Off-grid solar power systems market size to increase by USD 3,263.94 million between 2022 and 2027; Growth driven by high cost of grid expansion - Technavio

Rhea-AI Summary

The global off-grid solar power systems market is projected to expand by USD 3,263.94 million from 2022 to 2027, with a CAGR of 11.92%. Major drivers include the high costs associated with grid expansion and the increasing adoption of decentralized power solutions in regions like sub-Saharan Africa and developing Asia. The APAC region is anticipated to contribute 48% of market growth, supported by favorable government policies and declining technology costs. Low awareness of alternative sustainable technologies poses a challenge to market growth, but overall, the demand for off-grid solar systems is rising as communities seek affordable electricity solutions.

Positive

• Market growth forecast of USD 3,263.94 million between 2022 and 2027.
• Expected CAGR of 11.92% indicates strong market momentum.
• APAC region projected to account for 48% of market growth due to supportive government initiatives.

Negative

• Low awareness about alternative sustainable technologies may hinder market expansion.

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.

Why Buy?

• Add credibility to strategy
• Analyzes competitor's offerings
• Get a holistic view of the market

Grow your profit margin with Technavio – Buy the Report!

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).

Technavio's library includes over 17,000+ reports, covering more than 2,000 emerging technologies. Subscribe to our "Basic Plan" at just USD 5,000 and get lifetime access to Technavio Insights

Off-grid Solar Power Systems Market Scope
Report Coverage	Details
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 11.92%
Market growth 2023-2027	USD 3,263.94 million
Market structure	Fragmented
YoY growth 2022-2023 (%)	11.04
Regional analysis	APAC, Europe, Middle East and Africa, North America, and South America
Performing market contribution	APAC at 48%
Key countries	US, Kenya, China, India, and Indonesia
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	ABB Ltd., AKUO ENERGY SAS, Azuri Technologies Ltd., Canadian Solar Inc., EnerSys, ENGIE SA, Gem Energy Australia Pty Ltd., Greenlight Planet, Havells India Ltd., JinkoSolar Holding Co. Ltd., Kirloskar Proprietary Ltd., M KOPA, OMC Power Pvt. Ltd., Oolu LLC, Powerhive Inc., Schneider Electric SE, SMA Solar Technology AG, SunPower Corp., Tata Sons Pvt. Ltd., and Vector Ltd.
Market dynamics	Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse through Technavio's Utilities Market Reports

Table of contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global off-grid solar power systems market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global off-grid solar power systems market 2017 - 2021 ($ million)

• 4.2 Types Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Types Segment 2017 - 2021 ($ million)

• 4.3 Applications Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Applications Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 AC - Market size and forecast 2022-2027
• Exhibit 34: Chart on AC - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on AC - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on AC - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on AC - Year-over-year growth 2022-2027 (%)

• 6.4 DC - Market size and forecast 2022-2027
• Exhibit 38: Chart on DC - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on DC - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on DC - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on DC - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ million)

7 Market Segmentation by Application

• 7.1 Market segments 
• Exhibit 43: Chart on Application - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Application - Market share 2022-2027 (%)

• 7.2 Comparison by Application 
• Exhibit 45: Chart on Comparison by Application
• Exhibit 46: Data Table on Comparison by Application

• 7.3 Non-residential - Market size and forecast 2022-2027
• Exhibit 47: Chart on Non-residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Non-residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Non-residential - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Non-residential - Year-over-year growth 2022-2027 (%)

• 7.4 Residential - Market size and forecast 2022-2027
• Exhibit 51: Chart on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Application 
• Exhibit 55: Market opportunity by Application ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 61: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 63: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 69: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.6 North America - Market size and forecast 2022-2027
• Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 81: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 Kenya - Market size and forecast 2022-2027
• Exhibit 85: Chart on Kenya - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Kenya - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Kenya - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Kenya - Year-over-year growth 2022-2027 (%)

• 9.10 India - Market size and forecast 2022-2027 
• Exhibit 89: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.11 US - Market size and forecast 2022-2027
• Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.12 Indonesia - Market size and forecast 2022-2027
• Exhibit 97: Chart on Indonesia - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Indonesia - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Indonesia - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Indonesia - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 101: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 ABB Ltd. 
• Exhibit 108: ABB Ltd. - Overview
• Exhibit 109: ABB Ltd. - Business segments
• Exhibit 110: ABB Ltd. - Key news
• Exhibit 111: ABB Ltd. - Key offerings
• Exhibit 112: ABB Ltd. - Segment focus

• 12.4 Canadian Solar Inc. 
• Exhibit 113: Canadian Solar Inc. - Overview
• Exhibit 114: Canadian Solar Inc. - Business segments
• Exhibit 115: Canadian Solar Inc. - Key news
• Exhibit 116: Canadian Solar Inc. - Key offerings
• Exhibit 117: Canadian Solar Inc. - Segment focus

