New York, United States , June 13, 2023 (GLOBE NEWSWIRE) -- The Global Off-Grid Solar PV Panel Market Size is to grow from USD 2.47 Billion in 2022 to USD 7.74 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period.
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Off-grid solar PV panels offer a self-sufficient and eco-friendly energy solution for areas without access to the traditional power grid. These panels convert sunlight into electrical energy through the photovoltaic effect, utilizing solar cells connected in series or parallel. Equipped with a charge controller and battery bank, off-grid solar PV panels enable users to generate and store electricity for use during low sunlight or at night. They provide benefits such as reduced dependence on fossil fuels, lower energy costs, and increased energy independence. Widely used in remote areas and for various applications, these panels contribute to a cleaner and sustainable energy future.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Off-Grid Solar PV Panel Market Size, Share, and COVID-19 Impact Analysis, By Technology (Thin Film, Crystalline Silicon, and Others), By Application (Residential, Commercial, and Industrial), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032." Get Detailed Report Description Here
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The crystalline silicon is expected to grow at a CAGR of around 12.5% during the forecast period.
Based on technology, the global off-grid solar PV panel market is segmented into thin film, crystalline silicon, and others. The crystalline silicon segment is expected to witness growth in the forecast period for several reasons. Crystalline silicon solar panels have established themselves as a reliable and mature technology with a proven track record. They offer high efficiency and long-term durability, making them a trusted choice for off-grid solar PV installations. The ongoing advancements in crystalline silicon technology, such as the development of PERC (Passivated Emitter and Rear Cell) and bifacial modules, have further enhanced the performance and energy generation potential of these panels. Moreover, the declining costs of crystalline silicon modules, driven by economies of scale and manufacturing efficiencies, make them increasingly competitive in the market. Additionally, the established supply chain and widespread availability of crystalline silicon materials contribute to their market growth.
The residential segment is expected to grow at a higher CAGR during the forecast period.
Based on application, the global off-grid solar PV panel market is segmented into residential, commercial, and industrial. The residential segment is expected to experience growth in the forecast period for several reasons. There is a growing recognition among homeowners of the benefits of off-grid solar PV systems, including reduced energy costs and increased energy independence. Advancements in technology and decreasing costs have made residential off-grid solar systems more affordable and accessible to a wider range of homeowners. This includes the availability of financing options and government incentives that further support residential adoption. Additionally, increasing environmental consciousness and the desire to reduce carbon footprints drive residential consumers to seek sustainable energy solutions like off-grid solar PV panels. Furthermore, the rising trend of energy self-sufficiency and the desire for backup power during grid outages contribute to the growth of off-grid solar systems in the residential segment.
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Asia-Pacific is predicted to grow at a higher CAGR of around 14.6% over the projected period.
Based on region, the Asia-Pacific region is projected to experience rapid growth in the forecast period for several reasons. The region has a large population with a considerable portion residing in remote or off-grid areas, creating a substantial demand for decentralized energy solutions like off-grid solar PV panels. Governments in many countries across Asia-Pacific are implementing supportive policies and incentives to promote renewable energy, including off-grid solar systems. These measures encourage investment and adoption, fostering market growth. Furthermore, the region has abundant solar resources, making it an ideal environment for harnessing solar energy. The declining costs of solar PV technology and advancements in manufacturing processes have made off-grid solar systems increasingly affordable and accessible, further driving their growth in the Asia-Pacific region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global off-grid solar PV panel market include Jinko Solar, JA Solar, Trina Solar, LONGi Solar, Canadian Solar, Sun Power Corporation, First Solar, Hanwha Q-CELLS, Risen Energy, and Talesun.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global off-grid solar PV panel market based on the below-mentioned segments:
Off-Grid Solar PV Panel Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
Off-Grid Solar PV Panel Market, By Application
- Residential
- Commercial
- Industrial
Off-Grid Solar PV Panel Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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