LONDON–(BUSINESS WIRE)–The global off-grid solar power systems market is expected to grow by USD 2.97 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 11%.
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Read the 120-page report with TOC on “Off-grid Solar Power Systems Market Analysis Report by Application (Non-residential and Residential), Geography (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024”.
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The market is driven by the high cost of grid expansion. In addition, the rapidly growing Pay-As-You-Go (PAYG) model is anticipated to boost the growth of the off-grid solar power systems market.
Factors such as the distance between the community and the existing main grid, population density, power quality, and demand patterns directly influence the cost of grid expansion plans. For example, grid expansion is cost-effective in highly dense areas but becomes very expensive for sparsely populated rural and semi-urban areas. Hence, several governments across the world are increasingly adopting stand-alone energy systems such as off-grid solar power systems to provide decentralized power to remote households and communities. These systems are cost-effective solutions for sparsely dense areas and can provide electricity to single households to power lights, television, and charge mobile phones. They can also be scaled according to the needs of power appliances such as refrigerators and pumps. These factors are fueling the growth of the global off-grid solar power systems market.
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Major Five Off-grid Solar Power Systems Companies:
ABB Ltd.
ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company offers a wide range of products such as circuit breakers, switch disconnectors, fuse disconnectors, fuses, residual current-operated circuit-breakers, grid connection relays, metering devices, surge arresters, voltage & current sensors, remote switching contactors, consumer units, and enclosures.
ENGIE SA
ENGIE SA operates its business through segments such as North America, Latin America, Africa/Asia, Benelux, France, Europe excluding France & Benelux, Infrastructures Europe, GEM, and Other. The company offers a wide range of products such as solar home systems from 80W to 200W, solar TV system 24 inch all-in-one solar solution, DC appliances MobiCharger, and DC appliances Home Stereo.
Gem Energy Australia Pty. Ltd.
Gem Energy Australia Pty. Ltd. operates its business through the Products segment. The company offers a wide range of products such as SunPower, Canadian Solar, REC Solar, Q CELLS, Phono Solar, Trina, and others.
Greenlight Planet
Greenlight Planet operates its business through the Products segment. The company offers a wide range of off-grid solar power systems such as Sun King Boom, Sun King Pico Plus, Sun King Pro 300, Sun King Pro 400, Sun King Home 60, Sun King Home 120, and Sun King Charge.
M-KOPA Kenya Ltd.
M-KOPA Kenya Ltd. operates its business through the Products segment. The company offers M-KOPA 5 Solar Home System. It is a solar home system equipped with an 8W solar PV panel, a lithium-ion battery, remote FM/USB radio, four LED lights, rechargeable torch, and 5 in 1 phone charging cable.
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Off-grid Solar Power Systems Market Application Outlook (Revenue, USD Billion, 2020-2024)
- Non-residential
- Residential
Off-grid Solar Power Systems Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- APAC
- Europe
- MEA
- North America
- South America
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