Off-Grid Solar Industry Overview:
The study documents by MRFR state that the Off-Grid Solar Market Research Report Information by Application, Type, and Region – Forecast Till 2030, the Off-Grid Solar market is predicted to expand substantially during the evaluation era from 2023 to 2030 at a sizable CAGR of closely 8.80%. The study documents suggest projections related to the global market’s mounting revenue data, which will likely attain a market of USD 3.9 billion by the end of 2030. As per the reports, the market was priced at almost USD 2.2 billion in 2022.
Market Research Future Insights
The Off-Grid Solar Market has recently advanced. The main feature causing a rise in market performance is the increasing proportion of solar energy in the world’s energy mix. Furthermore, the growing use of off-grid solar energy in rural and underdeveloped locations is also considered to be one of the vital parameters enhancing the performance of the global market.
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Competitive Analysis
- Hanwha Group (South Korea)
- ABB (Switzerland)
- M-KOPA Kenya (Kenya)
- Solectria Renewables LLC (Japan)
- Delta Electronics Inc. (Taiwan)
- Canadian Solar (Canada)
- Jinko Solar Holding Co. Ltd.(China)
- Engie (France)
- SunPower Corporation (U.S.)
- Oolu Solar (Senegal)
- Schneider Electric(France)
- SMA Solar Technology Ag (Germany)
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Market Drivers
The Off-Grid Solar market has recently advanced. The main feature causing a rise in market performance is the increasing proportion of solar energy in the world’s energy mix. Furthermore, the growing use of off-grid solar energy in rural and underdeveloped locations is also considered to be one of the vital parameters enhancing the performance of the global market. In addition, the lowering cost of solar P.V. and batteries is also likely to show a positive impact on the growth of the global market over the coming years.
Segment Analysis
The global market for off-grid solar has been fragmented into various segments based on application, type, and region.
Based on type, the global market for off-grid solar is divided into inverters, controllers, batteries, solar panels, and others.
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Based on the application, the global market for off-grid solar is divided into non-residential, residential, and others.
Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The North American Region ensured the prime position across the Off-Grid Solar market in 2022, with the largest share of nearly USD 1.00 billion. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Off-Grid Solar market is the adoption of clean energy technologies. Furthermore, the rising residential activities as industries are the largest electricity consumers, along with the awareness of financial incentives, are also likely to have a positive impact on the performance of the regional market over the coming years.
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The European Region will grow substantially across the Off-Grid Solar market from 2023 to 2032. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional Off-Grid Solar market is the availability of cutting-edge technology.
The Asia-Pacific region is estimated to grow at the highest pace across the Off-Grid Solar market over the assessment era. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Off-Grid Solar market is the desire for potential in renewable energy projects. Furthermore, investments in rural areas and solar energy are also likely to have a positive impact on the performance of the regional market over the coming years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
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