Off-grid Solar Power Market Size, Share & Industry Analysis, By Power Rating (Up to 10 kW, 11kW 50kW, 51kW 100kW, Above 100kW), By Application (Residential, Commercial, Industrial, Utilities) and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Electrical energy is the basic need today, and its demand is increasing all over the world. Also, the need for a clean source for energy has gained importance coupled with solar energy backed by government's ambitious green energy targets; it has become a major attraction for investors. Over the last decade, countries like China, India, Germany, and USA have come up with solar powerhouses and increased the production of electricity by solar energy, which in turn has helped the off-grid solar power market to grow.
On the basis of power rating, the off-grid solar power market can be segmented into up to 10kW, 11kW – 50kW, 51kW – 100kW, and above 100kW. Based on application, off-grid solar powers are divided into residential, commercial, industrial, and utilities. Off-grid solar power is used in rural or remote areas where electrical gird is not present.
Key Market Driver -
Key Market Driver – Demand shift towards clean energy
Key Market Restraint -
Key Market Restraint – Installation cost and area required for installation
The major market driver for the global off-grid solar power market is the increasing demand for carbon-neutral energy sources around the world. Solar energy is the most adopted amongst the available alternate source of energy as government offers incentives and tax rebates over the installation of solar panels. The key market restraint for the global off-grid solar power market is the high cost of installation of the off-grid solar powers.
Key Players Covered:
Some of the major companies that are present in the off-grid solar power market are Luminous Power Technologies (P) Ltd, Havells India Ltd., SMA Solar Technology AG, Schneider Electric, Backwoods Solar Electric Systems, Semprius, Zytech Solar, PlaySolar Systems Pvt Ltd, Tata Power Solar Systems Limited, EcoSoch, Watson Well, and Kirloskar Solar.
Regional Analysis:
The global off-grid solar power market has been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. China stands as the largest producer of solar panels, both traditional and hybrid, and also photovoltaic energy in the Asia Pacific region. Germany is the largest solar energy producer in Europe followed by Italy, the United Kingdom, Spain, and others. The USA ranks first in North America and Chile in South America where other countries like Canada, Uruguay, Brazil, Mexico have also increased the production of solar energy at a reasonable rate.
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African continent receives most sunlight & African countries seem to have a positive approach towards solar energy in recent times. South Africa is positioned first in the production of solar energy in this region by far, followed by countries like Angola, Senegal, Egypt, etc. Research on off-grid solar technology is going in Europe, USA, India, China, etc.
Segmentation
ATTRIBUTE | DETAILS |
By Power Rating |
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By Application |
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By Geography |
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Key Industry Developments
- In September 2019, The Maharashtra Energy Development Agency (MEDA) has issued a tender, seeking bids from eligible parties for setting up of cumulative 126 kW off-grid solar power plants, 88 solar street lights, and 10 solar base high masts across various locations in Amravati in Maharashtra, India.
- In October 2018, B2Gold has approved $38 million for the implementation of one of the world’s largest off-grid solar battery hybrid systems at the Fekola gold mine in Mali, West Africa.
- In October 2019, Horizon Power has delivered Australia’s first off-grid renewable energy solution for rural customers, which is completely independent of the electricity grid.
- Ongoing
- 2023
- 2019-2022
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