The global off-grid solar PV panels market size is expected to reach USD 4.84 billion by 2030, registering a CAGR of 8.47%, according to a new report by Grand View Research, Inc. Increasing adoption of renewable sources of energy owing to encouraging government policies is expected to boost the market growth.
Off-grid Solar PV Panels Market Report Highlights
- In 2021, the thin-film segment emerged as the largest segment and accounted for 40.43% share owing to its narrow design, strong durability, and manufacturing from flexible & lightweight materials
- The U.S. emerged as the largest off-grid solar PV panels market in North America in 2021. The U.S. is recognized as one of the second-largest in terms of adoption of PV panels in the world owing to the rise in consumption of PV panels, with an exponential increase in the power bills
- In 2021, Asia Pacific held the largest market share because of the increasing electricity costs and grid infrastructure expenses across China and India
- Industrial segment accounted for the highest market share in 2021. The industrial segment is the largest consumer of electricity in the world with more than half of the globe’s produced capacity that is being used by it
- Middle East and Africa held the significant market share owing to the rising investment towards renewable sources of energy from Saudi Arabia and other countries, which are opting for cleaner sources to generate electricity
- In 2021, Central & South America solar PV panels market is expected to develop at a substantial rate during the forecast period. This growth is ascribed to the rising demand for the renewable energy, supportive government policies, efforts to reduce greenhouse gas emissions, and decreasing cost of the solar PV panels
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Off-grid solar PV panels are expected to play a critical role as rising population growth and ever increasing energy prices. Off-grid solar PV solutions offer the best alternative to the traditional electric grid and best alternative for places where electricity is hard to reach. As governments offers incentives and tax rebates over the installation of solar panels, it becomes the most adopted amongst alternate source of energy. Solar energy is becoming much cheaper all over the world due to increase competition among the companies. Increasing demand for carbon-neutral energy sources around the world is the major factor driving the industry.
Rapid industrialization and population growth have resulted in a sharp rise in global demand for the electricity. The energy sector is apparently moving towards clean sources of power resulting in rise in the installation of solar panels, which in turn is expected to drive the industry growth.
Additionally, major countries are planning to increase the installation of solar panels during the subsequent period, which is further estimated to propel the off-grid solar PV panels market during the projection period. Based on technology, thin films emerged as the largest segment for off-grid solar PV panels.
The rise in implementation of clean sources of energy for industrial and commercial electricity generation, has resulted in growing deployment of off-grid solar PV panels that are ideal for the locations having abundant sunlight and zones that experience frequent grid failure leading to power outages. The major factor driving the global off-grid solar market is the declining cost of solar PV and batteries. Residential segment is projected to grow at the fastest rate during the forecast period due to the growing construction activities in residential sector.
Major suppliers and vendors are offering long-term contracts to the owners covering regular maintenance and servicing of the panels, driving up the off-grid solar PV panels market growth till 2030.
COVID-19 led to the global economic slowdown further leading to decreased individual earnings and unemployment thereby hampering the growth of off-grid solar market.
Off-grid Solar PV Panels Market Insights By Demographics
Asia Pacific (APAC) is expected to account for the largest market share of 32.39% in the forecast period, due to the demand for potential in renewable energy projects, investments in rural areas, and solar energy. Sustainable goals of the countries in APAC to lower the carbon emission levels and meet power demand can bode well for the market. North America expected to benefit the global off-grid solar PV panels market due to the adoption of clean energy technologies and growing residential activities as industries are the largest electricity consumers and use thin films to store energy across maximum sunlit areas.
Competitive Analysis By Major Companies
The global off-grid solar PV panels market is highly competitive and consolidated due to the presence of large number of market players. Technology sourcing, skilled labor and strong R&D are among the significant factors governing the competitiveness of the off-grid solar PV panels industry. R&D with greater technological capabilities owing to the constant evolution of technology, coupled with intense competition, plus growing awareness of customers are the factors, projected to contribute significantly to the enlargement of the off-grid solar PV panels market. Some prominent players in the off-grid solar PV panels market include:
- Jinko Solar
- JA Solar
- Trina Solar
- LONGi Solar
- Canadian Solar
- Sun Power Corporation
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Off-grid Solar PV Panels Market Segmentation
Grand View Research has segmented the solar PV panels market based on the technology, application, and region:
- Off-grid Solar PV Panels Technology Outlook (Revenue, USD Billion, 2019 – 2030)
- Off-grid Solar PV Panels Application Outlook (Revenue, USD Billion, 2019 – 2030)
- Off-grid Solar PV Panels Regional Outlook (Revenue, USD Billion, 2019 – 2030)
- List of Key Players in Off-grid Solar PV Panels Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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