Market Snapshot:
An off-grid solar system is a solar panel system that generates electricity, stores that power in solar batteries, and runs independently from the power grid. These systems encourage off-the-grid living, a lifestyle centered around energy independence and self-sustainability. Increasing costs of electricity, energy, and fuels are the factors driving the off-grid solar market.
Highlights from Off-Grid Solar Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The key Manufacturers profiled in the report are Tata Power Solar (India), JinkoSolar Holding Co. Ltd. (China), Canadian Solar Inc. (Canada), SolarEdge Technologies Inc. (Israel), First Solar Inc. (United States), Sunrun Inc. (United States), Enphase Energy Inc. (United States), SunPower Corp. (United States), Array Technologies Inc. (United States) and Maxeon Solar Technologies Ltd. (Singapore).
Geographic Breakdown and Segment Analysis
The Global Off-Grid Solar market presents a comprehensive analysis of the Off-Grid Solar market and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Off-Grid Solar industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Off-Grid Solar market
Analyst at AMA have segmented the market study of Global Off-Grid Solar market by Type, Application and Region.
Influencing Trend:
Increasing Leading-Edge Research and Development, Capital Investment.
Market Growth Drivers:
Increasing Cost of Electricity, Energy and Fuels and Increase Government Initiative for the Country’s Electrification Rate
Challenges:
Limited Energy Storage Capacity and Dependency on Weather Conditions and Growing Need for Proper System Sizing and Design of Off-Grid Solar
Restraints:
Increasing Initial Installation and Maintenance Costs of Off-Grid Solar
Opportunities:
Increasing Demand for Customized Off-Grid Solar System
Market Developments Activities:
In October 2020, Sunrun acquired Vivint Solar. That was subject to approval by both companies' regulators and shareholders. The closing of the transaction cements Sunrun's position as a leader in residential solar and energy services across the United States, with more than 3 gigawatts of solar energy and more than 500,000 customers, and as the largest owner of solar assets worldwide.
In October 2022, Tata Power Solar Systems launched cost-effective solar off-grid solutions in West Bengal, Bihar, and Jharkhand. Tata Power Solar Systems Ltd (TPSSL) is a wholly owned subsidiary of Tata Power Renewable Energy Ltd (TPREL). The stand-alone solution offers a combination of high-efficiency solar modules, inverters, and batteries and is available in 11 variants: 1 - 10Kw with a 5-year warranty, As per the company statement- The solutions provided by the company are designed to provide consumers with an efficient integrated power system for their power backup needs in times of grid outages.
Automotive Films is a fragmented market due to the presence of a large number of established competitors. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.