Technavio Predicts USD 3.27 Billion Expansion by 2027
The off-grid solar power systems market is poised for substantial growth, with a projected increase of USD 3.27 billion from 2022 to 2027, states Technavio. During this period, the market is expected to progress at a noteworthy Compound Annual Growth Rate (CAGR) of 11.92%. Asia-Pacific (APAC) is set to play a dominant role, accounting for 48% of this market growth.
APAC’s Integral Role
Governments in the APAC region are pivotal in driving the adoption of off-grid solar power systems, especially in areas where conventional grid extension is unfeasible. The region has witnessed a significant uptick in adoption due to reduced technology costs and the introduction of innovative business models.
Market Dynamics and Key Players
The market is characterized by fragmentation, with global and regional players contributing to its diversity. The increasing cost of grid expansion is a primary driver for the rapid growth of the global off-grid solar power systems market. Intensified competition among companies is anticipated, reflecting the growing demand for sustainable energy solutions.
Key players in the market include ABB Ltd., AKUO ENERGY SAS, Azuri Technologies Ltd., Canadian Solar Inc., and more. These companies offer a range of solutions, including battery energy storage systems, distributed solar power systems, and energy storage systems.
Segmentation Analysis
The market is segmented into AC and DC, with the AC segment expected to dominate. Utility-scale projects in the AC segment have gained significant traction due to a shift toward sustainable sources. The declining cost of solar electricity generation is a major factor driving growth in this segment.
Future Outlook and Market Impact
The off-grid solar power systems market’s growth is driven by an increasing demand for renewable energy and sustainable living. Key components like solar panels, photovoltaic cells, battery storage, and solar energy storage solutions form the foundation of these systems. This surge in adoption aligns with the global trend toward green technology and energy independence. The market’s expansion not only reflects a growing commitment to sustainability but also signifies a transformative shift in global energy consumption patterns.
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Source：prnewswire.com
