An increase in demand for electricity independence is anticipated to drive the growth of the global off grid solar market during the forecast period from 2022 to 2031. The Asia-Pacific region is projected to hold a major market share by 2031.
PORTLAND, Ore., June 8, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Global Off Grid Solar Market by Application (Residential, Commercial, and Industrial) and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global off grid solar market generated $1.9 billion in 2021, and is anticipated to generate $5.8 billion by 2031, witnessing a CAGR of 12.3% from 2022 to 2031.
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Prime Determinants of Growth
In the last few years, there has been an increase in the demand for electricity independence which is predicted to be one of the important factors driving the growth of the global off grid solar market in the forecast timeframe. However, the high initial costs associated with off-grid solar systems including wiring, batteries, inverters, charge controllers, and solar panels may hamper the off grid solar market growth in the coming period. On the contrary, an overall rise in energy access in remote areas is expected to offer remunerative opportunities for expansion of the off grid solar market in the 2022-2031 forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2022-2031 |
Base Year | 2021 |
Market Size in 2021 | $1.9 billion |
Market Size in 2031 | $5.8 billion |
CAGR | 12.3 % |
No. of Pages in Report | 260 |
Segments covered | Application and Region |
Drivers | Rise in demand for electricity independence for individual and community purposes Ability to promote sustainable living and reduce reliance of non-renewable energy sources |
Opportunities | The growing energy access in remote rural areas The low continuous operational costs after installation as compared to diesel generators |
Restraints | High initial costs for different parts, including wiring, batteries, inverters, charge controllers, and solar panels |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global off grid solar market. The negative impact on the market was primarily due to disruptions in the global supply chains which affected the supply of solar panels, batteries, and inverters.
- Also, the travel restrictions limited the availability of technicians which ultimately caused a delay in installations of off grid solar panels in different regions of the world.
- However, the off grid solar market is projected to show steady growth in the future due to increasing investments and funding, including public grants, commercial investments, and government subsidies.
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Application: Industrial Sub-segment Projected to be Highly Dominant in the Forecast Period
The industrial sub-segment accounted for the highest off grid solar market share in 2021 and is expected to continue on this trajectory during the forecast period. Industrial facilities have large energy requirements which can incur huge costs for the facility. In such cases, growing adoption of off-grid solar systems helps in lowering these costs. This utility of off-grid solar systems for industrial facilities is predicted to boost the sub-segment's growth by 2031.
Region: Asia-Pacific Market to Hold Major Share by 2031
The Asia-Pacific region accounted for the highest share in the global off grid solar market in 202 and is expected to continue to rise during the forecast period. The increasing expanse of economies in this region has led to a growth in the energy demands in this region. This growth in demand for energy is expected to be the main factor to help the Asia-Pacific market to grow significantly by 2031.
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Leading Players in the Global Off Grid Solar Market:
- ABB Ltd.
- SMA Solar Technology ag
- Delta Electronics
- Schneider Electric SE
- SunPower Corporation
- Greenlight Plant
- Canadian Solar
- Jinko Solar Holding Co. Ltd
- Hanwha Group
- Engie
The report provides a detailed analysis of the key players of the global off grid solar market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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