Off-Grid Solar Market: Key Mergers and Growth Prospects

The global off-grid solar market is projected to witness substantial growth in the coming years, driven by the increasing demand for sustainable energy solutions, government initiatives, and technological advancements. The market was valued at USD 2.30 billion in 2023 and is expected to grow at a robust CAGR of 11.50% from 2024 to 2030, reaching an estimated USD 4.94 billion by the end of the forecast period.

𝐈𝐧𝐭𝐫𝐢𝐠𝐮𝐞𝐝 𝐭𝐨 𝐞𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐜𝐨𝐧𝐭𝐞𝐧𝐭𝐬? 𝐒𝐞𝐜𝐮𝐫𝐞 𝐲𝐨𝐮𝐫 𝐡𝐚𝐧𝐝𝐬-𝐨𝐧 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.maximizemarketresearch.com/request-sample/67207/

𝐕𝐢𝐞𝐭𝐧𝐚𝐦: 𝐎𝐟𝐟-𝐆𝐫𝐢𝐝 𝐒𝐨𝐥𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐕𝐢𝐞𝐭𝐧𝐚𝐦

Vietnam has emerged as a prominent player in the off-grid solar market, with the government prioritizing rural electrification and renewable energy projects. Recent collaborations between 𝐒𝐮𝐧𝐏𝐨𝐰𝐞𝐫 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 and local Vietnamese companies have enhanced the country's solar infrastructure. The Vietnamese government's support through incentives and subsidies is further propelling the market.

Key merger: The partnership between 𝐅𝐢𝐫𝐬𝐭 𝐒𝐨𝐥𝐚𝐫 and a local energy firm is aimed at enhancing solar distribution networks in underserved regions.

𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝: 𝐎𝐟𝐟-𝐆𝐫𝐢𝐝 𝐒𝐨𝐥𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝

Thailand's solar market is expanding rapidly due to its strategic renewable energy policies under the Alternative Energy Development Plan. The Thai market saw significant investments in 2023, including a $50 million project by 𝐓𝐫𝐢𝐧𝐚 𝐒𝐨𝐥𝐚𝐫 to deploy off-grid solutions in rural provinces.

Key development: The merger of 𝐒𝐡𝐚𝐫𝐩 𝐄𝐧𝐞𝐫𝐠𝐲 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 with a Thai energy startup is focused on integrating advanced solar technologies into the existing grid infrastructure.

𝐉𝐚𝐩𝐚𝐧: 𝐑𝐞𝐧𝐞𝐰𝐚𝐛𝐥𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐉𝐚𝐩𝐚𝐧

Japan's off-grid solar market has witnessed notable consolidation activities as companies strive to meet the government's 2030 renewable energy goals. 𝐏𝐚𝐧𝐚𝐬𝐨𝐧𝐢𝐜 has invested heavily in developing off-grid solutions for remote islands.

Key acquisition: The acquisition of 𝐊𝐲𝐨𝐜𝐞𝐫𝐚 𝐒𝐨𝐥𝐚𝐫'𝐬 assets by 𝐒𝐨𝐥𝐚𝐫 𝐅𝐫𝐨𝐧𝐭𝐢𝐞𝐫 aims to improve the efficiency of off-grid systems while reducing costs.

𝐒𝐨𝐮𝐭𝐡 𝐊𝐨𝐫𝐞𝐚: 𝐎𝐟𝐟-𝐆𝐫𝐢𝐝 𝐒𝐨𝐥𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐔𝐩𝐝𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐒𝐨𝐮𝐭𝐡 𝐊𝐨𝐫𝐞𝐚

South Korea's transition to clean energy is driven by its "Renewable Energy 3020" initiative. The off-grid market has grown significantly with the support of advanced technologies developed by 𝐇𝐚𝐧𝐰𝐡𝐚 𝐐 𝐂𝐄𝐋𝐋𝐒

Key development: South Korea has partnered with 𝐋𝐆 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬 to develop smart off-grid solar solutions for industrial applications, particularly in the defense and telecom sectors.

𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞: 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐟𝐨𝐫 𝐒𝐨𝐥𝐚𝐫 𝐄𝐧𝐞𝐫𝐠𝐲 𝐢𝐧 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞

Singapore is focusing on achieving its Green Plan 2030 goals, making substantial investments in solar technology. 𝐑𝐄𝐂 𝐆𝐫𝐨𝐮𝐩 is a key player in the market, supplying off-grid solutions tailored for urban environments.

