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 Companies Profiled
- 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)
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.
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.
Market Segmentation
By Type
- Solar Panels
- Batteries
- Controllers
- Inverters
By Application
- Residential
- Non-Residential
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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