Top Impacting Factors
Global off-grid market is expected to grow at a significant rate due to rise in demand for renewable and clean source of energy to reduce the dependency on fossil fuels for electricity generation particularly in remote areas or off-grid areas as the main electric grid infrastructure is not available hence installation of off-grid energy storage systems provides independent and reliable source of energy in remote or off-grid areas. Generally, the electricity was generated by burning fossil fuels such as coal, oils, and natural gas, this process produces high amount of greenhouse gasses which are harmful to environment as well as the humans, hence it is important to reduce the use of fossil fuels for electricity generation.
Due to these harmful effects, governments are promoting use of renewable sources to generate electricity which includes solar energy, wind energy, and hydroelectricity, which are environment friendly and can reduce the cost of electricity in longer period of time. Hence government initiative to promote the renewable energy source in rural, remote and urban area is likely to drive the market growth during the forecast period. Moreover. global rise in demand for carbon-neutral energy source is anticipated to drive the market growth during forecast period.
Farmers in remote areas require electricity for irrigation purpose and proper irrigation produces a good crop but due to lack of electricity farmers are not able to perform irrigation activities timely which affects the growth of crop, hence famers are using off-grid solar panels to operate the irrigation system smoothly without interruption. Nowadays all the builder and land developers are pre installing renewable sources of energy majorly off-grid solar panels in residential areas, hence the rising adoption of off-grid solar energy in industrial, residential and agriculture sector boosts the demand for the off-grid market during the forecast period.
Factors such as high cost for installing off-grid solar panels and high cost for storage of energy restraints the growth of the market. Not every person can afford to install off-grid solar panel for power generation. Hence to tackle this situation governments are providing subsidies and tax reduction policies for installing of solar panels in residential as well as commercial areas. Hence supportive action of government will surely be cost effective which will elevate the market growth. In addition, the focus of manufacturer to reduce the cost price of off-grid solutions and improve its efficiency boosts the market growth during forecast period.
The off-grid market is segmented on the basis of technology, application, and region. By technology, it is divided into thin-film, crystalline, and others. By application, it is divided into residential, commercial, and industrial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By technology: The off-grid market is divided into thin-film, crystalline, and others. Thin film accounts for the largest market share by technology owing to its narrow design, enhanced durability, and produced from flexible and lightweight material. Crystalline segment is expected to grow at significant rate during the forecast period.
By application: The off-grid market is segregated into residential, commercial, and utility-scale. Industrial segment holds largest market share by application due to high demand of energy which drives the market growth during forecast period.
By region: The crystalline solar cells market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific off-grid market is anticipated to have the fastest growth during the forecast period. The major factor for growth of market in the region includes countries such as China, India, Japan, and many others which is backed by the supportive government policies and promotional activities carried to adapt natural resources for energy generation.
In addition, the rise in population is one of the factors which indirectly boosts the growth of the market as rise in population increases demand for construction and infrastructure development which involves use of solar panel to reduce use of fossil fuels and save environment. Moreover, increase in funds for development in rural areas and sustainable goals of Asian countries to reduce carbon emission is likely to elevate the market growth during the forecast period.
The North American market is predicted to experience stable growth with the U.S. dominating the regional market. In addition, the awareness regarding financial incentives and adherence of the Paris agreement by the government of U.S. is likely to drive the market growth.
Increasing government attention to greenhouse gas emission in Europe drives the regional market. European countries, such as France, Argentina, Germany, and others, have established their goal of becoming carbon neutral by 2050. Which will reduce the use of fossil fuels for energy generation and hence there will be rise in use of renewable source of energy. These all factors drive the growth of off-grid solar market in forecast period.
Competitive analysis and profiles of the major players in the crystalline solar cells market, such as, Canadian Solar, First Solar, Inc., Hanwha Q-cells, JA Solar Holdings Co. Ltd., Jinko Solar, LONGi, Risen Energy, SunPower Co., Talesun, and Trina solar are provided in this report. Major players have adopted technological advancement & product launch, acquisition, business expansion as key developmental strategies to improve the product portfolio of this market.
Global Off Grid Market Report Highlights
Key Market Players
First Solar, Inc., Jinko Solar, JA Solar Holdings Co. Ltd., Canadian Solar, Talesun, Trina solar, Risen Energy, Hanwha Q-cells, SunPower Corporation, LONGi