Key merger: The collaboration between 𝐒𝐮𝐧𝐭𝐞𝐜𝐡 𝐏𝐨𝐰𝐞𝐫 and a Singapore-based logistics company is aimed at deploying solar-powered cold storage units.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐲𝐨𝐮𝐫 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐧𝐨𝐰: https://www.maximizemarketresearch.com/request-sample/67207/

𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬: 𝐎𝐟𝐟-𝐆𝐫𝐢𝐝 𝐒𝐨𝐥𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐒

The US off-grid solar market is experiencing exponential growth due to favorable policies and a rise in demand for sustainable energy. The Inflation Reduction Act has encouraged investments, with 𝐓𝐞𝐬𝐥𝐚 leading in developing off-grid solar products.

Key acquisition: NextEra Energy Resources acquired a significant share in a Texas-based solar firm, enhancing its off-grid solutions portfolio.

𝐄𝐮𝐫𝐨𝐩𝐞: 𝐑𝐞𝐧𝐞𝐰𝐚𝐛𝐥𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐄𝐮𝐫𝐨𝐩𝐞

Europe is at the forefront of the global solar market, with countries like Germany, Spain, and Italy heavily investing in off-grid solar systems. 𝐄𝐧𝐞𝐥 𝐆𝐫𝐞𝐞𝐧 𝐏𝐨𝐰𝐞𝐫 has developed innovative community solar projects across rural Europe.

Key development: The merger between 𝐒𝐢𝐞𝐦𝐞𝐧𝐬 𝐆𝐚𝐦𝐞𝐬𝐚 and a Dutch solar technology firm has led to groundbreaking advancements in battery-integrated off-grid systems.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐝𝐚𝐭𝐚 𝐚𝐧𝐝 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐛𝐲 𝐯𝐢𝐞𝐰𝐢𝐧𝐠 𝐭𝐡𝐞 𝐬𝐚𝐦𝐩𝐥𝐞: https://www.maximizemarketresearch.com/request-sample/67207/

𝐎𝐟𝐟-𝐆𝐫𝐢𝐝 𝐒𝐨𝐥𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

𝐛𝐲 𝐓𝐲𝐩𝐞 𝐨𝐟 𝐩𝐨𝐰𝐞𝐫 𝐫𝐚𝐭𝐢𝐧𝐠

Up to 10KW
11KW-51KW
51KW-100KW
Above 100KW

The global off-grid solar market is segmented into Up to 10KW, 11KW-50KW, 51KW-100KW, and above 100KW used in various areas for consumption. Electricity consumption in all over countries on an average is forecasted to reach 1580GW by 2030. Therefore, it requires to set a target for reaching a renewable energy generation capacity of 225gw by 2024. Due to the price drop on panels in the last few years, setting up solar technology systems in residential buildings and business organizations.

𝐛𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

Residential
Commercial
Industrial
Utilities

The off-grid solar market is divided into four applications: residential, commercial, industrial, and utility. The Industrial segment had the biggest market share, accounting for 40% in 2023. The industrial segment includes small, medium, and big production and manufacturing enterprises, as well as construction sites. During the projection period, the residential category is expected to grow the fastest. Consumers who prefer to avoid contracts with utility companies in favor of off-grid solar PV panels while preserving the freedom to fulfill their own energy needs are predicted to fuel the rapid rise.

𝐛𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲

Crystalline Silicon
Thin layer film

𝐋𝐨𝐨𝐤𝐢𝐧𝐠 𝐭𝐨 𝐠𝐚𝐢𝐧 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧𝐭𝐨 𝐦𝐚𝐫𝐤𝐞𝐭 𝐭𝐫𝐞𝐧𝐝𝐬? 𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐬𝐮𝐦𝐦𝐚𝐫𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.maximizemarketresearch.com/market-report/off-grid-solar-market/67207/

𝐎𝐟𝐟-𝐆𝐫𝐢𝐝 𝐒𝐨𝐥𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

1. Schneider Electric
2. SMA Solar Technology
3. Canadian Solar
4. Yingli Solar
5. Su-Kam Power System
6. Backwoods Solar
7. Helio Power
8. Delta Electronics
9. Outback Power Inc.
10.Solar Power Rocks

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