NEW YORK, March 27, 2023 /PRNewswire/ -- The off-grid solar power systems market size is forecasted to grow by USD 3,263.94 million between 2022 and 2027. The growth momentum will be accelerating at a CAGR of 11.92% during the forecast period. The growth of the market is driven by the high cost of grid expansion. Investments in grid expansion depend on various factors including the population density and the distance of the community from the existing main grid. Hence, grid expansion plans require significant investments for rural electrification, which can also vary depending on the terrain. Moreover, electricity connections from the grid are not cost-effective for the population in developing areas such as sub-Saharan Africa and developing Asia. Hence, many local governments and communities are adopting stand-alone energy systems for decentralized power to power remote households and communities. This has increased the demand for off-grid solar power systems as they can be scaled according to the growing power needs. All these factors are driving the growth of the market. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) – Request a report sample

Regional Analysis

By region, the global off-grid solar power systems market is segmented into APAC, Europe, Middle East and Africa, North America, and South America. APAC will account for 48% of market growth during the forecast period. Governments in the region are playing pivotal roles in the adoption of off-grid solar power systems, where grid extension is not feasible. In addition, the reduction in technology costs and the introduction of new business models have led to a significant rise in the adoption of off-grid solar power systems in the region.

Market Dynamics

The growth of the market is driven by factors such as the high cost of grid expansion, increasing government support, and the higher adoption of hybrid power systems. However, low awareness about alternative sustainable technology will challenge the growth of the market.

Company Profiles

The global off-grid solar power systems market is fragmented and highly diverse and has many international and domestic vendors. Competition among vendors is moderate, as the growth of vendors is dependent on their R&D and innovations. The high fixed costs and exit barriers of the market are high. Therefore, the threat of rivalry was high in 2022 and will remain the same during the forecast period. The off-grid solar power systems market report includes information on the key products and recent developments of leading vendors, including:

• ABB Ltd. - The company offers off-grid solar power systems such as battery energy storage systems.

• Canadian Solar Inc. - The company offers off-grid solar power systems such as distributed solar power systems and energy storage systems.

• EnerSys - The company offers off-grid solar power systems such as Mojave energy storage systems.

• ENGIE SA - The company offers off-grid solar power systems such as the MySol PAYGo system.

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Competitive Analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share among others. Request a Sample

Market Segmentation

• By type, the market is segmented into AC and DC.

• By application, the market is segmented into non-residential and residential.

• By geography, the market is segmented into APAC, Europe, Middle East and Africa, North America, and South America.

What are the key data covered in this off-grid solar power systems market report?

• CAGR of the market during the forecast period.

• Detailed information on factors that will drive the growth of the market between 2023 and 2027

• Precise estimation of the size of the off-grid solar power systems market and its contribution to the parent market.

• Accurate predictions about upcoming trends and changes in consumer behavior.

• Growth of the market across APAC, Europe, Middle East and Africa, North America, and South America.

• A thorough analysis of the market's competitive landscape and detailed information about vendors.

• Comprehensive analysis of factors that will challenge the growth of off-grid solar power systems market vendors.

Related Reports:

• The US solar power market size is expected to increase by 13.55 gigawatts from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.69%. The market is segmented by technology (photovoltaic systems and concentrated solar power systems) and application (utility, residential, and commercial).

• The distributed solar power generation market size is expected to increase by USD 67.52 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 19.25%. The market is segmented by type (commercial and industrial, residential, and off-grid) and geography (APAC, Europe, North America, South America, and the Middle East and Africa).

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Table of contents:

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global off-grid solar power systems market 2017 - 2021

• 4.2 Types Segment Analysis 2017 - 2021

• 4.3 Applications Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Type

• 6.1 Market segments

• 6.2 Comparison by Type

• 6.3 AC - Market size and forecast 2022-2027

• 6.4 DC - Market size and forecast 2022-2027

• 6.5 Market opportunity by Type

7 Market Segmentation by Application

• 7.1 Market segments

• 7.2 Comparison by Application

• 7.3 Non-residential - Market size and forecast 2022-2027

• 7.4 Residential - Market size and forecast 2022-2027

• 7.5 Market opportunity by Application

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027

• 9.4 Europe - Market size and forecast 2022-2027

• 9.5 Middle East and Africa - Market size and forecast 2022-2027

• 9.6 North America - Market size and forecast 2022-2027

• 9.7 South America - Market size and forecast 2022-2027

• 9.8 China - Market size and forecast 2022-2027

• 9.9 Kenya - Market size and forecast 2022-2027

• 9.10 India - Market size and forecast 2022-2027

• 9.11 US - Market size and forecast 2022-2027

• 9.12 Indonesia - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 ABB Ltd.

• 12.4 Canadian Solar Inc.

• 12.5 EnerSys

• 12.6 ENGIE SA

• 12.7 Gem Energy Australia Pty Ltd.

• 12.8 Greenlight Planet

• 12.9 Havells India Ltd.

• 12.10 JinkoSolar Holding Co. Ltd.

• 12.11 M KOPA

• 12.12 Powerhive Inc.

• 12.13 Schneider Electric SE

• 12.14 SMA Solar Technology AG

• 12.15 SunPower Corp.

• 12.16 Tata Sons Pvt. Ltd.

• 12.17 Vector Ltd.

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

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