Off-Grid Solar Market Predicted to Grow at a CAGR of 12.50 % from 2018 to 2023. Off-grid solar (also known as standalone grid) is a solar system which helps the end-users to function without the support of remote infrastructure like an electrical grid. Off-grid solar system should be designed in such a way that it should generate enough power throughout the year and have sufficient battery capacity to meet residential requirements. Off-grid solar finds application majorly in remote areas which are far away from electricity grid. There are two types of off-grid systems, namely, AC coupled system and DC coupled system. Solar off-grid systems help to save energy bills. Moreover, the domestic and commercial consumers are entitled to claim renewable heat incentive for generating heat energy.
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Prominent Players Analysis:
Schneider Electric, SMA Solar Technology, Canadian Solar, Yingli Solar, Su-Kam Power Systems, Backwoods Solar, HelioPower, Solar Power Rocks, Greenlight Planet, and Off Grid By Design
Off-Grid Solar Market Segments Analysis:
Global off-grid solar market has been segmented based on product, application, and region.
Based on type, the market is classified into up to 10 W, 11-50 W, 51-100 W, and above 100 W. Up to 100 W segment is leading the market and has the largest market share, mainly due to rising usage in residential applications. The global off-grid solar is further segmented based on application, including residential, commercial, and industrial. Residential segment of the global off-grid solar market is estimated to register the highest growth rate during the forecast period.
Based on application, the off-grid solar market is segmented into residential, commercial, and industrial. Residential segment is estimated to dominate the market during the forecast period due to the increasing demand for energy efficient resources and rising renewable projects in remote areas. The installation is majorly taking place in Europe, North America, and Asia Pacific. Considering the product, the market is segmented as up to 10 W, 11-50 W, 51-100 W, and above 100 W. Up to 10 W segment accounts for largest share in the off-grid solar market due to its rising installation in residential sector.
Based on region, Asia Pacific held the largest market share of the global off-grid solar market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in renewable energy sources and high demand for off-grid solar systems by the residential sector. The off-grid solar market would be mainly driven by the favorable government regulations against greenhouse gas emissions.
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Table of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List of Assumptions
3.6 Limitations of The Study
4 Market Insights
5 Market Dynamics
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Porter’s Five Forces Analysis
5.5.1 Threat of New Entrants
5.5.2 Bargaining Power of Buyers
5.5.3 Bargaining Power of Suppliers
5.5.4 Threat of Substitutes
5.5.5 Intensity of Rivalry
5.6 Value Chain/Supply Chain Analysis
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