Global Off-grid Solar PV Panels Market by Technology (Thin Film, Crystalline Silicon) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global off-grid PV panels market was valued at USD1.8 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 9.5%) between 2020 and 2027. This is due to the increasing demand for renewable energy. Market growth is expected to be driven by the proliferation of PV panel manufacturing businesses and increasing off-grid PV panel's capacity. Off-grid solar panels will drive the market to 2027, overcoming some of the drawbacks associated with traditional solar panel systems such as limited land availability and high installation costs. Market growth will be driven by tax benefits and government subsidies for off-grid PV panel installation, as well as rent benefits to reservoir owners.

The market growth will be influenced by the availability of water resources, such as rivers, canals and reservoirs. As the infrastructure for electricity generation and transport is well-developed, dam-reservoirs that are used for hydroelectric power can easily be used to generate off-grid solar energy. The working efficiency of PV cells is positively affected by a less dusty or arid environment.

The low maintenance and management costs associated with installing an off-grid PV panel are expected to drive product demand during the forecast period. To harness maximum energy and output, off-grid solar panels can be adjusted according to the sun's position. In remote areas, off-grid solar panels can also be used to promote self-sustaining infrastructure. Off-grid PV panels are more efficient and maintain a constant temperature, which helps to maintain the output.

The photovoltaic cells in the panels have a lower temperature variation which helps to increase their efficiency. Concentrating photovoltaic module use curved mirrored films that focus sunlight on a narrow line. This reduces the amount of silicon required and lowers the cost of solar panels.

Off-grid solar panels are expected to have a lower cost of production due to the use of less steel in their manufacture than conventional panels. High installation costs are expected to limit the growth of off-grid PV panels market over the forecast period.

Technology Insights

Thin-film accounted for 39.9% of the market in 2019. Thin films are named so because they have thin layers of film on glass, stainless Steel or other flexible substrates. The film must be less than 1 micron thick. To protect the cells from damage and tampering, they are joined together to form a module. In 2019, the thin film segment was valued over USD 705.8 millions and is expected to grow strongly over the forecast period.

Crystalline Silicon is experiencing high demand and outperforming production capacity, which drives up prices. The market for crystalline silicon is forecast to grow at 8.7% CAGR over the forecast period.

Application Insights

With a market share exceeding 40.0% in 2019, the industrial segment was the dominant application segment. The industrial segment encompasses small, medium and large production, manufacturing facilities, construction premises and other sites. Due to the steady growth of the global economy and the increasing emphasis on renewable energy, the value of the commercial segment reached USD 536.3 million in 2019. At 10.5%, the residential segment will see the most growth during the forecast period. Consumers will prefer to opt out of utility contracts and choose to go off the grid, allowing them to fulfill their energy requirements. This is the reason for the rapid growth.

Regional Insights

Due to the rapid development of and increased use of renewable energy sources, the U.S. market for off-grid PV panels is expected to reach USD 170.8 million in 2019. Despite the Federal Government's withdrawal from the Paris Agreement, the market for off grid solar PV panels is expected to grow despite the fact that there has been a growing awareness and financial incentives provided by the states.

Asia Pacific will also witness an increase in off-grid PV panel demand during the forecast period. This is due to countries like India, China, Japan and China taking steps to install these panels to satisfy their huge energy needs. Due to the increasing development activities in the region, energy consumption is expected to rise. Over the forecast period, Australia will be a major market for off-grid PV panels.

Market Share Insights & Key Companies

The competitive landscape is built on the superior performance and efficiency of off-grid solar panels as well as the ancillary services provided by vendors. Market growth will be aided by research and development as well as increased technological capabilities due to constant advancement of technology. This is combined with intense competition and increasing customer awareness. The market leaders in off-grid PV panels include:

• Canadian Solar

• Solar Power Rocks LLC

• Yingli Solar

• HelioPower

• SMA Solar Technology

• Greenlight Planet

• Schneider Electric

• Backwoods Solar

• Su-Kam Power Systems

Up Market Research published a new report titled “Off-grid Solar PV Panels Market research report which is segmented by Technology (Thin Film, Crystalline Silicon), By Players/Companies Solar Power Rocks LLC, Yingli Solar, Canadian Solar, Schneider Electric, Greenlight Planet, HelioPower, SMA Solar Technology, Su-Kam Power Systems, Backwoods Solar”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Off-grid Solar PV Panels Market Report Segments:

The market is segmented by Technology (Thin Film, Crystalline Silicon).

Off-grid Solar PV Panels Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Off-grid Solar PV Panels Market

Overview of the regional outlook of the Off-grid Solar PV Panels Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Off-grid Solar PV Panels Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Off-grid Solar PV Panels Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Thin Film

                2. Crystalline Silicon

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Off-grid Solar PV Panels Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Off-grid Solar PV Panels Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.