GVR Report cover Off-grid Solar PV Panels Market Size, Share & Trends Report

Off-grid Solar PV Panels Market Size, Share & Trends Analysis Report By Technology (Thin Film, Crystalline Silicon, Others), By Application (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68038-567-0
  • Number of Pages: 70
  • Format: Electronic (PDF)

Report Overview

The global off-grid solar PV panels market size was valued at USD 2.3 billion in 2021 and it is projected to register a compound annual growth rate (CAGR) of 8.47% from 2022 to 2030. Proliferation of PV panel manufacturing companies along with growing solar PV capacities is expected to drive the solar panels market growth.

U.S. Off-Grid Solar PV Panels Market Size by Technology, 2020 - 2030 (USD Million)

The U.S. emerged as the largest off-grid solar PV panels market in North America during 2021. Owing to the rising consumption of PV panels in the country, the U.S. is recognized as the second largest in the world, in terms of the adoption of PV panels. The market in the country  projected to exhibit a significant CAGR during  the forecast period.

Low maintenance and management costs incurred for installing off grid solar panel is furthermore expected to increase Technology demand during  the forecast period. Off-grid solar panels are easily adjustable as per the position of the sun to harness maximum energy and output. Off-grid solar panel also helps in promoting self-sustaining infrastructure, especially in remote areas. Off-grid solar PV panels provide higher efficiency along with maintaining the constant temperature of silicon panels, thus maintaining the output level. The major factor driving the global off-grid solar market is the declining cost of solar PV and batteries.

Growing awareness among the population  to use low carbon intensive technologies to limit carbon footprint is one of the main factors that  is driving the adoption of solar PV systems in  commercial, industrial and residential sector.

COVID-19 led to the global economic slowdown, further leading to a decrease in individual earnings and unemployment, also hampering the growth of the off-grid solar market. 

Technology Insights

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 40.43% in the global off-grid solar PV panels market in 2021, owing to its narrow design, strong durability, and manufacturing from flexible & lightweight materials. 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.

Application Insights

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 40.25% of the market in this year. The industrial segment includes small, medium, and large-scale production and manufacturing facilities, construction premises, among other sites.

Global Off-Grid Solar PV Panels Market Share by Application, 2021 (%)

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.

Regional Insights

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. 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.

Key Companies & 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.

Competitive landscape among sellers,  based on offering superior efficiency as well as performance of the manufactured solar PV panels, together with ancillary services offered by them,  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

  • First Solar

  • Hanwha Q-CELLS

  • Risen Energy

  • Talesun

Off-grid Solar PV Panels Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 2.5 billion

Revenue forecast in 2030

USD 4.84 billion

Growth rate

CAGR of 8.47% from 2022 to 2030

Base year for estimation

2021

Historical data

2019 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Million and CAGR from 2022 to 2030

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Technology, application, region

Regional Scope

North America, Europe, Asia Pacific, Central and South America, Middle East&  Africa

Country scope

U.S., Canada, Mexico, Germany, Russia, U.K., Spain, Italy, France, China, Japan, South Korea, India, Australia, Brazil, Colombia, Paraguay, Saudi Arabia, UAE, South Africa, Egypt

Key companies profiled

Jinko Solar, JA Solar, Trina Solar, LONGi Solar, Canadian Solar, Sun Power Corporation, First Solar, Hanwha Q-CELLS, Risen Energy, Talesun

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue and volume growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the off-grid solar PV panels market report based on  technology, application, region:

  • Technology Outlook (Revenue, USD Million, 2019 - 2030)

    • Thin Film

    • Crystalline Silicon

    • Others

  • Application Outlook (Revenue, USD Million, 2019 - 2030)

    • Residential

    • Commercial

    • Industrial

  • Regional Outlook (Revenue, USD Million, 2019 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • Russia

      • UK

      • Spain

      • Italy

      • France

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Australia

    • Central and South America

      • Brazil

      • Colombia

      • Paraguay

    • Middle East and Africa

      • Saudi Arabia

      • UAE

      • South Africa

      • Egypt 

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