Off-Grid Solar Market Share

Global Off-Grid Solar Market Overview:

Off-Grid Solar Market Size was valued at USD 2.2 billion in 2022. The off-grid solar market industry is projected to grow from USD 2.3 Billion in 2023 to USD 3.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.80% during the forecast period (2024 - 2030). Increasing the proportion of solar energy in the world's energy mix, and off-grid solar energy usage is expanding in rural and underdeveloped locations are the key market drivers enhancing the market growth.

• JinkoSolar Holding Co., Ltd. (NYSE: JKS) - upgraded the world's most efficient and powerful solar panels series with up to 445Wp for 54-cell, 615Wp for 72-cell, and 635Wp for 78-cell and module efficiency up to 22.27%, 23.23%, and 22.72% respectively.

Off-Grid Solar Market Trends

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  The lowering cost of solar PV and batteries boost the market growth

  
  

The fundamental driver of the off-grid solar business is the decreasing cost of solar PV and batteries. In 2020, the price of a solar PV module will have dropped by almost 70% compared to 2010. This will almost likely benefit the off-grid solar energy business as it grows. However, the rise of the solar photovoltaic sector is hampered by high installation prices and substandard maintenance processes. Furthermore, it is expected that the increasing usage of alternative renewable energy sources will hamper the development of the industry under consideration.

Off-grid solar PV panels are rapidly being implemented over the projected period as a result of the increased usage of clean energy sources for the generation of industrial and commercial electricity. These panels are ideal for areas with plentiful sunshine as well as areas prone to grid failures, which result in power outages. The fundamental driver of the off-grid solar business is the decreasing cost of solar PV and batteries. The residential category is expected to grow at the fastest rate during the projected period due to an increase in construction activities in the residential sector.

The market for off-grid solar PV panels is expected to increase until 2030 as a result of major suppliers and vendors luring owners with long-term contracts that include routine maintenance and repair of the panels. Thus, driving the off-grid solar market revenue.

For instance, Schneider Electric is always developing cutting-edge technology to support the market expansion of the solar power sector. The lighting Kenya program aided the development of an off-grid market in the nation. characterized by a variety of business models and companies.

Their installation price and area requirement are two important factors that pose difficulties for the anticipated growth. It is an expensive system compared to on-gird solar systems that directly connects to the utility power grid to produce electricity utilizing solar power. Compared to off-grid solar systems, these systems are best suited when there is a significant demand for electricity or when a desire to lower electricity costs. Businesses usually rely on on-grid solar systems to meet their daily needs because one day of strong sunshine is sufficient to run all of their equipment, including lights, appliances, water heating systems, and other necessities. The market CAGR is being constrained by several issues.

Off-Grid Solar Market Segment Insights:

Off-Grid Solar Type Insights

The off-grid solar industry segmentation, based on type, includes solar panel, battery, controller, inverter and others. During the projected period, the Solar Panel sector is expected to have the greatest CAGR and dominate the off-grid solar market share. Solar panels are made up of photovoltaic cells that are used to harvest solar energy from sunlight. The key reasons driving the demand for solar panels market are the growing need for renewable-based electricity and many government programs to boost the usage of solar energy. Solar panel installation has increased quickly in recent years in both the residential and non-residential sectors.

Off-Grid Solar Application Insights

The off-grid solar industry segmentation, based on application, includes residential, non-residential and others. During the projected period, the Non-Residential sector is expected to have the greatest CAGR and the largest off-grid solar market revenue. Housing societies, residential colonies, and various electrical equipment used in the sector are all part of the residential sector. As the world's population continues to expand, so does the demand for residential complexes and residential apartments. During the forecast period, such factors are projected to boost the expansion of the residential segment in the worldwide off-grid solar market.

Figure 2: Off-Grid Solar Market, by Application 2024 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Off-Grid Solar Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Off-Grid Solar industry accounted for USD 1.00 billion in 2022 due to the adoption of clean energy technologies and growing residential activities as industries are the largest electricity consumers and use thin films to store energy across maximum sunlit areas. Awareness of financial incentives and adherence to the Paris Agreement by the U.S. government can bode well for the off-grid solar market.

