Market analysis Off grid solar
Off-grid solar market share It is expected to reach USD 5 billion by 2030, expanding at a compound annual growth rate (CAGR) of 8.62% during the forecast period.
Factors studied for market forecast
drivers :
Increasing the share of solar energy sources in the global energy mix
Growing adoption of off-grid solar energy in developing and rural areas
Restraints :
High initial investments
opportunities :
Small and medium enterprises (SMS) are switching to solar energy
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Key companies in the profile
- Hanwha Group (South Korea)
- M-Kopa Kenya (Kenya)
- Delta Electronics Inc. (Taiwan)
- Jinko Solar Holding Co. Ltd (ืกืื)
- Sunpower Corporation (USA)
- Abb (Switzerland)
- Solectria Renewables Llc (ืืคื)
- Canadian Sun (Canada)
- Engie (France)
- Schneider Electric (France)
- Solar Oil (Senegal)
- Sma Solar Technology Ag (Germany)
key players
Hanwha Group (South Korea), M-KOPA Kenya (Kenya), Delta Electronics Inc. (Taiwan), Jinko Solar Holding Co. Ltd (China), SunPower Corporation (USA), 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 after the COVID-19 pandemic
The COVID-19 pandemic has had a significant impact on the global off-grid solar business, causing production line disruptions and solar installation shutdowns. The approval of many solar energy programs and initiatives accelerated renewable energy growth significantly in the first quarter of 2020. According to the International Energy Agency, distributed solar photovoltaic panels accounted for nearly 20% of renewable energy capacity in 2019. During the forecast period, demand is likely to be Driven by the installation of solar energy panels as a result of their purchase by small and medium businesses.
Adoption of off-grid solar equipment in rural areas
Off-grid solar systems are increasingly being used in rural areas as an alternative to grid extensions. This is necessary for lowering greenhouse gas emissions and a successful transition to renewable energy. People’s acceptance of solar energy and the incentives provided to them can drive its sales. The Malaysian government planned to electrify a village in Sarawak, East Malaysia, using off-grid solar equipment.
Market segmentation
by type
- Solar panels
- batteries
- mornings
- converters
by application
- residence
- Not residential
by region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
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Latest development
Trina Solar, Canadian Solar and six other major companies in the solar module manufacturing industry are proposing a standard for silicon wafers to generate more power. The standard has the potential to increase efficiency, reduce production costs and encourage technical progress. Standardizing silicon cells to 210mm can increase the flux value and dumpling effect of solar modules.
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