The global off-grid solar PV panels market size is projected to reach USD 3.9 billion by 2027, expanding at a CAGR of 9.4%, according to a new report by Grand View Research, Inc. Growing adoption of renewable energy owing to favorable government policies is predicted to drive market growth.
High efficiency at affordable operational costs along with durability offered by solar PV panels is projected to drive industry growth.Rapid population growth and industrialization have resulted in a sharp increase in power demand globally. The energy sector has turned to clean power sources resulting in increase in the installations of solar modules, which in turn is likely to propel industry growth.
Additionally, major global economies are planning to augment the installation of solar modules over the next decade, which is further projected to drive the market over the forecast period.Based on technology, thin films emerged as the largest segment in the market. Rise in adoption of clean energy for industrial and commercial power generation is resulting in increasing deployment of the technology. The technology is ideal for regions with abundant sunlight and areas that experience frequent grid failure leading to power outages.
The residential segment is projected to grow at the fastest rate over the forecast period owing to the growing residential construction activities. Major suppliers and vendors are offering long-term contracts to the owners covering regular maintenance and servicing of the panels, thereby driving the market till 2027.
Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/off-grid-solar-pv-panels-market
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