The off-grid solar market has been growing rapidly in recent years, driven by several factors:
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Energy access: Around 840 million people worldwide still lack access to electricity, and off-grid solar provides a cost-effective and scalable solution to help bridge this gap. Off-grid solar products such as solar lanterns, solar home systems, and mini-grids are becoming increasingly affordable, making them accessible to more people in rural and remote areas.
Cost competitiveness: The cost of solar PV technology has been declining steadily over the past decade, making it an increasingly attractive option for off-grid power generation. In many cases, solar is now cheaper than diesel or other fossil fuels, especially in areas with high fuel costs or difficult-to-reach locations.
Climate change: Off-grid solar provides a sustainable alternative to fossil fuels, which are a major contributor to greenhouse gas emissions. By using solar power, off-grid communities can reduce their carbon footprint and mitigate the effects of climate change.
Technological advancements: There have been significant technological advancements in solar PV technology, including more efficient panels, energy storage systems, and smart grid solutions. These advancements have made off-grid solar systems more reliable, scalable, and easier to manage.
Government support: Governments around the world are increasingly supporting off-grid solar through policy incentives and funding programs. For example, in India, the government has set a target of installing 40 GW of rooftop solar by 2022, and in sub-Saharan Africa, governments are supporting the development of mini-grids through public-private partnerships.
Off-Grid Solar Market Overview:
Off-Grid Solar Market share is expected to reach USD 3.9 billion by 2030, expanding at a compound annual growth rate (CAGR) of 8.80% during the forecast period.
Industry News:
Canadian Solar, Trina Solar, and some other known companies in solar module manufacturing are coming up with a silicon wafers standard to produce high wattage.
Regional Classification:
As per the regional analysis that has been made, it is found that APAC is the region dominating the market of the global off-grid solar because of the demand for solar energy. It has more potential in the projects associated with renewable energy and also for a better investment in the rural sector.
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