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Global Off-Grid Solar PV Panels Market – Industry Trends and Forecast to 2031

Chemical and Materials

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Global Off-Grid Solar PV Panels Market – Industry Trends and Forecast to 2031

  • Chemical and Materials
  • Upcoming Report
  • Jul 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Off-Grid Solar PV Panels Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 2.62 Billion
Diagram Market Size (Forecast Year) USD 5.45 Billion
Diagram CAGR %

Major Markets Players

  • Canadian Solar (Canada)
  • Yingli Solar (China)
  • SMA Solar Technology AG (Germany)
  • Schneider Electric (France)
  • KANEKA CORPORATION (Japan)

Global Off-Grid Solar PV Panels Market, By Technology (Thin Film, Crystalline Silicon, and Others), Power Rating (Up to 10kW, 11kW – 50kW, and 51kW – 100kW), Application (Residential, Commercial, and Industrial) – Industry Trends and Forecast to 2031.

Off-Grid Solar PV Panels Market

 

Off-Grid Solar PV Panels Market Analysis and Size

The off-grid solar PV panels market has experienced robust growth driven by increasing global demand for renewable energy solutions and the decentralization of power generation. These panels play a crucial role in providing electricity to remote and off-grid areas where traditional grid connections are impractical or unavailable. Key factors propelling market growth include advancements in solar technology, declining costs of solar PV systems, and supportive government policies promoting renewable energy adoption. In addition to serving residential off-grid applications such as rural electrification and remote dwellings, off-grid solar PV panels are increasingly adopted in commercial and industrial sectors. Industries leverage these systems to reduce dependence on unreliable grid power, enhance energy security, and lower operational costs over the long term. Furthermore, the environmental benefits associated with off-grid solar PV panels, including reduced greenhouse gas emissions and minimal environmental footprint, contribute to their growing popularity among environmentally conscious consumers and businesses.

The global off-grid solar PV panels market size was valued at USD 2.62 billion in 2023 and is projected to reach USD 5.45 billion by 2031, with a CAGR of 9.60% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Technology (Thin Film, Crystalline Silicon, and Others), Power Rating (Up to 10kW, 11kW – 50kW, and 51kW – 100kW), Application (Residential, Commercial, and Industrial)

Countries Covered

U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, Rest of South America

Market Players Covered

Canadian Solar (Canada), Yingli Solar (China), SMA Solar Technology AG (Germany), Schneider Electric (France), KANEKA CORPORATION (Japan), KYOCERA Corporation (Japan), Panasonic Corporation (Japan), RENESOLA (China), Zytech (Spain), BP p.l.c. (U.K.)

Market Opportunities

  • Energy Access Initiatives
  • Resilience and Disaster Preparedness

Market Definition

Off-grid solar PV panels refer to photovoltaic (PV) panels that operate independently of the main electricity grid. These panels generate electricity from sunlight using solar cells, converting solar energy into usable electrical energy. Unlike grid-tied systems, which are connected to the utility grid and often supplement the electricity supply from the grid, off-grid solar PV panels are typically used in remote locations or areas where connecting to the grid is not feasible or economical.     

Off-Grid Solar PV Panels Market Dynamics

Drivers

  • Rising Energy Demand in Remote Areas

The escalating demand for electricity in remote areas, characterized by limited or absent grid infrastructure, underscores the critical role of off-grid solar PV panels in meeting energy needs. These regions often face challenges accessing reliable power sources due to geographical constraints or underdeveloped infrastructure. Off-grid solar solutions offer a practical and sustainable alternative, harnessing abundant sunlight to generate electricity locally. This not only enhances energy access but also supports economic development and improves quality of life by powering essential services such as healthcare facilities, schools, and small businesses. As governments and organizations prioritize energy access initiatives, the market for off grid solar panels continues to expand.   

