Off-Grid Solar Market to rise at 8.62% CAGR through 2027 | Market Research Future (MRFR)
Key companies profiled are Hanwha Group (South Korea), M-KOPA Kenya (Kenya), Delta Electronics Inc. (Taiwan), Jinko Solar Holding Co. Ltd. (China), SunPower Corporation (U.S.), ABB (Switzerland), Solectria Renewables LLC (Japan), Canadian Solar (Canada), Engie (France), Schneider Electric (France), Oolu Solar (Senegal), SMA Solar Technology Ag (Germany), among others.
New York, June 15, 2021 (GLOBE NEWSWIRE) -- Off-grid solar systems work independently of the grid and contain batteries that stores the excess energy generated by the solar system during the day. These systems are self-sustaining and provide a viable backup of power during critical times. Off-grid solar systems can provide electricity in rural areas or areas with frequent power outages. This can prevent operations of large institutions and companies from halting and creating a lag in production. The global off-grid solar market is expected to exhibit 8.62% CAGR over the forecast period (2020-2027), as per the latest report by Market Research Future (MRFR). Focus towards renewable sources of energy and efforts to reduce dependence on fossil fuels can bolster the market growth.
Market Scope
The off-grid solar market is driven by solutions demanded by governments that are sustainable in nature. Soaring costs of electricity and near depletion of fossil fuel reserves can push the market demand. Adoption of off-grid solar solutions in rural areas to generate power and light up villages can bolster the market demand as well. Incentives provided to villagers for installation of solar panels and subsidies offered to panel manufacturers can facilitate market growth. Small and medium sized enterprises are grabbing subsidies to attain tax rebates and lower grid defection rates. Setup of microgrids and village lighting schemes can invite funding from venture capital firms and large chains of companies. Acquisition of renewable energy schemes by wealthy households for storing energy and the presence of pay-as-you-go model can boost the market revenues.
But the high investment capital required for setting up plants and government hurdles in attaining licenses can deter market growth.
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COVID-19 Impact
The COVID-19 outbreak has negatively impacted the off-grid solar market. The direct hit to production schedules and supply chains had derailed plans of governments. Surge in prices of hardware components had created hurdles for the market. But emission reduction targets of governments can be the coup de grace needed to relieve the market. Procurement of solar PV panels by small and medium enterprises can boost the market growth post-pandemic.
Industry Breakthroughs
The off-grid solar market is likely to catapult by addressing the demands of DC-powered household appliances. Procurement of fans and television sets are likely a sign of encouragement for the market. Products certified with Productive Use Leveraging Solar Energy (SOLAR) can encompass solar water pumps, refrigeration appliances, cold storage applications, and other electrical appliances can bode well for the market. Subsidies provided by governments can help propel sales in a positive direction. This is evident with many manufacturers expanding their base and moving into new regions.
Upselling of products by gaining information from existing customers is another revenue source for off-grid solution providers. Rollout of next-generation energy products and services including plug-n-play lighting products can allure prospective customers. Acquisitions are likely to be witnessed in the coming years as the market aims to lower its price while keeping its large client base. Attracting equity partners and ability to scale their production efforts can favor the industry.
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Segmentation
By type, solar panels can capture a large market share due to increased capacity of equipment and entry of new players. Low installation costs and lack of drawbacks for the product has contributed to the heavy demand in the global off-grid solar market. Dams and reservoirs used for hydropower generation can be connected to solar power grids for faster storage of power. In addition, easy adjustment of solar PV panels according to the direction of the sun can push the demand in the segment. On the flip side, batteries are likely to gain a large footing in the market owing to being optimal for storing solar energy. Long spans of batteries as well as use of lithium-ion can bode well for the segment.
By application, the non-residential segment is estimated to capture a large market share over the assessment period. This is attributed to attractive schemes pertaining to renewable energy and steady economic growth of countries. Support for small generators and sustained power levels during the day can bode well for the segment.
Regional Analysis
APAC is estimated to lead in the off-grid solar market owing to heavy potential in renewable energy sources, abundance of lands, and investments in rural areas. Electrification schemes for villages and incentives offered by governments for attracting citizens can bode well for the regional market demand. Collaborative efforts between public and private sectors and goals for reducing carbon emissions can bode well for the region.
North America can be viable for investments and expansion for the global off-grid solar market owing to adoption of clean energy schemes and acceptance of solar power in residential neighborhoods. The U.S. and Canada are expected to contribute to the market growth owing to being part of the Paris Agreement.
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Competitive Analysis
Jinko Solar Holding Co. Ltd., Engie, Delta Electronics Inc., Schneider Electric, Solectria Renewables LLC, Canadian Solar, ABB, Oolu Solar, M-KOPA Kenya, Hanwha Group, SMA Solar Technology Ag, and SunPower Corporation are prominent players of the global off-grid solar market. Vendors in the marketspace are competing on performance of solar panels and their long lifespan. Investments in research and development coupled with growing awareness of customers can guide the players over the forecast period. Customization of products according to the needs of customers in specific regions can be profitable for the market.
Industry News
AEE Power (Madrid), Gridworks (U.K.), and Eranove (France) have signed 22 year agreements with the Republic of Congo for construction of 3 off-solar grid projects. These projects can be used in supplying power to the cities of Isiro, Bumba, and Gemena.
Rural Electrification Schemes to Power Demand in Global Off-grid Solar Market Growth
The global off-grid solar market is bound to thrive over the forecast period owing to establishment of solar component manufacturing plants, goals to lower dependence on fossil fuels, and renewable energy targets. Impact of technology and access to modern electricity services can drive the market demand significantly. Change in business models to attract more customers and low tariff plans can bode well for the market.
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