Global Off-grid Solar Power Systems Market expected to grow by USD 2.97 during 2020-2024

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The global off-grid solar power systems market is expected to grow by USD 2.97 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 11%.

The market is driven by the high cost of grid expansion. In addition, the rapidly growing Pay-As-You-Go (PAYG) model is anticipated to boost the growth of the off-grid solar power systems market.

Factors such as the distance between the community and the existing main grid, population density, power quality, and demand patterns directly influence the cost of grid expansion plans. For example, grid expansion is cost-effective in highly dense areas but becomes very expensive for sparsely populated rural and semi-urban areas. Hence, several governments across the world are increasingly adopting stand-alone energy systems such as off-grid solar power systems to provide decentralized power to remote households and communities. These systems are cost-effective solutions for sparsely dense areas and can provide electricity to single households to power lights, television, and charge mobile phones. They can also be scaled according to the needs of power appliances such as refrigerators and pumps. These factors are fueling the growth of the global off-grid solar power systems market.

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