Press release
Off Grid Solar Market to Exhibit 12.3% CAGR and Generate $5,825.80 Million by 2031
Off Grid Solar Market
The global off grid solar market is predicted to witness prominent growth by 2031, owing to the increasing demand for electricity independence across the globe. The Asia-Pacific region garnered the highest revenue in 2021.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐ง๐จ๐ฐ @ https://www.researchdive.com/download-sample/8683
๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ
The increasing demand for off grid solar systems among individuals and communities to produce their electricity apart from the conventional power grid is predicted to propel the growth of the off grid solar market over the analysis period. Besides, off grid solar systems aid in promoting sustainable living and reducing reliance on non-renewable energy sources which is expected to fortify the growth of the market during the forecast timeframe. However, the high initial costs of installing and upkeeping various components of off grid solar systems may impede the growth of the market over the analysis period. Moreover, the off grid solar power systems can help rural and underdeveloped areas to access energy which is predicted to create immense growth opportunities for the market during the estimated period.
๐๐๐๐๐-๐๐ ๐๐ฆ๐ฉ๐๐๐ญ ๐จ๐ง ๐ญ๐ก๐ ๐๐ฅ๐จ๐๐๐ฅ ๐๐๐ ๐๐ซ๐ข๐ ๐๐จ๐ฅ๐๐ซ ๐๐๐ซ๐ค๐๐ญ
The rise of the COVID-19 pandemic devastated several industries globally, including the off grid solar market. The disruption in supply chains for components, such as batteries, inverters, and many more, the shutting down of manufacturing industries, and restrictions on transportation had resulted in supply shortages and increased prices for off-grid solar systems over the pandemic. Moreover, social distancing measures and stringent lockdowns had further affected the installation and maintenance of off-grid solar systems. Additionally, the reduced investments in renewable energy initiatives due to the economic slowdown further declined the market's growth over the crisis.
๐๐๐ ๐ฆ๐๐ง๐ญ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐๐ ๐๐ซ๐ข๐ ๐๐จ๐ฅ๐๐ซ ๐๐๐ซ๐ค๐๐ญ
The report has divided the off grid solar market into various segments based on application and region.
By application, the industrial sub-segment held the highest market share in 2021. The increasing demand for off grid solar solutions across industrial facilities to make them self-reliant in terms of their energy needs and increase their operational effectiveness and productivity is expected to fortify the growth of the market sub-segment over the forecast period.
By region, the Asia-Pacific off grid solar market generated the largest revenue in 2021. The increasing energy consumption across the region owing to the rising population and the rapidly growing economies and the increasing need for reducing greenhouse gas emissions, and advancing sustainable development are expected to boost the regional growth of the market in the coming period.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง @ https://www.researchdive.com/request-for-customization/8683
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The major players of the global off grid solar market include Jinko Solar Holding Co. Ltd, SMA Solar Technology Ag, SunPower Corporation, Engie, Delta Electronics, Canadian Solar, Greenlight Plant, Schneider Electric SE, Hanwha Group, ABB Ltd., and many more. These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to gain a leading position in the global industry.
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