Off-Grid Solar Energy Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Off-Grid Solar Energy Market Analysis:

The Off-Grid Solar Energy Market is projected to witness substantial growth in the coming years. According to forecasts, the market size is expected to expand from 8.49 gigawatts in 2023 to 12.20 gigawatts by 2028, reflecting a compound annual growth rate (CAGR) of 7.51% during the forecast period of 2023–2028. However, the market faced challenges in 2020 due to the negative impact of the COVID-19 pandemic. Nevertheless, the market is now on track to recover and reach pre-pandemic levels.

Looking ahead, there are several factors that are anticipated to drive the growth of the Off-Grid Solar Energy Market in the long term. One significant factor is the decreasing price of solar panels and batteries, which is expected to make off-grid solar energy more affordable and accessible. However, it is important to note that high installation costs and poor maintenance practices currently hinder the market’s expansion. Despite these challenges, countries such as the United States, the United Kingdom, Germany, China, and India, among others, have set ambitious targets to increase the share of renewable energy in their energy mix. To achieve these goals, governments in these nations have planned to deploy residential and off-grid solar PV systems, creating substantial opportunities for the off-grid solar energy market. Moreover, the Middle-East and Africa region is expected to dominate the market growth, primarily driven by the increasing demand for electricity in areas where a central grid and reliable electricity supply are lacking, particularly in the African region.

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