Off-Grid Solar Energy Market is expected to grow at a CAGR of 9.9% through 2030F
The global Off-Grid Solar Energy Market is
expected to be led by North America, driven by Increasing Electricity
Independence and Impact on Energy Access in Developing Regions during the
forecast period 2026-2030F
According to TechSci Research
report, “Off-Grid Solar
Energy Market - Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2030F, The Global Off-Grid Solar Energy Market was valued
at USD 3.1 billion in 2024 and is expected to reach USD 5.5 billion by 2030
with a CAGR of 9.9% through 2030. One
of the key drivers is the increasing emphasis on energy access as a fundamental
human right, particularly in developing countries where millions still lack
reliable electricity. Off-grid solar solutions offer a practical and affordable
way to extend energy access to rural and remote communities, supporting
education, healthcare, and economic activities in areas with limited or no grid
infrastructure.
Technological
advancements in solar power, particularly in energy storage systems, have made
off-grid solutions more efficient and reliable. With innovations in battery
technologies, such as lithium-ion and flow batteries, off-grid systems are now
able to store more energy for longer durations, ensuring a consistent power
supply even during periods of low sunlight. These innovations are reducing the
dependence on costly and environmentally damaging diesel generators. Furthermore,
growing awareness of climate change and the push for renewable energy solutions
have led to increased support for off-grid solar systems as part of global
decarbonization efforts. International organizations, development banks, and
governments are increasingly investing in clean energy projects, which include
off-grid solar as a solution to combat energy poverty while reducing carbon
emissions.
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Based on Type, Battery segment dominated
the Off-Grid Solar Energy Market in 2024 and maintain its leadership throughout
the forecast period, due to its essential role in ensuring continuous and
reliable energy supply in areas where access to the main power grid is limited
or unavailable. In off-grid solar systems, batteries serve as the backbone for
energy storage, enabling the harnessed solar power to be used even when the sun
isn't shining, such as during the night or on cloudy days. This is particularly
important in remote regions, where power availability is unpredictable, and
consistent energy access is a critical need.
The growing reliance on battery storage
is driven by advancements in battery technologies, which have significantly
improved efficiency, capacity, and cost-effectiveness in recent years. As the
price of solar panels has steadily decreased, the reduction in battery costs
has further fueled the adoption of off-grid solar systems, making them more
affordable for both residential and commercial users. This has been
particularly evident in developing regions, where off-grid solar energy
systems, coupled with energy storage, offer a practical solution to the
challenge of energy access.
Batteries allow for the storage of
excess energy generated during the day, which can then be used later to power
homes, businesses, or even entire communities. This ability to store and manage
energy enhances the reliability and usability of off-grid solar systems, making
them a more attractive and viable option compared to traditional fossil
fuel-powered generators, which are often costly and environmentally harmful.
Moreover, the introduction of new types
of batteries, such as lithium-ion batteries, has brought about significant
improvements in energy density and longevity, enabling longer-lasting and more
efficient energy storage. These innovations have made battery systems
increasingly popular in both urban and rural off-grid markets. Additionally,
the implementation of smart battery systems that optimize energy use and
monitor performance is enhancing the overall efficiency and user experience.
Governments and non-governmental
organizations are also recognizing the importance of battery storage in driving
the expansion of off-grid solar energy. Many have introduced financial
incentives and subsidies to promote the use of solar energy systems with
integrated storage solutions. As the demand for clean, sustainable, and
reliable energy continues to rise, particularly in underserved regions, the
battery segment is set to maintain its dominance in the off-grid solar energy
market. This growing trend is further supported by the continued decline in
battery costs, making solar energy storage solutions even more accessible and
appealing across the globe.
Asia Pacific is emerging as the
fastest-growing region for the Off-Grid Solar Energy Market, due to a
combination of factors such as increasing energy demand, government
initiatives, and the growing need for sustainable and reliable electricity in
remote areas. Countries like India, China, Bangladesh, and the Philippines are
leading the way in adopting off-grid solar solutions, primarily driven by their
vast rural populations that lack access to the main power grid.
One of the key factors contributing to
the region's growth is the rapid decline in solar panel and battery costs,
making off-grid solar systems more affordable for both urban and rural
communities. The rising affordability of these systems, coupled with financing
models like Pay-As-You-Go (PAYG), has further spurred adoption among low-income
households in off-grid areas. In addition, governments in Asia Pacific are
actively supporting off-grid solar projects through subsidies, tax incentives,
and development programs, which are further accelerating market growth.
Moreover, the region’s focus on clean
energy and sustainability, fueled by concerns over climate change and the need
for energy independence, is creating a favorable environment for off-grid solar
technologies. The increasing awareness of the benefits of solar energy, such as
reducing reliance on fossil fuels and decreasing carbon emissions, is also
propelling the adoption of off-grid solar solutions. As a result, Asia Pacific
is set to continue its strong growth trajectory in the off-grid solar energy market,
contributing to global efforts to address energy poverty and promote
sustainable energy.
Key market players in the Off-Grid Solar
Energy Market are: -
- ABB Ltd.
- Schneider Electric Infrastructure Ltd
- Canadian Solar Inc.
- JinkoSolar Holding Co. Ltd
- SunPower Corporation
- Trina Solar Ltd
- LONGi Green Energy Technology Co. Ltd
- JA Solar Holding
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“The global off-grid solar energy market
presents significant opportunities driven by rising energy demand in remote
areas, advancements in solar technology, and cost reductions in solar panels
and batteries. There is growing potential in developing regions, particularly
in Africa, Asia Pacific, and Latin America, where off-grid solar systems can
provide reliable, sustainable power to underserved populations. Innovative
business models, such as Pay-As-You-Go (PAYG), and government support for clean
energy initiatives further enhance market prospects. Additionally, expanding
applications in productive use, like solar-powered irrigation and cold storage,
offer new growth avenues for off-grid solar solutions globally.” said Mr. Karan
Chechi, Research Director of TechSci Research, a research-based global
management consulting firm.
“Off-Grid Solar Energy
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Type (Solar Panel, Battery, Controller, Inverter, Others), By
Application (Residential, Non-Residential, Others), By Region, By Competition,
2020-2030F” has
evaluated the future growth potential of Off-Grid Solar Energy Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Off-Grid Solar Energy Market.
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