Off-Grid Solar Market Size Worth $4.5 Billion by 2030: The Brainy Insights
The demand for off-grid solar systems has been increased due to the lower capital requirements. Thin-film solar PV panels held the greatest revenue share of 40% in the global off-grid solar PV panels market in 2021 because of their compact design, high durability high durability, and use of flexible and lightweight materials during manufacturing.
Newark, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The Off-Grid Solar market was estimated at around 2.1 billion in 2021, growing at a CAGR of nearly 7.9% during 2022-2030. The market is projected to reach approximately USD 4.5 billion by 2030.
The demand for energy has increased significantly on a global scale as a result of rapid industrialization and population development. The energy business appears to be shifting toward sustainable energy sources, which has led to an increase in the installation of solar panels, which is predicted to fuel industry growth. Major nations are also preparing to install more solar panels in the next years, which is expected to drive the market for off-grid solar PV panels throughout the projected period. Thin films have become the main market for off-grid solar PV panels based on technology.
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Additionally, it is anticipated that the low maintenance and management expenses associated with installing off-grid solar panels will boost demand for technology during the projection period. Off-grid solar panels can be readily positioned to capture the sun's greatest energy and output. Off-grid solar panels support the development of infrastructure that can support itself, particularly in distant places. Off-grid solar PV panels have a better efficiency and keep silicon panels at a steady temperature, maintaining output levels. The lowering cost of solar PV and batteries is the main driver of the worldwide off-grid solar sector.
One of the primary factors influencing the adoption of solar PV systems in the United States is the population's growing awareness of the need to utilize low carbon intensive technologies to reduce carbon footprint.
The lowering cost of solar PV and batteries is the main driver of the worldwide off-grid solar sector. Compared to 2010, the price of a solar PV module decreased by around 70% in 2020. This will certainly have a favorable effect on the market for off-grid solar energy as it expands. However, the solar photovoltaic market's expansion is constrained by expensive installation costs and subpar maintenance procedures. In addition, it is anticipated that the growing use of alternative renewable energy sources will impede the development of the market under investigation.
During the projection period, Off-grid solar PV panels are increasingly being deployed as a result of the increased use of clean energy sources for the production of industrial and commercial electricity. These panels are perfect for areas with abundant sunlight and regions that frequently experience grid failures that result in power outages. The lowering cost of solar PV and batteries is the main driver of the worldwide off-grid solar sector. Due to an increase in construction activity in the residential sector, the residential category is anticipated to develop at the quickest rate during the forecast period.
Major suppliers and vendors are enticing owners with long-term contracts that include routine maintenance and repair of the panels, fueling the market growth for off-grid solar PV panels until the year 2030. The COVID-19 outbreak contributed to the worldwide economic slump, which further reduced individual incomes and increased unemployment, obstructing the expansion of the off-grid solar industry.
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Due to improved equipment and the advent of new businesses, solar panels can command a sizable market share. The high demand in the worldwide off-grid solar industry has been attributed to the product's low installation costs and absence of shortcomings. Hydropower dams and reservoirs can be connected to solar electric networks for quicker energy storage. Additionally, the straightforward alignment of solar PV panels with the sun's direction may boost market demand. On the other hand, because they are the best option for storing solar energy, batteries are projected to obtain a significant market share. Long battery life and the utilization of lithium-ion could be good for the market.
The Global Off-Grid Solar Market is segmented into Residential and Non-Residential applications. During the projection period, the non-residential sector is anticipated to grow at the fastest rate and hold the largest market share. The residential sector consists of housing societies, residential colonies, and a variety of electrical tools. As the world's population continues to rise, there is an enormous increase in demand for housing developments and individual homes. During the forecast period, these factors are anticipated to fuel the residential segment's growth in the worldwide off-grid solar market.
Throughout the projected period, Asia-Pacific is anticipated to have the largest revenue market share. Due to the region's increased investment in developing rural areas and expanding demand for solar energy sources, off-grid solar system demand is anticipated to increase significantly in the Asia-Pacific. By supplying the region's electricity demands, solar energy is thought to be the most effective replacement for conventional energy sources in terms of reducing carbon emissions. The creation of a 150 MW floating solar power project in Uttar Pradesh required an investment of about USD 110 million from India's Shapoorji Pallonji and Company Private Limited and ReNewPower in August 2019.
The energy industry's players are concentrating on the adoption of renewable energy sources to reduce carbon emissions in the Middle East and Africa, where the bulk of the countries do not have widespread access to power. Additionally, many solar companies operating in the area have developed banking systems to assist customers in making instalment payments for the equipment to assist the low-income segment. The Middle East and Africa's off-grid solar sector is expanding because of these factors.
Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Off-Grid Solar Market CAGR
List of the prominent players in the Global Off-Grid Solar market:
• Jinko Solar
• JA Solar
• Trina Solar
• LONGi Solar
• Canadian Solar
• Sun Power Corporation
• First Solar
• Hanwha Q-CELLS
• Risen Energy
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The global Off-Grid Solar market is segmented as follows:
• Thin Film
• Crystalline Silicon
• North America
o The U.S.
o The UK
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Rest of Latin America
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