Global Off-Grid Solar PV Panel Market Research Report: By Technology (Thin Film, Crystalline Silicon, and Others), By Application (Residential, Commercial, and Industrial), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
The Global Off-Grid Solar PV Panel Market was valued at USD 2.51 billion in 2022, and is predicted to reach approximately USD 6.85 billion by 2031, at a CAGR of 11.8% from 2023 to 2031. Off-grid solar photovoltaic (PV) panels offer a sustainable and self-reliant energy solution that enables individuals to produce electricity in locations lacking access to the conventional power grid. These panels utilize sunlight and convert it into electrical energy using the photovoltaic effect. They are composed of multiple solar cells interconnected in either a series or parallel arrangement and are enclosed within a protective frame. Off-grid solar PV panels typically include a charge controller for regulating electricity flow and a battery bank for energy storage. This setup enables users to generate and store electricity during daylight hours for use during nighttime or periods of limited sunlight. These panels provide a range of advantages, such as decreased dependence on fossil fuels, reduced energy expenses, and enhanced energy autonomy. They are extensively employed in remote areas, rural communities, and for various applications, including powering residences, cabins, water pumps, telecommunications systems, and more. Off-grid solar PV panels contribute significantly to a cleaner and more sustainable energy future.
OFF-GRID SOLAR PV PANEL MARKET: REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
2.51 Bn |
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Projected Market Value (2031) |
6.85 Bn |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Technology, By Application, & Region |
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Segments Covered |
By Technology, By Application, & Region |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global Off-Grid Solar PV Panel Market Dynamics
The off-grid solar PV panel market is influenced by various factors. One significant driver is the increasing demand for electricity in remote areas where access to the grid is limited. These communities rely on off-grid solar panels as a dependable and independent power source. The market growth is also facilitated by the decreasing costs of solar PV technology. Advancements in manufacturing techniques, economies of scale, and government incentives have all contributed to lower prices, making off-grid solar PV systems more affordable and appealing. The market is further propelled by the growing environmental consciousness and the imperative to reduce carbon emissions. Off-grid solar panels offer a clean and renewable energy alternative, reducing reliance on fossil fuels and mitigating the impacts of climate change. Additionally, government policies and initiatives that promote renewable energy, such as subsidies, tax incentives, and programs for rural electrification, act as catalysts for the off-grid solar PV panel market. Technological advancements, including improved efficiency, energy storage solutions, and innovative business models, are overall driving the adoption of off-grid solar PV systems, making them more reliable and accessible to a wider range of consumers.
Global Off-Grid Solar PV Panel Market Drivers
Growing environmental consciousness and the urgent need to reduce carbon emissions are significant drivers in the off-grid solar PV panel market. These panels offer a clean and renewable energy solution, reducing reliance on fossil fuels and mitigating the impacts of climate change. With a heightened awareness of environmental issues, there is a strong push towards adopting sustainable energy alternatives like off-grid solar PV panels to contribute to a greener and more sustainable future.
Restraints:
One of the restraints for the off-grid solar PV panel market is the initial high installation costs. While the costs of solar PV technology have been decreasing, the upfront investment required for installing off-grid systems can still be relatively high. This cost factor may pose a barrier for some potential consumers, as the initial capital expenditure can be a deterrent. However, it's important to consider the long-term benefits and savings in energy costs that can offset the initial investment over time.
Opportunities:
Technological advancements are driving the off-grid solar PV panel market forward. These advancements focus on improving the efficiency, reliability, and accessibility of off-grid solar systems. Innovations in solar cell design, energy storage solutions, and control mechanisms have led to higher energy conversion rates, longer battery life, and enhanced system performance. Additionally, advancements in manufacturing processes and materials have contributed to cost reductions. Overall, these technological advancements are making off-grid solar PV panels more efficient, reliable, and economically viable for a wider range of applications.
Segment Overview
By Technology
Based on the technology, the global off-grid solar PV panel market is segmented into thin film, crystalline silicon, and others. The thin film segment is dominating the market with the largest revenue share of around 43.2% in 2022. Thin film solar panels offer unique advantages compared to traditional crystalline silicon panels. They are lightweight, flexible, and can be easily integrated into various applications, making them suitable for off-grid and remote environments. Notably, thin film technology has witnessed significant advancements, leading to improved efficiency and cost-effectiveness. Innovations in materials and manufacturing processes have resulted in higher energy conversion efficiencies and reduced production costs, enhancing the competitiveness of thin film solar panels. Furthermore, the flexibility of thin film panels enables their use in non-standard installations, such as curved surfaces or irregularly shaped structures, expanding their potential applications and market opportunities.
By Application
Based on application, the global off-grid solar PV panel market is segmented into residential, commercial, and industrial. In 2022, the industrial segment emerged as the dominant segment in the off-grid solar PV panel market, capturing the largest market share with around 36.4%. Industries often have significant energy needs and frequently operate in remote or off-grid locations with limited grid connectivity. Off-grid solar PV panels serve as a dependable and autonomous power solution for industrial operations in such areas. These industries possess the financial capability to invest in larger-scale off-grid solar PV systems that can effectively fulfill their energy requirements. The substantial cost savings achieved by harnessing solar energy, particularly in sectors like manufacturing, agriculture, and mining, further bolster the dominance of off-grid solar PV panels in the industrial segment. Moreover, many governments and regulatory bodies worldwide have implemented policies and incentives specifically targeting the industrial sector to promote the adoption of renewable energy sources, including off-grid solar systems.
Global Off-Grid Solar PV Panel Market Overview by Region
By Region, the global off-grid solar PV panel market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific dominated the market with of around 30.5%, of the global market in 2022. The Asia-Pacific region's substantial population and extensive rural areas with limited grid access generate significant demand for off-grid energy solutions. Several countries in the region, including India, China, and Indonesia, have set ambitious renewable energy targets and implemented supportive policies. These initiatives prioritize rural electrification and encourage the adoption of off-grid solar PV systems, stimulating market expansion. Moreover, the declining costs of solar PV technology, alongside advancements in manufacturing and installation processes, have increased the affordability and appeal of off-grid solar systems for consumers in the region. Furthermore, the abundance of solar resources in countries like India and Australia further bolsters the growth of the off-grid solar PV market in the Asia-Pacific region.
Global Off-Grid Solar PV Panel Market Competitive Landscape
In the global off-grid solar PV panel market, a small number of prominent players hold significant market dominance and have established a strong regional presence. These key participants are committed to ongoing research and development initiatives. Additionally, they actively engage in strategic growth endeavors such as product development, product launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position and expand their customer base to capture a substantial share of the market.
Some of the prominent 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 various other key players.
Global Off-Grid Solar PV Panel Market Recent Developments
In November 2022, LONGi Solar Technology Co., Ltd. has completed the successful delivery of 406MW of its bifacial PV panels, known as Hi-MO 5, for the PowerChina SEPCO III solar facility. This solar facility is part of the Red Sea Solar PV Project in Saudi Arabia. The Red Sea facility, in particular, is a big initiative containing 400MW of solar PV power and is the world's largest off-grid energy storage facility.
Scope of the Global Off-Grid Solar PV Panel Market Report
Off-Grid Solar PV Panel Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Technology |
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By Application |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the global off-grid solar PV panel market segmented by technology, by application, region, and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of Off-Grid Solar PV Panel between 2019 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for the global off-grid solar PV panel market
To find out the factors which are affecting the sales of off-grid solar PV panel among consumers
To identify and understand the various factors involved in the global off-grid solar PV panel affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
