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The off-grid solar power systems market size is valued to increase by USD 4.01 billion, at a CAGR of 12.93% from 2023 to 2028. High cost of grid expansion will drive the off-grid solar power systems market.
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Off-grid solar power systems have gained significant traction in the energy market, offering businesses autonomy from traditional power grids and reducing energy consumption patterns. Solar panel efficiency, a crucial business metric, has improved by up to 25% in recent years, resulting in substantial cost reductions. System safety protocols and reliability metrics ensure uninterrupted power supply, aligning with business continuity objectives. Solar tracker mechanisms optimize solar irradiance modeling, enhancing energy yield prediction and improving power system integration. Inverter power conversion and battery storage solutions enable efficient energy management systems, while charge controller regulation ensures optimal component lifecycle management. Environmental impact assessments and grid-tied solar integration are essential considerations for businesses seeking to align with sustainability initiatives. Off-grid power generation, microgrid architecture, and load balancing algorithms offer businesses increased autonomy and resilience, making solar a preferred renewable energy source.
The high cost of expanding the power grid serves as the primary market driver.
The Pay-As-You-Go (PAYG) model is gaining increasing popularity in the market. This growth trend is attributed to the flexibility and affordability it offers to consumers.
The high initial cost of photovoltaic (PV) systems poses a significant challenge to the growth of the industry. This expense, an inherent aspect of solar energy implementation, necessitates thorough consideration and potential solutions to foster continued industry expansion.
The off-grid solar power systems industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The AC segment is estimated to witness significant growth during the forecast period.
The market: the market continues to evolve, integrating advanced technologies and systems to enhance efficiency, reliability, and sustainability. Solar panel efficiency is a key focus, with photovoltaic cell technology and solar tracker mechanisms optimizing energy yield. System safety protocols ensure component lifecycle durability and maintain system autonomy levels. Inverter power conversion and solar irradiance modeling enable energy consumption pattern analysis and load balancing algorithms. Battery storage capacity and backup power solutions offer energy autonomy, while remote monitoring systems facilitate maintenance schedules and environmental impact assessment.
The AC segment was valued at USD 2.94 billion in 2018 and showed a gradual increase during the forecast period.
Grid-tied solar integration and microgrid architecture expand power system integration possibilities. Renewable energy sources, such as wind and hydro, are also integrated into off-grid systems. Power distribution networks employ charge controller regulation and DC-DC power optimization for optimal energy efficiency. With a 90% reduction in levelized cost of energy (LCOE) compared to traditional power sources, off-grid solar power systems provide a compelling business proposition.
APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is witnessing significant growth due to the increasing energy needs of millions of people in Asian countries who lack access to grid electricity. Factors such as poor economic conditions, lack of financing, and high infrastructure costs hinder the development of conventional power grids. In response, individual off-grid solar systems and renewable-based mini-grids are gaining popularity. Thousands of solar home systems and hundreds of mini-grids are being adopted, particularly in countries like India, Bangladesh, and the Philippines, where decentralized energy systems are favored over main grid access due to time-consuming and capital-intensive grid expansion. The market's evolution is driven by new business models and decreasing technology costs, making off-grid solar power systems an attractive solution for increasing electricity access in regions where traditional grid infrastructure is not feasible.
According to estimates, the off-grid solar market in India alone is projected to reach 2.5 GW by 2023, representing a substantial increase from the current market size. This trend underscores the market's potential to provide efficient and cost-effective energy solutions to those in need.
Customer Landscape of Off-Grid Solar Power Systems Industry
Companies are implementing various strategies, such as strategic alliances, off-grid solar power systems market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
ABB Ltd. - This company specializes in the development and distribution of innovative sports products, catering to diverse consumer needs and market trends.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Off-Grid Solar Power Systems Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.93% |
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Market growth 2024-2028 |
USD 4013.3 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
11.59 |
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Key countries |
China, Kenya, India, US, and Indonesia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
"Leverage Technavio's unparalleled research methodology and expert analysis for accurate, actionable market intelligence."
In the market, optimization of design plays a crucial role in maximizing solar panel energy harvesting and improving battery storage efficiency. Advanced inverter power conversion technology and reliable charge controller performance metrics are essential for ensuring optimal system functionality. Remote monitoring and control of solar systems enable businesses to efficiently manage energy consumption patterns in off-grid homes and predictive maintenance for solar power systems helps prevent downtime and reduce operational costs. Efficient DC-DC power conversion techniques are another key consideration, as they can significantly impact system performance and reduce energy loss. The assessment of solar energy resource availability is crucial for system sizing in off-grid solar power applications. Comparing different types of off-grid inverters, advanced techniques for managing battery discharge, and implementing advanced energy storage solutions are essential for cost-effective off-grid solar system installations. Reliable backup power solutions for off-grid systems are also important for ensuring business continuity and regulatory compliance. The impact of solar irradiance on system performance is a significant factor in the design considerations for off-grid solar arrays. Evaluating the environmental impact of solar power is also becoming increasingly important for businesses seeking to reduce their carbon footprint and meet sustainability goals. System sizing for off-grid solar power applications requires careful consideration of energy demand and solar resource availability. In the supply chain, optimizing the selection and integration of components can lead to significant cost savings and improved system performance. Overall, the market is experiencing robust growth, with a recent study estimating that it will account for over 25% of the total solar market by 2025. This trend is driven by the increasing availability of advanced technologies and the growing demand for reliable, cost-effective power solutions in remote and off-grid locations.
What is the expected growth of the Off-Grid Solar Power Systems Market between 2024 and 2028?
USD 4.01 billion, at a CAGR of 12.93%
What segmentation does the market report cover?
The report is segmented by Type (AC and DC), Application (Non-residential and Residential), and Geography (APAC, Europe, Middle East and Africa, North America, and South America)
Which regions are analyzed in the report?
APAC, Europe, Middle East and Africa, North America, and South America
What are the key growth drivers and market challenges?
High cost of grid expansion, High initial PV system cost
Who are the major players in the Off-Grid Solar Power Systems Market?
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 Group, 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.
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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