Off-grid Solar PV Panels Market is Expected to Hit Around USD 5.2 Billion By 2030
The global off-grid solar PV panels market was surpassed at USD 2.36 billion in 2021 and is expected to hit around USD 5.2 billion by 2030, growing at a CAGR of 9.17% from 2022 to 2030
According to Vision Research Report, the global off-grid solar PV panels market size was USD 2.36 billion in 2021 and is expected to reach USD 5.2 billion by 2030 and register a revenue CAGR of 9.17% during the forecast period, 2022-2030.
- In terms of revenue, thin-film accounted for the largest share of 40.5% in the global off-grid solar PV panels market in 2021.
- In terms of revenue, industrial segment led the market in 2021 by accounting for a share of 40.47% of the market in this year.
- The residential segment is projected to witness the fastest growth in the forecast period.
- Asia Pacific (APAC) is expected to account for the largest market share of 32.52% in the forecast period.
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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.
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.
Based on technology, the off-grid solar PV panels market has segmented into thin-film, crystalline silicon, and others. In terms of revenue, thin-film accounted for the largest share of 40.5% in the global off-grid solar PV panels market in 2021, owing to its narrow design, strong durability, and manufacturing from flexible & lightweight materials. A thin-film off-grid solar PV panels find major application in commercial projects since they are lightweight panels, and have reduced installation costs.
Due to the extremely thin layers of the film on glass, stainless steel, or a flexible substrate, these are widely known as thin films. The thickness of the film is required to be less than one micron. These cells are combined into a module and laminated to protect them from damage and tampering.
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. Crystalline Silicon is witnessing high demand, outperforming production capacities, thus driving up the prices.
Based on application, the solar PV panels market is segmented as residential, commercial, and industrial. In terms of revenue, industrial segment led the market in 2021 by accounting for a share of 40.47% of the market in this year. The industrial segment includes small, medium, and large-scale production and manufacturing facilities, construction premises, among other sites.
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.
Asia Pacific (APAC) is expected to account for the largest market share of 32.52% in the forecast period, due to the demand for potential in renewable energy projects, investments in rural areas, and solar energy. Schemes for electrification of rural areas and government incentives for enhancing solar energy use can drive the APAC market demand. 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. Awareness of financial incentives and adherence to the Paris Agreement by the U.S. government can bode well for the off-grid solar market.
Countries such as U.S., U.K., India, Germany, and others have set up ambitious targets to surge the renewable share in their energy mix. Governments across these countries are planning to surge the renewable energy share through the distribution of residential and off-grid solar PV panels in the upcoming years. Hence, it estimated to act as a prospect to the off-grid solar PV panel producers and distributors, during the forecast period.
- Jinko Solar
- JA Solar
- Trina Solar
- LONGi Solar
- Canadian Solar
- Sun Power Corporation
- First Solar
- Hanwha Q-CELLS
- Risen Energy
By Technology Outlook
- Thin Film
- Crystalline Silicon
By Application Outlook
By Regional Outlook
- North America
- Asia Pacific
- Central and South America
- Middle East and Africa
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