Further, the major countries studiedin the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Off-Grid Solar Market Share By Region 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe off-grid solar market accounts for the second-largest market share due to the availability of cutting-edge technology to support the market expansion of the solar power sector. Further, the Germany off-grid solar marketheld the largest market share, and the UK off-grid solar market was the fastest growing market in the European region

The Asia-Pacific Off-Grid Solar Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the desire for potential in renewable energy projects, investments in rural areas, and solar energy. Rural electrification schemes and government incentives to increase solar energy use have the potential to drive APAC market demand. Sustainable aims of APAC countries to reduce carbon emissions while meeting power demand can bode well for the market. due to the desire for potential in renewable energy projects, investments in rural areas, and solar energy. Rural electrification schemes and government incentives to increase solar energy use have the potential to drive APAC market demand. Sustainable aims of APAC countries to reduce carbon emissions while meeting power demand can bode well for the market. Moreover, China off-grid solar market held the largest market share, and the India off-grid solar market was the fastest growing market in the Asia-Pacific region

Off-Grid Solar Key Market Players & Competitive Insights

Major market companies are investing a lot of money in R&D to expand their product offerings, which will spur further growth in the off-grid solar market. With significant market developments like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to expand their presence. Off-grid solar market competitors must provide affordable products in order to grow and compete in a market that is becoming more and more competitive.

Manufacturing locally to cut operating costs is one of the main business tactics used by manufacturers in the off-grid solar industry to serve customers and grow the market sector. Some of the most important advantages for medicine recently have come from the off-grid solar industry. The major players in the off-grid solar market, including Hanwha Group (South Korea), M-KOPA Kenya (Kenya), Delta Electronics Inc. (Taiwan), Jinko Solar Holding Co. Ltd. (China), SunPower Corporation (U.S.), ABB (Switzerland), and others, are working to increase market demand by funding research and development initiatives.

Tata Power Solar Systems Limited, formerly Tata BP Solar, is an Indian company that specialises in solar energy services. The company manufactures solar modules, solar cells, and other solar products, and provides EPC services for solar power projects. In October 2022, Tata Power Solar Systems announced the debut of cost-efficient solar off-grid solutions in West Bengal, Bihar, and Jharkhand. The off-grid solutions come in 11 variations ranging from 1 to 10 KW and come with a 5-year warranty. They combine highly efficient solar modules, inverters, and batteries.

LONGi Green Energy Technology Co. Ltd., formerly Xi'an Longi Silicon Materials Corporation, is a Chinese photovoltaics company that is a significant manufacturer of solar modules and a project developer for solar power. LONGi, which is listed on the Shanghai Stock Exchange, is the world's largest maker of monocrystalline silicon wafers. In November 2022, LONGi Solar Technology Co., Ltd. announced the completion of the delivery of 406MW of its bifacial PV panels Hi-MO 5 for the Solar plant established by PowerChina SEPCO III for Saudi Arabia's Red Sea Solar PV Project in November 202. The Red Sea Facility, the world's largest off-grid energy storage project, features 400MW of solar PV.

Key Companies in the off-grid solar market includes

• Hanwha Group (South Korea)


• M-KOPA Kenya (Kenya)


• Delta Electronics Inc. (Taiwan)


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  Jinko Solar Holding Co. Ltd. (China)


• SunPower Corporation (U.S.)


• ABB (Switzerland)


• Solectria Renewables LLC (Japan)


• Canadian Solar (Canada)


• Engie (France)


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  Schneider Electric (France)


• Oolu Solar (Senegal)


• SMA Solar Technology Ag (Germany)

Off-Grid Solar Industry Developments

Yaskawa Solectria Solar September 2022 - partnered with US-based First Solar, Inc., the global leader in thin film solar technology and America’s largest solar manufacturer, to develop a new version of the SOLECTRIA XGI 1500-250 utility-scale string inverter. The enhancements optimize the XGI 1500-250 for First Solar’s advanced thin film photovoltaic (PV) modules which represent the next generation, providing a competitive, high performance, lower-carbon alternative to conventional c-Si PV panels.

ENGIE is stepping up growth in energy transition up to €22-25bn growth Capex in 2023-2025, with 50% compared to 2021-2023. Engie completed the acquisition of Mobisol, a significant provider of solar solutions in Sub-Saharan Africa. This acquisition increased Engie's market share in the region.

Servotech Power Systems Limited is leading provider of Solar and EV Charging solutions has been awarded for a major 1.8 MW off-grid solar project, installing solar-powered modules of different capacities across the state valued at approximately 30 crores.

Off-Grid Solar Market Segmentation:

Off-Grid Solar Power Type Outlook

• Solar Panel


• Battery


• Controller


• Inverter

Off-Grid Solar Application Outlook

• Residential


• Non-Residential

Off-Grid Solar Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America