NEW
YORK, June 25, 2024 /PRNewswire/ -- The
global off-grid solar power systems market size is
estimated to grow by USD
4.01 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 12.93%
during the forecast period. High cost of grid expansion is
driving market growth, with a trend towards growing
pay-as-you-go (PAYG) model. However, high initial pv system
cost poses a challenge. Key market players include ABB Ltd.,
AKUO ENERGY SAS, Azuri Technologies Ltd., Canadian Solar Inc.,
EnerSys, ENGIE SA, Gem Energy
Australia Pty Ltd., Greenlight Planet, Havells India Ltd.,
JinkoSolar Holding Co. Ltd., Kirloskar Group, M KOPA, OMC Power
Pvt. Ltd., Oolu LLC, Powerhive Inc., Schneider Electric SE, SMA
Solar Technology AG, SunPower Corp., Tata Sons Pvt. Ltd., and
Vector Ltd..
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
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Off-Grid Solar Power
Systems Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
12.93%
|
Market growth
2024-2028
|
USD 4013.3
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
11.59
|
Regional
analysis
|
APAC, Europe, Middle
East and Africa, North America, and South America
|
Performing market
contribution
|
APAC at 47%
|
Key
countries
|
China, Kenya, India,
US, and Indonesia
|
Key companies
profiled
|
ABB Ltd., AKUO ENERGY
SAS, Azuri Technologies Ltd., Canadian Solar Inc., EnerSys, ENGIE
SA, Gem Energy Australia Pty Ltd., Greenlight Planet, Havells India
Ltd., JinkoSolar Holding Co. Ltd., Kirloskar Group, M KOPA, OMC
Power Pvt. Ltd., Oolu LLC, Powerhive Inc., Schneider Electric SE,
SMA Solar Technology AG, SunPower Corp., Tata Sons Pvt. Ltd., and
Vector Ltd.
|
Market Driver
The off-grid solar power systems market has gained significant
traction due to the global focus on enhancing energy access,
particularly in developing countries. Renewable technologies like
solar PV and energy storage have become more affordable, driving
market growth. However, high upfront costs remain a barrier for
many households. Enter the PAYG business model, which allows
customers to pay in installments for solar systems via mobile
phones. This model's simplicity and the attractiveness of the
off-grid market have led to increased private sector investments.
The widespread use of mobile phones further boosts the PAYG
business model, ensuring continued market expansion.
Off-Grid Solar Power Systems have gained significant traction in
the energy market due to their ability to provide electricity in
remote areas. The market is witnessing an increase in adoption,
particularly in developing countries. Solar panels and batteries
are the key components of these systems. In 2020, the market size
was substantial, and it is projected to grow further. The use of
renewable energy sources, such as solar, is a global trend. Solar
power systems offer independence from the grid and reduce reliance
on fossil fuels. They are also cost-effective in the long run. The
market includes various players offering different solutions, such
as solar panels, batteries, and installation services. The market
is expected to continue growing due to increasing awareness and
government initiatives promoting renewable energy.
Research report provides comprehensive data on
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Report
Market Challenges
- Off-Grid Solar Power Systems market involves integrating solar
panels with batteries and advanced equipment for continuous power
supply. Solar-Diesel hybrids are popular, reducing diesel generator
runtime and fuel costs. However, high initial investment and
skilled labor requirements increase costs. Careful planning is
essential to meet power needs without oversizing systems.
Economical operation is offset by high repair and upgrade costs.
Despite these challenges, the market continues to grow due to the
environmental benefits and energy independence offered by off-grid
solar solutions.
- Off-Grid Solar Power Systems Market: Overcoming Challenges in
Implementation The Off-Grid Solar Power Systems Market faces
several challenges in its implementation. One major challenge is
the high upfront cost of installing these systems in remote areas.
Another challenge is the intermittency of solar power, which
requires energy storage solutions to ensure a consistent power
supply. Additionally, the lack of a well-established distribution
network and the limited technical expertise in some regions pose
significant challenges. The need for regular maintenance and the
availability of spare parts are also critical factors that must be
addressed. Moreover, the regulatory framework and policy support
for off-grid solar power systems vary widely across regions, making
it essential to navigate complex regulatory environments. Lastly,
the integration of off-grid solar power systems with the existing
grid infrastructure can be technically challenging and requires
significant investment. Despite these challenges, the Off-Grid
Solar Power Systems Market offers significant potential for
providing reliable and sustainable power to remote communities and
off-grid businesses. The ongoing technological advancements and the
increasing focus on renewable energy solutions are expected to
drive market growth.
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challenges - Request a sample report!
Segment Overview
This off-grid solar power systems market report extensively
covers market segmentation by
- Type
- Application
- 2.1 Non-residential
- 2.2 Residential
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 Middle East and
Africa
- 3.4 North America
- 3.5 South America
1.1 AC- Off-Grid Solar Power Systems market refers
to the sale and installation of solar energy systems that operate
independently from the main power grid. These systems provide
electricity to remote areas or during power outages. The market's
growth is driven by increasing energy demand in off-grid locations,
government initiatives, and technological advancements. Companies
in this sector offer various solutions, including solar panels,
batteries, and inverters. The market's size is expected to expand
due to its cost-effectiveness and environmental benefits.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Off-Grid Solar Power Systems Market represents a significant
shift towards energy access through renewable sources, bypassing
the traditional electrical grid. These systems utilize solar panels
to convert sunlight into Direct Current (DC) energy, which can be
stored in energy storage systems and later converted to Alternating
Current (AC) for use with environmentally friendly appliances.
Monetary incentives, such as tax breaks and subsidies, have played
a crucial role in the widespread adoption of off-grid solar power
systems as a cost-effective and environmentally friendly
alternative to fossil fuels. Technological advancements have led to
decreasing costs, making purchasing, installing, and transporting
equipment more affordable. Supportive policies and initiatives
continue to drive the market forward, with upfront costs being a
key consideration for potential buyers. Integral infrastructure
modifications are necessary for the successful implementation of
off-grid solar power systems.
Market Research Overview
Off-Grid Solar Power Systems refer to autonomous solar power
solutions that generate, store, and distribute electricity without
relying on the main power grid. These systems are particularly
useful in remote areas or during power outages. The Off-Grid Solar
Power Systems Market is experiencing significant growth due to
increasing energy demand in off-grid locations, advancements in
solar technology, and government initiatives to promote renewable
energy. The market comprises various components such as solar
panels, batteries, charge controllers, and inverters. The Off-Grid
Solar Power Systems Market also includes different applications
like telecommunications, residential, and commercial. The market is
expected to continue its expansion due to the rising need for
reliable and sustainable power sources.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Application
-
- Non-residential
- Residential
- Geography
-
- APAC
- Europe
- Middle East And Africa
- North America
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio