Off-Grid Solar Energy Market Research Report: Information By Type (Solar Panels, Batteries, Controllers & Inverters), By Application (Residential & Non-Residential) – Forecast To 2030
solar landscape lighting
According to Market Research Future (MRFR), the off-grid solar market is expected to register a CAGR of 8.62% during the forecast period (2022-2030).Amid the looming energy crisis and volatile oil prices, off-grid solar solutions are an alternative to storing renewable energy.Off-grid solar systems can work independently and store energy with the help of batteries.International agreements to reduce carbon emissions and advance sustainable development plans are the main factors driving the market.
Trina Solar, Canadian Solar and six other big names in solar module manufacturing are proposing certain standards for silicon wafers to produce higher wattages.The standard can improve efficiency, reduce production costs and facilitate technological breakthroughs.The standardization of 210mm silicon cells can improve the flux value and dumpling effect of solar modules.
North America is expected to be lucrative for the global off-grid solar energy market owing to the adoption of clean energy technologies and growing residential activity.Industry is the largest consumer of electricity and uses thin films to store energy in the most sunlit areas.Additionally, long-term contracts between suppliers and suppliers for panel maintenance and service bodes well for the market.U.S. government awareness of fiscal incentives and compliance with the Paris Agreement bodes well for the off-grid solar market.
Asia Pacific is expected to dominate the global off-grid solar market owing to demand for solar energy, potential for renewable energy projects, and investments in rural areas.Village electrification programs and government incentives to boost solar usage can drive regional market demand.Sustainable targets for countries in the region to reduce carbon emission levels and meet electricity demand bode well for the market.An example is the solar power plant built by Shapoorji Pallonji and Private Company Limited in partnership with ReNew Power India.
solar landscape lighting
The global off-grid solar market is competitive compared to countries that provide funding and grants to large companies to enable breakthrough innovations.Sustainability plans and electrification targets in struggling economies are driving opportunities for leading market players.Recycling and e-waste management highlight the main challenges that need to be overcome to gain an edge over the competition.
Off-grid solar systems are increasingly finding applications in rural areas to provide an alternative to grid expansion.It is necessary to reduce greenhouse gas emission levels and successfully switch to alternative energy sources.Recognition of solar energy and incentives offered to people can drive its sales.The Malaysian government has decided to use off-grid solar equipment to power a village in Sarawak, eastern Malaysia.
Small and medium businesses can utilize grid-based electricity to meet their needs.In the case of hybrid power plants providing distributed energy services, grid failure rates can be reduced.Village lighting schemes and the establishment of microgrids can store solar energy in off-site grids.The rise of microgrid companies and crowdfunding platforms driving investments can drive demand in the global off-grid solar market.
Post time: Jan-23-2022
