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Off-Grid Housing Market is Projected to Reach USD 68.6 Billion by 2028 at a CAGR of 4.3% from 2022-2028; Growing Inclination toward Sustainable Living Powered by Renewable Energy Solutions to Foster Market Growth
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Westford, USA, Feb. 21, 2023 (GLOBE NEWSWIRE) — The off-grid housing market in North America and Europe is rising due to growing interest in eco-friendly and minimalistic housing options requiring less energy. It has led to increased demand for off-grid living and is expected to positively impact the market in the coming years. Moreover, the financial sector has also shown interest in the market, with banks and insurance companies now offering specialized insurance packages for off-grid homes, which could help to boost the market’s growth further.
SkyQuest’s research report on the off-grid housing market suggests a steady growth rate of nearly 6.8% in the global off-grid solar installed capacity from 2020 to 2021, with a capacity of 6.14 GW. The increased installed capacity highlights the growing preference for off-grid housing and the adoption of renewable energy technologies in various regions. This growth rate is expected to continue with increasing awareness of the advantages of off-grid housing, such as energy independence, cost savings, and environmental sustainability.
Browse in-depth TOC on the “Off-Grid Housing Market”
- Pages – 279
- Tables – 64
- Figures – 65
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Off-grid housing is a lifestyle that involves living independently and self-sufficiently without relying on public utilities like water, electricity, or gas. Off-grid living often uses renewable energy technologies such as solar panels, wind turbines, or hydroelectric power to meet a home’s or property’s energy needs. The growing availability and affordability of renewable energy technologies have made it easier for people to live off-grid, reducing their reliance on traditional energy sources and decreasing their environmental impact.
Prominent Players in Off-Grid Housing Market
- American Tiny House
- Designer ECO Tiny Homes
- Aussie Tiny Houses
- ZOLA Electric
- Greenlight Planet
- Abengoa Solar
- Sunrain
- BrightSource Energy
- Solectria Renewables
- Canadian Solar Inc.
- Winch Energy
- Sunpower Corporation
- Forest River Inc.
- Thor Industries Inc.
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Solar Segment Emerges as the Promising Renewable Energy Source as a Part of More Sustainable and Environmentally Friendly Living
The solar energy segment continued to dominate the global off-grid housing market in 2021 and is expected to maintain its dominance from 2022 to 2028. The off-grid solar market has been gaining momentum, as it offers the advantages of self-sufficiency and energy independence. Off-grid solar systems rely on solar panels and energy storage devices like solar batteries to provide electricity without needing a power grid. In addition, solar energy is a clean and renewable energy source, making it an attractive option for environmentally conscious consumers looking for sustainable and eco-friendly ways of powering their homes and businesses.
North America dominated the global off-grid housing market in 2021 and is expected to grow steadily due to the increasing adoption of off-grid housing. The US and Canada emerge as the key contributors to the North American market, accounting for over 50% of the market share. The growth of off-grid housing is expected to be further fueled by the increasing adoption of solar solutions, which play a critical role in providing energy access to off-grid housing.
Technological and Product Segment to Witness Higher Traction due to Innovations in Advanced Technologies Supporting Efficient Off-Grid Housing Solutions
In 2021, the technological and product segment had the highest revenue share in the off-grid housing market, and it is anticipated to further increase its share value by 2028. The segment’s growth can be attributed to the increasing use of artificial intelligence (AI) and machine learning (ML) technologies in various fields. In addition, the growing funding and revenue share of the technological and product sector indicate the significant potential for technology to drive growth in the market.
The Asia-Pacific and, Middle East & Africa regions are expected to experience consistent growth in the global market from 2022 to 2028. The primary driver for this growth is the increasing demand for off-grid solar power in the region’s housing sector. In addition, the need for reliable and sustainable energy sources in rural areas has led to an upsurge in off-grid solar power installations, providing a cost-effective and environmentally friendly solution for power generation.
SkyQuest has published a detailed research report on the off-grid housing market, comprehensively analyzing it and its competitive landscape. The report offers valuable insights and in-depth market analysis, enabling stakeholders to make informed decisions. In addition, the research team has conducted a thorough analysis of the leading players in the market, focusing on critical aspects such as sales units, target markets, production costs, distribution channels, growth factors, and more.
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Key Developments in Off-Grid Housing Market
- US Lighting Group, Inc. has announced the formation of its wholly-owned subsidiary, Futuro Houses, LLC, to meet the increasing demand for affordable housing. The new venture offers a self-sufficient, cost-effective, and energy-efficient housing solution for an off-grid lifestyle. With its smaller footprint, self-sufficient design, and low environmental impact, Futuro Houses is ideally positioned to meet the needs of those seeking a modern, off-grid lifestyle.
- Zendure, a rapidly growing clean energy tech startup, has unveiled its latest innovations in portable solar power at Intersolar North America. At the forefront is the SuperBase V, which is the world’s first modular, portable power station with semi-solid state batteries. This new technology delivers more reliable, safer, and cleaner energy to users wherever and whenever needed. The SuperBase V is a versatile power station for various purposes, from RV and off-grid living to EV charging, whole-home power, and emergency backup.
- SEI Logistics, a Canadian company, has launched a new solution for off-grid power in remote and extreme locations. The portable, folding solar panels and battery kit are specifically designed for the oil and gas industry, where reliable power sources are crucial in harsh environments. The kit is housed in a durable case built to withstand extreme cold and harsh weather conditions. This innovative product offers a sustainable and cost-effective alternative to traditional power sources in remote locations.
Key Questions Answered in Off-Grid Housing Market Report
- What are the emerging factors projected to drive the market’s growth during the forecast period, and how significant will this growth be?
- How is the current market scenario impacting the growth of the global market, and what are the key trends driving this growth?
- Which regions are likely to exhibit the most growth in the global market, and what are the contributing factors to this growth?
- What role have the leading players in the market played in shaping the industry’s future outlook and overall growth?
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