Off-Grid Solar Market Trends, Opportunities, Revenue, Developments, Key Players, Statistics and Outlook 2027

 

Off-Grid Solar Market was valued at US$ 1.86 Bn. in 2021 and is estimated to reach US$ 4.05 Bn. in 2027. The Off-Grid Solar Market size grow at a CAGR of 11.50% over the forecast period.

Off-Grid Solar Market Overview: 

For the global industry's Off-Grid Solar Market analysis, a research team did thorough primary and secondary research. Secondary research was carried out in order to enhance the existing data, segment the market, estimate overall market size, predict market size, and growth rate. The Off-Grid Solar Market research evaluates the market's major characteristics by looking at a variety of factors such as supply, demand, feasibility, and current trends. We also set and use a variety of criteria, such as Geographic Footprints, Regional Segments of Revenue, Operational Centers, and so on, to deliver relevance particular to any market. Based on statistical data and in-depth research, the report estimates and forecasts potential growth in the worldwide Off-Grid Solar market at each point in time, taking into account both qualitative and quantitative values of significant elements such as historical, current, and future trends.

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Off-Grid Solar Market Scope:

Our crew gathers market information and data from a variety of sources in order to present a more accurate regional view. The country-level analysis of the study is based on an examination of numerous regional stakeholders, regional tax laws and policies, consumer behaviour, and macroeconomic data. 

Extensive primary research was conducted to collect data and verify key figures once market engineering, which involved market statistics calculations, market size estimates, market projections, market breakdown, and data triangulation, was finished. Top-down, bottom-up, and other data triangulation approaches were frequently used throughout the market engineering process to conduct market estimates and forecasting for the overall market segments and sub-segments described in this study. All data gathered during the market engineering process is subjected to extensive qualitative and quantitative analysis in order to give crucial information throughout the study.

Off-Grid Solar Market Dynamics:

Off-grid solar market, quite simply, has changed lives. For instance- In Bangladesh, Monpura is thriving, thanks to solar power. Markets are in buzz, households can power TVs, Refrigerators, and even street lights are lit up at night. Off-grid solar systems provide power to the 20 million population of Bangladesh. Today, off-grid solar systems are reaching over 360 million people globally. This seems like a huge number, but it is just only 17% of the global market potential. Off-grid solar systems are life-changing products that hold tremendous promise for reaching more than 1 billion people, who lack to access electricity or the other 1 billion who live with unreliable or insufficient electricity services. World Banks Groups committed $1.3 billion for the off-grid solar programs mostly based on solar technologies- in developing countries around the world, concerned with the largest population communities like Sub-Sahara, Africa, and South Asia, where homes are without access to electricity.

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Off-Grid Solar Market Segment Analysis: 

The global off-grid solar market is segmented into Up to 10KW, 11KW-50KW, 51KW-100KW, and above 100KW used in various areas for consumption. Electricity consumption in all over countries on an average is forecasted to reach 1580GW by 2027. Therefore, it requires to set a target for reaching a renewable energy generation capacity of 225gw by 2024. Due to the price drop on panels in the last few years, setting up solar technology systems in residential buildings and business organizations.

Based on the Application, the off-grid solar market is segmented into residential, commercial, industrial, and utilities. The Industrial segment held the largest market share accounting for 40% in 2021. Small, medium, and large-scale production and manufacturing facilities, along with construction sites, are included in the industrial section. During the forecast period, the residential segment is expected to increase at the quickest rate. Consumers preferring to abandon contracts with utility providers by opting for off-grid solar PV panels while maintaining the freedom to meet their energy demands is expected to fuel the rapid rise.

Off-Grid Solar  Market Leading Players: 

• Solar Power Rocks
• Greenlight Plant
• Gem Energy Australia Pvt
• Nant Energy Inc.
• ABB Ltd.
• ENGIE SA
• M-Kopa Kenya Ltd
• Hanwha Group
• Jinko Solar Holding Co

Regional Analysis:

A country-level study of the Off-Grid Solar Market focuses on segments identified as potentially high-growth, countries with the biggest market share, and nations with the greatest development potential. North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), and Other nations are the geographical breakdowns in the Off-Grid Solar Market study.

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COVID-19 Impact Analysis on Off-Grid Solar Market: 

Our team is examining the impact of COVID 19 on several industrial sectors and supplying the client with verified data. This data can be used to forecast market conditions. Consult our expert monitoring, which describes all of the influencing aspects and COVID influence on each key player, to better understand the impact and factors of COVID 19 on the global Off-Grid Solar market. 

Primary research includes interviews with executives from various market-related organisations, as well as survey reports, research institutes, and the most recent research reports. The analyst team is working on a set of questionnaires in the meantime, and once the appointee list is received, the target audience is tapped and segmented using various mediums and channels for connecting, such as email, telephonic, Skype, LinkedIn Group & In Mail, Community Forums, open Survey, Survey Monkey, and so on.

Highlights of the Report:

  • The market business strategy and recent developments
  • Key industry developments and key insights
  • Significant marketing factors such as driver, restraints, opportunity, and challenges
  • Number of significant companies and their revenue and net income
  • Other market trends

Key Questions Answered in the Off-Grid Solar Market Report are: 

  • What will be the CAGR of the Off-Grid Solar market during the forecast period?
  • Which segment emerged as the leading segment in the Off-Grid Solar market?
  • Which are the prominent players in the Off-Grid Solar market?
  • What will be the Off-Grid Solar market size by 2027?
  • Which company held the largest share in the Off-Grid Solar market?

Contact us:

MAXIMIZE MARKET RESEARCH PVT. LTD.

3rd Floor, Navale IT Park Phase 2,

Pune Banglore Highway,

Narhe, Pune, Maharashtra 411041, India.

Phone No.: +91 20 6630 3320/ +91 9607365656

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