Evolve Business Intelligence has published a research report on the Global Off-Grid Solar Market, 2023–2033. The global Off-Grid Solar market is projected to exhibit a CAGR of around 8.87% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Off-Grid Solar Market: Canadian Solar, Greenlight Plant, Schneider Electric SE, Delta Electronics, SMA Solar Technology ag, ABB Ltd., Hanwha Group, Engie, SunPower Corporation, Jinko Solar Holding Co. Ltd.
Market Highlights
The Off-Grid Solar market is projected to be valued at USD 4.66 Billion by 2033, recording a CAGR of around 8.87% during the forecast period. Off-grid solar refers to a solar power system that operates independently of the electrical grid, such as the centralized power distribution network provided by utility companies. Off-grid solar systems generate electricity using solar panels and store the energy in batteries for later use. These systems are typically found in remote or rural areas where access to the grid is impractical or too costly. Off-grid solar solutions are commonly used to power homes, cabins, remote agricultural operations, and other structures, allowing them to have a reliable source of electricity without relying on traditional utility services.
For More Information : https://evolvebi.com/report/off-grid-solar-market-analysis-and-global-forecast-2023-2033-with-covid-impact-analysis/
The COVID-19 pandemic unexpectedly catalyzed a positive impact on the Off-Grid Solar market as it underscored the importance of decentralized and resilient energy solutions. With disruptions to supply chains and the vulnerability of centralized power grids exposed during the pandemic, there was an increased interest in off-grid solar systems for reliable and self-sustained electricity generation. Governments and organizations also recognized off-grid solar’s potential to provide clean energy access in remote and underserved areas, fostering growth and innovation in the sector. This shift towards decentralized energy solutions not only improved energy access and reliability but also contributed to environmental sustainability and economic development.
Segmental Analysis
The global Off-Grid Solar market has been segmented based on Type, Application, and region.
Based on the Type, the Off-Grid Solar market is segmented based on Solar Panels, Battery, Controller, Inverter, and Others. Solar Panel is expected to have the largest market share throughout the forecast period, while Battery is expected to grow at the fastest rate.
Based on the Application, the global Off-Grid Solar market has been divided into Residential, Commercial, and Industrial. The Residential segments are anticipated to dominate the market.
For More Information : https://evolvebi.com/report/off-grid-solar-market-analysis-and-global-forecast-2023-2033-with-covid-impact-analysis/
Regional Analysis
The Off-Grid Solar market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. In North America, the growth of the Off-Grid Solar market is driven by a rising interest in clean and sustainable energy sources. Government incentives and tax credits encourage the adoption of off-grid solar systems, especially in remote areas. Europe’s Off-Grid Solar market is growing due to the European Union’s ambitious renewable energy targets and policies. These policies promote decentralized energy production and storage, making off-grid solar systems an attractive option. The Asia-Pacific region experiences significant growth in the Off-Grid Solar market due to its vast population and large rural areas with limited access to the centralized grid. Latin America’s Off-Grid Solar market is expanding because of the region’s commitment to sustainable development and increasing efforts to provide electricity to remote and off-grid communities. The Middle East sees growth in the Off-Grid Solar market due to a desire to diversify energy sources and reduce dependence on fossil fuels. Africa’s Off-Grid Solar market is booming as the continent faces significant energy access challenges. The abundance of sunlight makes off-grid solar a viable solution to provide electricity to remote villages and off-grid communities.