• 12.5 EnerSys 
• Exhibit 118: EnerSys - Overview
• Exhibit 119: EnerSys - Business segments
• Exhibit 120: EnerSys - Key news
• Exhibit 121: EnerSys - Key offerings
• Exhibit 122: EnerSys - Segment focus

• 12.6 ENGIE SA 
• Exhibit 123: ENGIE SA - Overview
• Exhibit 124: ENGIE SA - Business segments
• Exhibit 125: ENGIE SA - Key offerings
• Exhibit 126: ENGIE SA - Segment focus

• 12.7 Gem Energy Australia Pty Ltd. 
• Exhibit 127: Gem Energy Australia Pty Ltd. - Overview
• Exhibit 128: Gem Energy Australia Pty Ltd. - Product / Service
• Exhibit 129: Gem Energy Australia Pty Ltd. - Key offerings

• 12.8 Greenlight Planet 
• Exhibit 130: Greenlight Planet - Overview
• Exhibit 131: Greenlight Planet - Product / Service
• Exhibit 132: Greenlight Planet - Key offerings

• 12.9 Havells India Ltd. 
• Exhibit 133: Havells India Ltd. - Overview
• Exhibit 134: Havells India Ltd. - Business segments
• Exhibit 135: Havells India Ltd. - Key news
• Exhibit 136: Havells India Ltd. - Key offerings
• Exhibit 137: Havells India Ltd. - Segment focus

• 12.10 JinkoSolar Holding Co. Ltd. 
• Exhibit 138: JinkoSolar Holding Co. Ltd. - Overview
• Exhibit 139: JinkoSolar Holding Co. Ltd. - Product / Service
• Exhibit 140: JinkoSolar Holding Co. Ltd. - Key news
• Exhibit 141: JinkoSolar Holding Co. Ltd. - Key offerings

• 12.11 M KOPA 
• Exhibit 142: M KOPA - Overview
• Exhibit 143: M KOPA - Product / Service
• Exhibit 144: M KOPA - Key offerings

• 12.12 Powerhive Inc. 
• Exhibit 145: Powerhive Inc. - Overview
• Exhibit 146: Powerhive Inc. - Product / Service
• Exhibit 147: Powerhive Inc. - Key offerings

• 12.13 Schneider Electric SE 
• Exhibit 148: Schneider Electric SE - Overview
• Exhibit 149: Schneider Electric SE - Business segments
• Exhibit 150: Schneider Electric SE - Key news
• Exhibit 151: Schneider Electric SE - Key offerings
• Exhibit 152: Schneider Electric SE - Segment focus

• 12.14 SMA Solar Technology AG 
• Exhibit 153: SMA Solar Technology AG - Overview
• Exhibit 154: SMA Solar Technology AG - Business segments
• Exhibit 155: SMA Solar Technology AG - Key offerings
• Exhibit 156: SMA Solar Technology AG - Segment focus

• 12.15 SunPower Corp. 
• Exhibit 157: SunPower Corp. - Overview
• Exhibit 158: SunPower Corp. - Product / Service
• Exhibit 159: SunPower Corp. - Key news
• Exhibit 160: SunPower Corp. - Key offerings

• 12.16 Tata Sons Pvt. Ltd. 
• Exhibit 161: Tata Sons Pvt. Ltd. - Overview
• Exhibit 162: Tata Sons Pvt. Ltd. - Business segments
• Exhibit 163: Tata Sons Pvt. Ltd. - Key offerings
• Exhibit 164: Tata Sons Pvt. Ltd. - Segment focus

• 12.17 Vector Ltd. 
• Exhibit 165: Vector Ltd. - Overview
• Exhibit 166: Vector Ltd. - Business segments
• Exhibit 167: Vector Ltd. - Key offerings
• Exhibit 168: Vector Ltd. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 169: Inclusions checklist
• Exhibit 170: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 171: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 172: Research methodology
• Exhibit 173: Validation techniques employed for market sizing
• Exhibit 174: Information sources

• 13.5 List of abbreviations 
• Exhibit 175: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/off-grid-solar-power-systems-market-size-to-increase-by-usd-3-263-94-million-between-2022-and-2027-growth-driven-by-high-cost-of-grid-expansion---technavio-301780799.html

SOURCE Technavio

FAQ

What is the forecast market size for JKS in the off-grid solar power systems market?

The off-grid solar power systems market is expected to grow by USD 3,263.94 million from 2022 to 2027.

What is the CAGR for the off-grid solar power systems market related to JKS?

The market is projected to grow at a CAGR of 11.92% during the forecast period.

Which region will have the most significant impact on JKS in the off-grid solar power systems market?

The APAC region is expected to account for 48% of market growth.

What are the main challenges for JKS in the off-grid solar power systems market?

Low awareness about alternative sustainable technologies may pose challenges for market growth.