About Off-grid Photovoltaic Systems
Off-grid Photovoltaic System is one that is not connected to the power grid. This means that all of the energy generated is stored and used on-site. Off-grid photovoltaic systems operate primarily on the energy stored in a battery bank. Off-grid means you are not connected to your grid's power system or utility company in any way. This is appealing because your energy consumption is entirely self-sustaining. An off-grid system allows electricity to be harvested by panels and stored in a battery without being directly connected to the utility grid, resulting in an independent power supply for your home or business.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 8.9% |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Analyst at AMA Research estimates that Chinese Manufacturers will contribute the maximum growth to Global Off-grid Photovoltaic Systems market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Jinko Solar (China), JA Solar (China), Trina Solar (China), LONGi (China), Canadian Solar (Canada), Sun Power Corporation (United States), First Solar (United States), Hanwha Q-CELLS (South Korea), Risen Energy (China), Talesun (Germany), Jinko Solar Holding Co. Ltd. (China), SunPower Corporation (United States), Canadian Solar (Canada), Engie (France) and Schneider Electric (France) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Oolu Solar (Senegal), SMA Solar Technology Ag (Germany), ABB (Switzerland), Solectria Renewables LLC (Japan) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Off-grid Photovoltaic Systems market by Type (Inverters, Controllers, Solar Panels and Batteries), Application (Residential, Non-residential and Other) and Region.
On the basis of geography, the market of Off-grid Photovoltaic Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Thin Film will boost the Off-grid Photovoltaic Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Retail Stores will boost the Off-grid Photovoltaic Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Battery, the sub-segment i.e. Lithium-ion Battery will boost the Off-grid Photovoltaic Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by System, the sub-segment i.e. Standalone or Off-Grid Systems will boost the Off-grid Photovoltaic Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Significant Investment in the Creation and Manufacture of Off-grid Photovoltaic System and Increasing Off-Grid Infrastructure Opens Up New Possibilities
Market Growth Drivers:
Demand for Off-Grid Connected Solutions Has Increased and Global Focus on Rural Photovoltaic System Is Growing
Challenges:
Installation of Off-Grid Photovoltaic System on Islands or In Isolated Places Is Difficult and Off-Grid Photovoltaic System Global Economic Crisis
Restraints:
High Initiative Investment May Hinder Market Pace, Electricity Is One of the Necessities in the Lives of the Common That Is Essential For A Smooth Life and Urban Network Has Strict Criterions on the Power Quality
Opportunities:
Small and Medium Enterprises Switching To Solar Energy
Market Leaders and their expansionary development strategies
In November 2023, Canadian Solar, a manufacturer of solar modules and components, acquired the off-grid solar solutions provider Allgäuer Mikronanlagen GmbH. This move aimed to expand Canadian Solar's presence in the growing off-grid segment and offer integrated solutions for remote applications.
On 22 October 2022, Studer Innotec, based in Switzerland, is launching a battery inverter that brings the benefits of the off-grid space to grid-tied installations in Europe. Studer Innotec's chief technology officer and board member, Pierre-Olivier Moix, explains the differences between a standard energy home system and some potential applications.
The Ministry of New and Renewable Energy (MNRE) has released draught guidelines for the implementation of off-grid solar power projects through the RESCO (renewable energy Service Company) model. The RESCO model is a zero-investment model in which the consumer only pays for the electricity generated while the developer owns the solar system.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Off-grid Photovoltaic System Manufacturers, Off-grid Photovoltaic System Suppliers & Distributors, Government Bodies, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.