Global Off-Grid Solar Market Overview:
An off-grid solar system is a solar panel system that generates electricity, stores that power in solar batteries, and runs independently from the power grid. These systems encourage off-the-grid living, a lifestyle centered around energy independence and self-sustainability. Increasing costs of electricity, energy, and fuels are the factors driving the off-grid solar market.
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Increasing Leading-Edge Research and Development, Capital Investment.
Market Growth Drivers:
Increasing Cost of Electricity, Energy and Fuels and Increase Government Initiative for the Countrys Electrification Rate
Limited Energy Storage Capacity and Dependency on Weather Conditions and Growing Need for Proper System Sizing and Design of Off-Grid Solar
Increasing Initial Installation and Maintenance Costs of Off-Grid Solar
Increasing Demand for Customized Off-Grid Solar System
Automotive Films is a fragmented market due to the presence of a large number of established competitors. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Some of the key players profiled in the report are Tata Power Solar (India), JinkoSolar Holding Co. Ltd. (China), Canadian Solar Inc. (Canada), SolarEdge Technologies Inc. (Israel), First Solar Inc. (United States), Sunrun Inc. (United States), Enphase Energy Inc. (United States), SunPower Corp. (United States), Array Technologies Inc. (United States) and Maxeon Solar Technologies Ltd. (Singapore). Considering Market by Powering Rate, the sub-segment i.e. Up to 10KW will boost the Off-Grid Solar market. Considering Market by End User, the sub-segment i.e. Industrial will boost the Off-Grid Solar market.
Latest Market Insights:
In October 2020, Sunrun acquired Vivint Solar. That was subject to approval by both companies' regulators and shareholders. The closing of the transaction cements Sunrun's position as a leader in residential solar and energy services across the United States, with more than 3 gigawatts of solar energy and more than 500,000 customers, and as the largest owner of solar assets worldwide.
In October 2022, Tata Power Solar Systems launched cost-effective solar off-grid solutions in West Bengal, Bihar, and Jharkhand. Tata Power Solar Systems Ltd (TPSSL) is a wholly owned subsidiary of Tata Power Renewable Energy Ltd (TPREL). The stand-alone solution offers a combination of high-efficiency solar modules, inverters, and batteries and is available in 11 variants: 1 - 10Kw with a 5-year warranty, As per the company statement- The solutions provided by the company are designed to provide consumers with an efficient integrated power system for their power backup needs in times of grid outages.
What Can be Explored with the Off-Grid Solar Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Off-Grid Solar Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Off-Grid Solar
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Off-Grid Solar market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Off-Grid Solar market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.