Off-grid Solar PV Panels Market 2020 and Forecast 2021-2027

                                          
Report Overview: Off-grid Solar PV Panels Market


The global off-grid solar PV panels market size was valued at USD 1.7 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 8.4% from 2021 to 2027. The growth is owing to the growing need for renewable energy sources. The proliferation of PV panel manufacturing companies along with increasing off-grid solar PV panel’s capacities is expected to drive the market. Drawbacks related to traditional solar PV panel systems including limited land availability along with high installation costs associated with grids are negated by off-grid solar PV panels, further driving the market by 2027. Tax benefits and subsidies offered by the government towards the installation of off-grid solar PV panels along with rent benefits offered to the reservoir owners are expected to propel market growth.

Ample availability of water resources such as rivers, canals, reservoirs, and ponds is forecasted to have a positive influence on the overall market growth. Dam-reservoir used for hydroelectric power generation can be easily used for off-grid solar power as the infrastructure used for electricity generation and transportation is already developed. The less dusty and arid environment along water reservoirs positively affect the PV cell working efficiency.

Low maintenance and management cost incurred for installing off-grid solar PV panel is also expected to increase product demand over the forecast period 2021-2027. Off-grid solar PV panels can be easily adjusted as per the position of the sun to harness maximum energy and output. Off-grid solar PV panel also helps in promoting self-sustaining infrastructure, especially in remote areas. Off-grid solar PV panels provide higher efficiency along with maintaining a constant temperature of silicon panels, thus maintaining the output level.

Fewer temperature variations help increase the working efficiency of photovoltaic cells installed in the solar panels. Concentrating photovoltaic modules utilize curved mirrored film that concentrates sunlight on a thin line, thus requiring less amount of silicon while reducing the size of the panel, hence decreasing the cost compared to conventional solar panels.

Cost of production of off-grid solar PV panels is also expected to be less, as the amount of steel utilized in the manufacture of these panels has reduced as compared to conventional panels. However, high installation cost is expected to hinder the growth of the market for off-grid solar PV panel over the forecast period.

Technology Insights: Off-grid Solar PV Panels Market

The thin-film segment held the largest market share of 39.9% in 2019. Thin films are called so because of the extremely thin layers film on glass, stainless steel, or a flexible substrate. 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. The thin film segment was valued at over USD 705.8 million in 2020 and is expected to witness strong growth over the forecast period.
Crystalline Silicon is witnessing high demand and outperforming production capacities, thus driving up the prices. Crystalline silicon segment is expected to reach USD 1.1 billion by 2027, at a CAGR of 8.7% in the market over the forecast period.

Application Insights: Off-grid Solar PV Panels Market

The industrial segment emerged as the dominant application segment, with a market share of over 40.0% in 2019. The industrial segment includes small, medium, and large-scale production and manufacturing facilities, construction premises, and other sites. In 2019, the commercial segment was valued at USD 536.3 million owing to steady global economic growth coupled with the growing emphasis on using renewable sources of energy. The residential segment is projected to witness the fastest growth over the forecast period, at 10.5%. The rapid growth is projected to consumers preferring to choose end contracts with utility companies by going off the grid while choosing to take the liberty of fulfilling their energy needs.

Regional Insights: Off-grid Solar PV Panels Market

In 2019, the U.S. off-grid solar PV panels market is expected to account for USD 170.8 million, on account of rapid development and utilization of renewable energy sources to fulfill increasing energy requirements. Despite the Federal Government ending its commitment to the terms of the Paris Agreement, growing awareness along with financial incentives offered by state governments is expected to increase the growth of the market for off-grid solar PV panels.
Asia Pacific is also anticipated to witness off-grid solar PV panel demand over the forecast period as countries including Japan, China, and India are taking initiatives to install these panels to meet huge energy demand. Energy consumption is anticipated to increase, owing to increasing developmental activities in the region. Australia is also expected to be a huge market for off-grid solar PV panels over the forecast period.

Key Companies & Market Share Insights: Off-grid Solar PV Panels Market

Competitive landscape among vendors is based on offering superior efficiency and performance of manufactured off-grid solar PV panels along with ancillary services offered by them. Research & development, along with greater technological capabilities owing to the constant evolution of technology, coupled with intense competition, and growing awareness of customers is projected to contribute significantly to market growth. Some of the prominent players in off-grid solar PV panels market include:

Key companies Profiled: Off-grid Solar PV Panels Market Report

 	
Canadian Solar
 	
Solar Power Rocks LLC
 	
Yingli Solar
 	
HelioPower
 	
SMA Solar Technology
 	
Greenlight Planet
 	
Schneider Electric
 	
Backwoods Solar
 	
SuKam Power Systems

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global off-grid solar PV panels market report based on technology type, application, and region:

Technology Type Outlook (Revenue, USD Million, 2016 - 2027)

 	
Thin Film
 	
Crystalline Silicon
 	
Others

Application Outlook (Revenue, USD Million, 2016 - 2027)

 	
Residential
 	
Commercial
 	
Industrial