Off-grid Solar Power Systems Market
Off-grid Solar Power Systems Market by Type (Inverters, , Controllers, , Solar Panels, , Batteries,) by Application (Residential, Non-residential) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028
The global Off-grid Solar Power Systems market was valued at USD 2.8 Billion in 2020 and is projected to reach USD 6.45 Billion by 2028, growing at a CAGR of 11%% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2021-2028|
|Annual Market Size (2028)||6.45 Billion|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||11%%|
Overview and Description
Off-grid solar solutions are an alternative for storing renewable energy amid the looming energy crisis and fluctuations in oil prices. Off-grid solar systems can work independently and store energy with the help of batteries. International agreements on lowering carbon emissions and pushing forward on sustainable development schemes are major factors driving the market.
This report provides an analysis of the Off-grid Solar Power Systems market for the historic period of 2016–2019 and forecasts for 2021–2028 while 2020 is considered as a base year for estimations. The report includes exhaustive analysis of segments, regions and countries comprising of market size and estimations in terms of revenue for the years 2016–2028. There regional section of the report is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Moreover, the report also covers a thorough insights on various tools such as SWOT analysis, PEST analysis, value chain analysis, Porter’s five forces analysis, pricing analysis, and technology roadmap among others. These assessments aid the industry stakeholders to analyze the Off-grid Solar Power Systems market on the basis of different parameters, such as forward/backward integration, economies of scale, the share of various distribution channels, various factors affecting consumer behavior such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences. This data is likely to help the industry stakeholders and stimulate the decision-making process.
COVID-19 Impact Analysis
The COVID-19 outbreak has affected various industries worldwide. The Off-grid Solar Power Systems market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy. Industrialist across the globe were forced to halt their production, leading to supply chain disruptions and impairing of various industries. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long-term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
The report covers exhaustive analysis on the global Off-grid Solar Power Systems industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. It includes an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies. Moreover, the report covers a thorough analysis drivers, restraints, and opportunities considering regional growth factors, technological advancements, and availability of substitute, regulatory norms, and such other growth impacting factors.
The adoption of off-grid Solar equipment in rural areas primarily to make electricity available is driving the market growth.
The switch of SMEs to solar power as the government is focusing on subsidizing the renewable power contract is driving the market growth.
The high initial investment required in maintaining the system is restraining the overall market growth.
Global Off-grid Solar Power Systems Market Report Scope
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||Type, Application|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||SMA Solar Technology, OutBack Power Inc, M-KOPA Kenya, Energy Informative, Schneider Electric, Wholesale Solar, Wind & Sun, Greenlight Planet, Morningstar Corporation, Su-Kam Power Systems.|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Europe, company market share analysis, and COVID-19 impact analysis|
The report delivers an acute breakdown of the market based on various segments such as Type, Application, and region. The report will cover market estimations and forecast for each segment by region for the years 20156–2028. Several growth factors and opportunities impacting various segments have been incorporated in the report.
On the basis of Type, the market is divided into Inverters, , Controllers, , Solar Panels, , Batteries,. Inverter held the largest share in 2020 and is projected to witness substantial growth during the forecast period.
on Application, the market is divided into Residential, Non-residential. Non Residential
attributed to the highest market share and is expected to grow at a significant
CAGR from 2021 to 2028.
Global Off-grid Solar Power Systems Market: Type Segment Analysis
- Solar Panels
Global Off-grid Solar Power Systems Market: Application Segment Analysis
Regional Analysis: Preview
Based on the geography, the global Off-grid Solar Power Systems market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The regional analysis covers market estimations and forecast for each segment for each region for the years 2016–2028. The regional analysis section also provides qualitative analysis comprising of regional trends such as drivers, restraints, opportunities and regulatory norms. Moreover, the regional sections if further bifurcated into key country level markets for better understanding of the market.
Market Size, 2021 (USD Billion)
Global Off-grid Solar Power Systems Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
The global Off-grid Solar Power Systems market report provides an exhaustive competitive landscape to give a comprehensive synopsis of the global market. Major players in the Off-grid Solar Power Systems market are SMA Solar Technology, OutBack Power Inc, M-KOPA Kenya, Energy Informative, Schneider Electric, Wholesale Solar, Wind & Sun, Greenlight Planet, Morningstar Corporation, Su-Kam Power Systems.. This section of the report comprising of a thorough profiling of companies based on various parameters such as company/business overview, portfolio analysis, business strategies, financial performance, geographical presence, and recent developments among others. Moreover, the report also includes extensive information on key strategies such as new product development/launch, merger & acquisitions, partnerships, collaborations & joint ventures, research & development, and regional expansion.
Frequently Asked Questions
the global demand for Off-grid Solar Power Systems
in terms of revenue?
The global Off-grid Solar Power Systems valued at 2.8 Billion in 2020 and is expected to reach 6.45 Billion in 2028 growing at a CAGR of 11%%
are the prominent players
in the market?
The prominent players in the market are SMA Solar Technology, OutBack Power Inc, M-KOPA Kenya, Energy Informative, Schneider Electric, Wholesale Solar, Wind & Sun, Greenlight Planet, Morningstar Corporation, Su-Kam Power Systems..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 11%% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Off-grid Solar Power Systems include
- The adoption of off-grid Solar equipment in rural areas primarily to make electricity available is driving the market growth.
- The switch of SMEs to solar power as the government is focusing on subsidizing the renewable power contract is driving the market growth.
region accounted for the
largest share in the market?
Europe was the leading regional segment of the Off-grid Solar Power Systems in 2020.