Off-grid Solar PV Panels Market Market Size, Share, Growth, Trends | Report 2022-2030
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
Report Highlights
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.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 2.36 billion |
| Revenue Forecast by 2030 | USD 5.2 billion |
| Growth rate from 2022 to 2030 | CAGR of 9.17% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Technology, application, region |
| Companies Covered | Jinko Solar, JA Solar, Trina Solar, LONGi Solar, Canadian Solar, Sun Power Corporation, First Solar, Hanwha Q-CELLS, Risen Energy, Talesun |
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 40.5% 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.
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 40.47% 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.
Regional Insights
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.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Off-grid Solar PV Panels Market
5.1. COVID-19 Landscape: Off-grid Solar PV Panels Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Off-grid Solar PV Panels Market, By Technology
8.1. Off-grid Solar PV Panels Market, by Technology, 2022-2030
8.1.1. Thin Film
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Crystalline Silicon
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Others
8.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Off-grid Solar PV Panels Market, By Application
9.1. Off-grid Solar PV Panels Market, by Application, 2022-2030
9.1.1. Residential
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Commercial
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Industrial
9.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Off-grid Solar PV Panels Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Technology (2017-2030)
10.1.2. Market Revenue and Forecast, by Application (2017-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Technology (2017-2030)
10.1.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Technology (2017-2030)
10.1.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Technology (2017-2030)
10.2.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Technology (2017-2030)
10.2.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Technology (2017-2030)
10.2.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Technology (2017-2030)
10.2.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Technology (2017-2030)
10.2.6.2. Market Revenue and Forecast, by Application (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Technology (2017-2030)
10.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Technology (2017-2030)
10.3.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Technology (2017-2030)
10.3.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Technology (2017-2030)
10.3.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Technology (2017-2030)
10.3.6.2. Market Revenue and Forecast, by Application (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Technology (2017-2030)
10.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Technology (2017-2030)
10.4.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Technology (2017-2030)
10.4.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Technology (2017-2030)
10.4.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Technology (2017-2030)
10.4.6.2. Market Revenue and Forecast, by Application (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Technology (2017-2030)
10.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Technology (2017-2030)
10.5.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Technology (2017-2030)
10.5.4.2. Market Revenue and Forecast, by Application (2017-2030)
Chapter 11. Company Profiles
11.1. Jinko Solar
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. JA Solar
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Trina Solar
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. LONGi Solar
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Canadian Solar
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Sun Power Corporation
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. First Solar
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Hanwha Q-CELLS
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Risen Energy
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Talesun
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers