Off-Grid Solar System Market Overview
Market Research Future (MRFR) expects the global off-grid solar market to achieve a growth rate of 12.50% during the forecast period (2016-2023).
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.
Market Segmentation
The worldwide Off-Grid Solar System Market can be segmented into product and application.
Given the type segment, the market consists of up to 10 W, 11-50 W, 51-100 W, and above 100 W. Up to 100W segment forms the largest market, primarily owing to increasing product usage in residential segment.
The off-grid solar market, with respect to the application, is split into commercial, industrial and residential. The residential segment is leading the off-grid solar market and can achieve the maximum growth rate in the following years.
Regional Analysis
The global off-grid solar system market is spread across the main regions of North America, Europe, South America, the Middle East & Africa (MEA), and Asia Pacific (APAC).
APAC, with the fastest CAGR, benefits from sizeable investments in power generation using solar energy. The most profitable markets for off-grid solar are India, China, and Japan among others. Modification in energy policies, as well as rising inclination towards renewable fuels and reduced use of fossil fuels to reduce environmental damage, is believed to boost market demand in the region. High implementation of off-grid devices is also the result of rising availability as well as affordability of small solar devices like solar lights and lighting kits.
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North America can obtain a windfall in the global market, on account of the rising use of renewable energy sources. Canada and the U.S are reckoned to be the most significant revenue generators in the region, given the strong sales of equipment and devices. Additionally, mounting demand for eco-generators combined with rising development of micro grids backed by renewable energy sources is presumed to induce market growth in the region. The off-grid solar market in the region also gains from strict government regulations aiming to bring down greenhouse gas emissions.
MEA holds maximum potential in the global market, thanks to the high concentration of rural and unelectrified regions in sub-Sahara. Low power supply as well as the absence of electricity, especially in Nigeria that has a population of 180 million is necessitating the need for off-grid power stations and equipment. Surge in industrialization along with rising number of government initiatives to reduce poverty also add to the market strength in the region.
Leading Companies
Leading companies that are competing in the global off-grid solar market include Solar Power Rocks, Canadian Solar, HelioPower, Yingli Solar, Greenlight Planet, SMA Solar Technology, Schneider Electric, Backwoods Solar, Su-Kam Power Systems, Off Grid By Design to name a few.
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