Market Size of Off-Grid Solar Energy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 7.32 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
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*Disclaimer: Major Players sorted in no particular order |
Off-Grid Solar Energy Market Analysis
The Off-Grid Solar Energy Market size is estimated at 11.40 gigawatt in 2024, and is expected to reach 16.23 gigawatt by 2029, growing at a CAGR of 7.32% during the forecast period (2024-2029).
- Over the long term, factors like decreasing the price of solar panels and batteries are expected to drive the market.
- On the other hand, high installation costs and poor maintenance practices hinder the market's growth.
- However, countries like the United States, the United Kingdom, Germany, China, and India have set ambitious targets to increase the renewable share in their energy mix. Governments across these nations have also planned to increase the renewable energy share by deploying residential and off-grid solar PV systems in the coming years. These are expected to create enormous opportunities for the off-grid solar energy market.
- Asia-Pacific is expected to dominate the market growth, primarily due to the increasing demand for electricity due to the lack of a central grid and reliable electricity supply, mainly in India and China.
Off-Grid Solar Energy Industry Segmentation
Off-grid systems operate independently of the power grid but include batteries that can store the solar energy generated by the device. Solar panels, a battery, a charge controller, a grid box, an inverter, a mounting framework, and a system balance are typically included in the system. The panels collect enough sunlight during the day and utilize the excess power created at night to generate electricity.
The off-grid solar energy market is segmented by end user and geography. By end user, the market is segmented into residential, commercial, and industrial. The report also covers market sizes and forecasts for the off-grid solar energy market across major regions. The market sizing and forecasts for each segment are based on revenue (USD).
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Off-Grid Solar Energy Market Size Summary
The off-grid solar energy market is poised for significant growth, driven by decreasing costs of solar panels and batteries, despite challenges such as high installation expenses and maintenance issues. The market is expected to expand as countries like the United States, the United Kingdom, Germany, China, and India set ambitious renewable energy targets, incorporating off-grid solar PV systems into their energy mix. This shift is particularly pronounced in the Asia-Pacific region, where the demand for electricity is rising due to inadequate central grid infrastructure, especially in India and China. The commercial and industrial sectors are increasingly adopting off-grid solar systems as a cost-effective alternative to diesel generators, benefiting from reduced noise, pollution, and government incentives.
The global off-grid solar market is characterized by a fragmented landscape with key players such as ABB Ltd, Canadian Solar Inc., JinkoSolar Holding Co. Ltd, SunPower Corporation, and Trina Solar Ltd. Recent developments, including substantial government investments and new solar power schemes in countries like Canada and India, are expected to further propel market growth. These initiatives aim to reduce reliance on diesel generators in remote areas and electrify unconnected households, respectively. The declining prices of solar PV systems, coupled with supportive government policies and incentives, are anticipated to unlock the full potential of the off-grid solar energy market in the coming years.
Off-Grid Solar Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Capacity and Forecast, till 2029
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Falling Costs and Rising Efficiencies of Solar Photovoltaic Panels
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1.5.2 Restraints
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1.5.2.1 High Installation And Maintenance Costs
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 End-User
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2.1.1 Residential
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2.1.2 Commercial and Industrial
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2.2 Geography [Market Size and Demand Forecast till 2029 (for regions only)]
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Rest of North America
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 France
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2.2.2.3 Italy
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2.2.2.4 United Kingdom
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2.2.2.5 Spain
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2.2.2.6 NORDIC
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2.2.2.7 Turkey
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2.2.2.8 Russia
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2.2.2.9 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 India
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2.2.3.3 South Korea
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2.2.3.4 Japan
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2.2.3.5 Malaysia
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2.2.3.6 Thailand
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2.2.3.7 Indonesia
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2.2.3.8 Vietnam
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2.2.3.9 Rest of Asia-Pacific
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2.2.4 Middle East and Africa
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2.2.4.1 Saudi Arabia
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2.2.4.2 Qatar
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2.2.4.3 South Africa
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2.2.4.4 United Arab Emirates
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2.2.4.5 Nigeria
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2.2.4.6 Oman
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2.2.4.7 Egypt
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2.2.4.8 Algeria
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2.2.4.9 Rest of Middle East and Africa
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2.2.5 South America
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2.2.5.1 Brazil
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2.2.5.2 Argentina
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2.2.5.3 Colombia
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2.2.5.4 Rest of South America
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Off-Grid Solar Energy Market Size FAQs
How big is the Off-Grid Solar Energy Market?
The Off-Grid Solar Energy Market size is expected to reach 11.40 gigawatt in 2024 and grow at a CAGR of 7.32% to reach 16.23 gigawatt by 2029.
What is the current Off-Grid Solar Energy Market size?
In 2024, the Off-Grid Solar Energy Market size is expected to reach 11.40 gigawatt.
