The global Off-Grid Solar Energy Market size is anticipated to reach 11.67 GW by 2029, expanding at a CAGR of 5.7% during the forecast period. In 2023, the market capacity stood at 7.78 GW. Off-grid solar energy systems operate independently of centralized electricity grids and utilize battery storage to provide power. Key components of these systems typically include solar PV panels, batteries, charge controllers, inverters, mounting structures, and monitoring equipment.
The market experienced a downturn in 2020 due to the negative impacts of the COVID-19 pandemic on supply chains and demand. However, it is projected to rebound and return to pre-pandemic levels in the coming years. Significant growth drivers include the ongoing reduction in prices of solar panels and batteries, which is expected to bolster the long-term adoption of off-grid solutions.
On the other hand, high upfront installation costs and inadequate maintenance practices continue to hinder the market’s expansion to some degree. Various initiatives by governments worldwide to incorporate greater renewable energy capacity present sizable opportunities. Notable targets have been set by leading countries like the U.S., U.K., Germany, China, and India.
The market is segmented based on end user and geography.
Segmentation by End-User
Residential
Commercial and Industrial
Segmentation by Geography
North America – United States, Canada, and Rest of North America
Europe – Germany, France, Italy, Norway, and Rest of Europe
Asia-Pacific – China, Japan, India, South Korea, and Rest of Asia-Pacific
Latin America – Brazil, Argentina, Chile, and Rest of Latin America
Middle East and Africa – Saudi Arabia, South Africa, Qatar, and Rest of Middle East and Africa
Off-grid solar systems are gaining popularity in residential settings due to their self-sufficiency. Despite higher initial costs, these systems provide independence and protection against power shortages. They also offer electricity solutions in remote areas with limited grid access. The demand for off-grid solar systems is expected to rise due to decreasing costs, government support, feed-in tariffs, incentives, and renewable energy targets. Technological advancements have improved efficiency and reduced costs through industrialization and competitive supply chains.
The Middle East and Africa are expected to experience substantial growth in the demand for off-grid solar systems due to their heavy reliance on fossil fuels for electricity generation, resulting in carbon emissions and environmental pollution. The need to reduce carbon emissions, combined with the region’s abundant solar energy potential, is driving the adoption of off-grid solar systems. Unreliable power distribution systems and the reliance on diesel generators have further increased the demand. The declining prices of solar panels and inverters have led to a shift towards solar energy. With approximately 600 million Africans lacking access to electricity, off-grid solar has become a preferred solution due to the high costs associated with extending transmission lines to remote areas.
The off-grid solar energy market is characterized by fragmentation, with notable players including ABB Ltd., Canadian Solar Inc., JA Solar Technology Co. Ltd., JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., Schneider Electric SE, Sharp Corporation, SunPower Corporation, Tesla Inc., Trina Solar Co. Ltd.
In November 2022, LONGi Solar Technology Co., Ltd. delivered 406MW of its Hi-MO 5 bifacial PV panels for Saudi Arabia’s Red Sea Solar PV Project developed by PowerChina SEPCO III, the world’s largest off-grid energy storage project.
In October 2022, Tata Power Solar Systems introduced cost-efficient solar off-grid solutions in West Bengal, Bihar, and Jharkhand, combining high-efficiency solar modules, inverters, and batteries. Available in 11 models ranging from 1 to 10 KW, all backed by a 5-year warranty.
In September 2022, Servotech Power Systems secured a 1.8 MW off-grid solar project from UPNEDA, undertaking responsibilities such as empanelment, designing, manufacturing, supply, erection, testing, and commissioning of off-grid solar plants in Uttar Pradesh.
Get a detailed picture of the Global Off-Grid Solar System Market
Identify segments/areas to invest in over the forecast period in the Global Off-Grid Solar System Market
Understand the competitive environment, the market’s leading players
The market estimate for ease of analysis across scenarios in Excel format
Strategy consulting and research support for three months
Print authentication provided for the single-user license
| REPORT ATTRIBUTE | DETAILS |
|---|---|
| Market Size (2022) | 7.78 GW |
| Base Year | 2022 |
| Forecast Year | 2023-2029 |
| CAGR (2023-2029) | 5.74% |
| Pages | 20 |
| Segments By | End User, Geography |
| Regions Covered | Global |
| Key Players | ABB Ltd., Canadian Solar Inc., JA Solar Technology Co. Ltd., JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., Schneider Electric SE, Sharp Corporation, SunPower Corporation, Tesla Inc., Trina Solar Co. Ltd. |
The global solar tracker market, in terms of revenue, is expected to grow by 7.7 percent annually through 2029, according to the latest estimates. A solar tracker is a device that orients solar panels or photovoltaic modules to follow the movement of the sun throughout the day. By tracking the…
According to the latest research, the green hydrogen market in Southeast Asia is estimated to increase at the rate of 14.6% each year in the period from 2023 to 2029. Green hydrogen is produced using renewable energy sources, such as solar or wind power, through a process called electrolysis. Electrolysis…
According to the latest data, the global HVDC transmission market, in terms of revenue, is anticipated to progress at a CAGR of 8.8% during the forecast period, 2023-2029. HVDC (High Voltage Direct Current) transmission refers to a technology that enables the efficient transmission of electricity over long distances using direct…
Please fill out our form and we will get back to you.
