Off-Grid Solar Market Key Strategies, Historical Analysis, Segmentation and Comprehensive Research till 2023
Off-Grid Solar Market Synopsis
Off-grid solar system should be designed in such a way that it should generate enough power throughout the year and have sufficient battery capacity to meet residential requirements. Off-grid solar finds application majorly in remote areas which are far away from electricity grid. There are two types of off-grid systems, namely, AC coupled system and DC coupled system. Solar off-grid systems help to save energy bills.
The global off-grid solar market is set to witness significant growth due to Rising population in the countries such as India and China are mainly driving the off-grid solar market. The implementation of off-grid devices in the region is also driven by increased availability and affordability of small solar devices such as solar lights and lighting kits. Moreover, the major issue of electrification in the region is being tackled through various solar products with tailored solutions. For instance, stand-alone solar products in the region involves catering to various applications such as solar home systems, and community lighting solutions, among others.
Segmental Overview
The off-grid solar market has been segmented based on application into as residential, commercial, and industrial.
Residential segment is expected to dominate the market during the forecast period due to rising use of off-grid solar system as source of back-up power.
Industrial segment is also the prominent segment as most of the industries are located in remote areas where the connection from the main or national grid keeps on fluctuating.
The installation is majorly taking place in Europe, North America, and Asia Pacific. Considering the product, the market is segmented as up to 10 W, 11-50 W, 51-100 W, and above 100 W. Up to 10 W segment accounts for largest share in the off-grid solar market due to its rising installation in residential sector.
Regional Outlook
Region wise, Asia Pacific held the largest market share of the global off-grid solar market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in renewable energy sources and high demand for off-grid solar systems by the residential sector. The off-grid solar market would be mainly driven by the favorable government regulations against greenhouse gas emissions.
Key Players
The key players of the global off-grid solar market are Schneider Electric, SMA Solar Technology, Canadaian Solar, Yingli Solar, Su-Kam Power Systems, Backwoods Solar, HelioPower, Solar Power Rocks, Greenlight Planet, and Off Grid By Design.
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