Off-Grid Solar Market Updates : Projected to Surpass US$ 4.94 Bn. by 2030

►Off-Grid Solar Market Set to Reach $4.94 Billion by 2030, Driven by Rapid Electrification and Technological Advancements

Global Market Overview

The global off-grid solar market, valued at US$ 2.30 billion in 2023, is projected to reach US$ 4.94 billion by 2030, growing at a CAGR of 11.50% during the forecast period . This growth is fueled by increasing demand for sustainable energy solutions, particularly in regions lacking reliable grid infrastructure.

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►Competitive Landscape

Key players shaping the market include Schneider Electric, SMA Solar Technology, Canadian Solar, Yingli Solar, Su-Kam Power System, Backwoods Solar, Helio Power, Delta Electronics, Outback Power Inc., Solar Power Rocks, Greenlight Planet, Gem Energy Australia Pvt, Nant Energy Inc., ABB Ltd., ENGIE SA, M-Kopa Kenya Ltd, Hanwha Group, and Jinko Solar Holding Co.

►Regional Insights

♦ Growth and Trends in the United States

The U.S. off-grid solar market is experiencing significant growth due to technological innovations and supportive policies. Companies like EcoFlow have introduced plug-in solar systems, such as the Stream Series, allowing homeowners to reduce energy bills and provide backup power during outages . Additionally, initiatives like the Accelerate Solar for Affordable Power (ASAP) Act aim to restore and expand solar energy growth, setting a 2035 goal of 20 gigawatts of distributed solar .

♦ Opportunities and Consolidation in Asia Pacific

Asia Pacific holds the largest market share, accounting for 53% in 2023 . Countries like China, India, and Bangladesh are leading the charge with substantial investments in solar power. India, for instance, has made significant strides in solar deployment, achieving an installed capacity of 73.10 GW as of December 2023 . Government initiatives, such as India's National Solar Mission, are heavily promoting solar adoption, making off-grid solar more accessible .

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♦ Trends and Developments in the Middle East and Africa

The Middle East and Africa are witnessing rapid growth in off-grid solar adoption due to the need to diversify energy sources and reduce dependence on fossil fuels. Countries like Nigeria are grappling with expanding their economies while transitioning to renewable energy . The World Bank has partnered with the African Development Bank to connect 300 million people to electricity across Africa over the next six years, with off-grid solar playing a critical role .

♦ Growth and Updation in Europe

Europe's off-grid solar market is growing due to the European Union's ambitious renewable energy targets and policies promoting decentralized energy production and storage . Germany holds the largest market share, while the UK is the fastest-growing market in the region . Companies like ENGIE SA are stepping up growth in energy transition, with significant investments and acquisitions, such as the acquisition of Mobisol, a provider of solar solutions in Sub-Saharan Africa .

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► Market Segmentation: In-Depth Analysis:

by Type of power rating

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

The off-grid solar market is divided into four segments: up to 10 KW, 11 KW to 50 KW, 51 KW to 100 KW, and above 100 KW, which are utilized for consumption in different locations. By 2030, the average amount of electricity consumed worldwide is expected to reach 1580GW. As a result, a goal of 225 GW of renewable energy generation capacity must be set by 2024. Installing solar technology systems in homes and businesses has become more affordable in recent years due to the decrease in panel prices.

by Application

Residential
Commercial
Industrial
Utilities

by Technology

Crystalline Silicon
Thin layer film

The market for off-grid solar is divided into four segments: utility, commercial, industrial, and residential. In 2023, the Industrial sector accounted for 40% of the market, the biggest share. The industrial segment includes building sites as well as small, medium, and large-scale manufacturing and production operations. The residential segment is anticipated to grow at the fastest rate throughout the course of the projection period. The sharp increase is anticipated to be fueled by consumers who would rather forego utility provider contracts in favor of off-grid solar PV panels, which allow them to still satisfy their energy needs.

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► Learn about the top players driving innovation in the Market :

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
11.Greenlight Plant
12.Gem Energy Australia Pvt
13.Nant Energy Inc.
14.ABB Ltd.
15.ENGIE SA
16.M-Kopa Kenya Ltd
17.Hanwha Group
18.Jinko Solar Holding Co

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