Off-grid Solar PV Panels Industry Overview
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.
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.
Off-grid Solar PV Panels Market Segmentation
Grand View Research has segmented the global Off-grid Solar PV Panels market based on technology, application, and region:
Based on the Technology Insights, the market is segmented into Thin Film, Crystalline Silicon, and Others
- In terms of revenue, thin-film accounted for the largest share of 40.43% in the global off-grid solar PV panels market in 2021, owing to its narrow design, strong durability, and manufacturing from flexible & lightweight materials.
- Due to the extremely thin layers of the film on glass, stainless steel, or a flexible substrate, these are widely known as thin films.
- Crystalline silicon segment is projected to witness substantial growth during the forecast period owing to the extended lifecycle of the panels, low weight volume ratio, and low-cost manufacturing of silicon semiconductors.
Based on the Application Insights, the market is segmented into Residential, Commercial, and Industrial
- In terms of revenue, industrial segment led the market in 2021 by accounting for a share of 40.25% of the market in this year.
- The commercial solar PV panels have a 14-20 years’ lifespan and can power industrial buildings in off-grid or remote locations, pre-heating ventilation air, and water heating in offices, businesses, and others.
- The rapid adoption of PV modules in corporate offices, hotels, and hospitals expected to drive product demand across the commercial sector, coupled with increased power demand in communication base stations and data centers.
- The residential segment is projected to witness the fastest growth in the forecast period. The rapid growth is likely to increase owing to the consumers preferring to end contracts with utility companies by choosing off-grid solar PV panels while taking the liberty of fulfilling their energy needs.
Off-grid Solar PV Panels Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
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.
Some prominent players in the global Off-grid Solar PV Panels market include:
- Jinko Solar
- JA Solar
- Trina Solar
- LONGi Solar
- Canadian Solar
- Sun Power Corporation
- First Solar
- Hanwha Q-CELLS
- Risen Energy
- Tale sun
Order a free sample PDF of the Off-grid Solar PV Panels Market Intelligence Study, published by Grand View Research.
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