NEW YORK, Jan. 17, 2024 /PRNewswire/ — The off-grid solar power systems market size is expected to grow by USD 3.27 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 11.92% during the forecast period. APAC will account for 48% of the market growth. Governments in the region are playing pivotal roles in the adoption of off-grid solar power systems, where grid extension is not feasible. In addition, the reduction in technology costs and the introduction of new business models have led to a significant rise in the adoption of off-grid solar power systems in the region. To find a preview of the market overviews, market drivers, opportunities, potentials, and to Understand the Complete Structure of this Report (Summary + TOC) request free sample report
Off-grid Solar Power Systems Market 2023-2027: Company Analysis
The off-grid solar power systems market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified companies. The global off-grid off-grid solar power systems market is expected to grow rapidly during the forecast period due to the High cost of grid expansion. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market’s competitive landscape and offers information on several market companies. ABB Ltd., AKUO ENERGY SAS, Azuri Technologies Ltd., Canadian Solar Inc., EnerSys, ENGIE SA, Gem Energy Australia Pty Ltd., Greenlight Planet, Havells India Ltd., JinkoSolar Holding Co. Ltd., Kirloskar Proprietary Ltd., M KOPA, OMC Power Pvt. Ltd., Oolu LLC, Powerhive Inc., Schneider Electric SE, SMA Solar Technology AG, SunPower Corp., Tata Sons Pvt. Ltd., and Vector Ltd.
Major Companies and Key Offerings:
- ABB Ltd. – The company offers off-grid solar power systems such as battery energy storage systems.
- Canadian Solar Inc. – The company offers off-grid solar power systems such as distributed solar power systems and energy storage systems.
Off-grid Solar Power Systems Market 2023-2027: Segmentation Analysis
Based on type, the market has been segmented into AC and DC. The AC segment will account for the largest share of this segment. In the AC segment, utility-scale projects have gained large traction due to the shift in focus on sustainable sources along with several agreements in recent years. Furthermore, solar PV technology is a low-cost source of power generation and has been a primary investment focus for investor-owned as well as public utilities. The declining cost of solar electricity generation is a major factor driving the growth of the segment. Thus, such factors will drive the growth of the market during the forecast period.
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Imperative Insights on the following aspects:
- What was the size of the global off-grid solar power systems market by value?
- What will be the size of the global off-grid solar power systems market in 2027?
- How has the industry performed over the last 5 years?
- What factors are affecting the strength of competition in the global off-grid solar power systems market?
- What main segments make up the global off-grid solar power systems market?
The Off-grid Solar Power Systems Market is witnessing substantial growth, driven by factors such as the increasing demand for renewable energy and sustainable living. Solar panels and photovoltaic cells form the core of these systems, efficiently converting sunlight into electricity. Battery storage and solar energy storage solutions are crucial for energy management, ensuring a steady power supply. Charge controllers, inverters, and DC-AC conversion components maintain system stability and efficiency. These systems support energy independence and green technology, particularly in remote power systems and rural electrification projects. Microgrids and solar kits facilitate decentralized power, enhancing energy security and grid resilience. Additionally, off-grid appliances, solar water pumps, and solar heating broaden the practical applications of these systems. Solar chargers, DIY solar solutions, and solar power generators offer flexibility and adaptability. Solar lighting and energy monitoring systems contribute to energy efficiency.
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The residential solar market in US size is forecast to increase by USD 1.86 billion and is estimated to grow at a CAGR of 7.27% between 2023 and 2027.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Application
Drivers, Challenges, & Trends
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SOURCE Infiniti Research, Inc.