Global Off-Grid Solar Market Research Report Forecast to 2023 Industry Survey, Growth, Competitive Landscape and Forecasts to 2023
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Global Off-Grid Solar Market Forecast to 2023 Global Off-Grid Solar Market - Overview The global off-grid solar market is expected to exhibit 12.50% CAGR over the forecast period (20182023) due to application in remote areas outside the boundary of electrical grids. Measures and steps taken by governments to reduce the dependence on non-renewable energy sources stands as one of the primary market drivers. Investments in solar power by China, India, Italy, and the U.S. can spur the market demand exponentially during the forecast period. The upsurge in the use of off-grid solar power in residential applications is expected to boost the advancement of the market. The freedom of the end users from utility companies due to isolation from the grid is expected to create a surge in the expansion of the off-grid solar market. The rising ability to use battery back-up for power requirements is anticipated to motivate the off-grid solar market in the impending period. Ask for Sample @ https://www.marketresearchfuture.com/sample_request/7227
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Global Off-Grid Solar Market Forecast to 2023 Market Boosters and Key Barriers Measures are being taken by governments to reduce the use of non-renewable energy sources, which are working in favor of the off-grid solar market. High investments in solar power by India, China, the U.S., and Italy is boosting the demand for the market all over the world. Solutions are being thought of to cut down carbon emissions and bring down the energy bills, which are leading a positive impact on the market. Also, the influx of capital within the renewable energy sector, along with rigid government policies, can benefit the off-grid solar market in the coming years. The European Commission estimates that close to USD 28.44 billion will be accumulated between 2020 and 2050, which can offer a host of growth opportunities to the off-grid solar market. High adoption of lithium-ion technology paired with low prices of solar panels, as well as similar technologies, are attracting sizeable investments in the market. Boom in the lithium battery manufacturing plants along with equipment leasing companies is leading to reduced prices of solar photovoltaic panels, which is expected to facilitate market growth. Browse Full Report @ https://www.marketresearchfuture.com/reports/off-grid-solar-
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Global Off-Grid Solar Market Forecast to 2023
Global Off-Grid Solar Market Segmental Analysis:
The worldwide off-grid solar market can be segmented into product and application. Given the type segment, the market consists of up to 10 W, 11-50 W, 51-100 W, and above 100 W. Up to 100W segment forms the largest market, primarily owing to increasing product usage in residential segment.
The off-grid solar market, with respect to the application, is split into commercial, industrial and residential. The residential segment is leading the off-grid solar market and can achieve the maximum growth rate in the following years.
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Global Off-Grid Solar Market Forecast to 2023 Regional Analysis Geographically, the off-grid solar market comprises North America, South America, Europe, the Middle East & Africa (MEA), and Asia Pacific (APAC). The APAC region is presumed to showcase a robust CAGR during the forecast period due to considerable investments in generation of power via solar energy by China, India, Japan, and other Southeast Asian countries. Changes in their energy policies and transition to renewable fuels from fossil fuels for reducing environmental damage can bode well for the regional market growth. The North America region is expected to accrue a windfall due to inclination towards renewable energy sources. The U.S. and Canada can be the biggest revenue contributors due to high sales of equipment and devices in the area. In addition, the impact on employment is likely to ensure the continuous growth of the market. Demand for eco-generators coupled with development of micro grids connected to renewable energy sources can bode well for the global market. The MEA region possess the maximum market potential due to rural and unelectrified regions in subSahara. The abysmal power supply coupled with the absence of electricity for nearly 80 million for Nigeria with a population of 180 million has created the market for off-grid power stations and equipment. Desire of industrialization coupled with initiatives by the government to stave off poverty can drive the market demand within the region.
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Global Off-Grid Solar Market Forecast to 2023
Leading Players:
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SMA Solar Technology, Yingli Solar, Canadian Solar, Su-Kam Power Systems, Greenlight Planet, Backwoods Solar, HelioPower, Schneider Electric, Solar Power Rocks, and Off Grid By Design
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