non-residential.
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Regional Analysis
APAC to Rule the Off-grid Solar Market
Due to the demand for solar energy, the potential for renewable energy projects, and investments in rural areas, APAC is expected to dominate the global off-grid solar market. Schemes for village electrification and government incentives to increase solar energy use can push regional market demand. Sustainable regional goals to reduce carbon emissions while fulfilling power demand can auger well for the market. This is demonstrated by the collaboration of Shapoorji Pallonji and Private Company Limited and ReNew Power India in the building of a solar power plant.
Recent Development
Trina Solar, Canadian Solar, and six other important companies in the solar module manufacturing industry are proposing a standard for silicon wafers in order to produce more power. The standard has the potential to increase efficiency, reduce production costs, and encourage technical advances. Standardization of silicon cells to 210mm can increase the flux value and dumpling impact of solar modules.