  • Declining Costs of Solar PV Technology 

The steady decline in off grid solar panel cost and solar PV technology has been instrumental in transforming the off-grid solar market landscape. Advances in manufacturing processes, economies of scale, and technological innovations have significantly lowered the upfront investment required for off-grid solar PV systems. This cost reduction has made solar solutions increasingly competitive against traditional energy sources, driving adoption across residential, commercial, and industrial sectors. As affordability improves, more consumers and businesses are opting for off-grid solar installations to achieve energy independence, reduce operational costs, and mitigate environmental impact, which drives the market growth.

Opportunities 

  • Energy Access Initiatives   

Energy access initiatives play a pivotal role in addressing the global challenge of energy poverty, particularly in rural and underserved communities. Off-grid solar PV panels are at the forefront of these efforts, offering scalable and cost-effective solutions to extend electricity access to remote areas. Governments, non-governmental organizations (NGOs), and international agencies are increasingly investing in programs that promote the deployment of off-grid solar systems. These initiatives include financial incentives, technical support, and capacity-building measures aimed at empowering communities to adopt sustainable energy solutions creating new growth opportunities for the market.                        

  • Resilience and Disaster Preparedness

The heightened focus on resilience and disaster preparedness has underscored the importance of reliable and independent energy sources in mitigating the impact of natural disasters and grid failures. Off-grid solar solutions offer decentralized energy generation capabilities, enabling communities and critical infrastructure to remain operational during emergencies. These systems provide a dependable source of electricity when conventional power grids are disrupted, ensuring the continuity of essential services such as emergency response, communications, and healthcare. As climate-related disasters become more frequent and severe, the demand for resilient energy solutions like off-grid solar PV panels continues to grow.

Restraints/Challenges

  • Regulatory and Permitting Issues         

Regulatory and permitting issues present significant challenges in the deployment of off-grid solar PV systems, particularly in regions with complex administrative landscapes and bureaucratic processes. The varying regulatory frameworks across jurisdictions can lead to ambiguity and uncertainty for project developers, prolonging the approval timeline and increasing administrative burdens. Permitting processes often involve multiple stakeholders, including local governments, utilities, environmental agencies, and community groups, each with its own set of requirements and review procedures. Navigating these intricate procedures requires substantial time, resources, and expertise, which can contribute to project delays and escalate operational costs.

  • Intermittency and Energy Storage Challenges    

One of the primary challenges facing off-grid solar PV systems is intermittency, which refers to the variability in sunlight availability and its impact on energy generation. The reliance on daylight hours limits the continuous generation of electricity, particularly during inclement weather or nighttime hours. Effective energy storage solutions, such as batteries and hybrid systems, are essential to overcoming this challenge by storing excess solar energy for use during periods of low or no sunlight. However, the cost and technical complexities associated with energy storage technologies can present barriers to widespread adoption of off-grid solar solutions.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

  • In November 2022, LONGi Solar Technology Co., Ltd. successfully delivered 406MW of its bifacial PV panels, branded as Hi-MO 5, for a solar plant developed by PowerChina SEPCO III. This solar facility forms a crucial component of Saudi Arabia's Red Sea Solar PV Project. Remarkably, the Red Sea Project represents a substantial initiative comprising 400MW of solar PV capacity, marking it as the largest off-grid energy storage project worldwide

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

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Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Off-Grid Solar PV Panels Market Scope

The market is segmented into three notable segments based on technology, power rating, and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

  • Thin Film
  • Crystalline Silicon
  • Others

Power Rating

  • Up to 10kW
  • 11kW – 50kW
  • 51kW – 100kW

Application

  • Residential
  • Commercial
  • Industrial

Off-Grid Solar PV Panels Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by country, technology, power rating, and application as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.

North America is expected to dominate the market due to the adoption of clean energy technologies and increased residential activities, alongside industries being major electricity consumers utilizing thin films to harness energy from expansive sunlit areas. The U.S. government's commitment to financial incentives and adherence to the Paris Agreement further supports the market's favorable prospects.

Asia-Pacific is expected to be the fastest growing due to increasing demand for renewable energy projects, investments in rural areas, and solar energy initiatives. Government schemes aimed at rural electrification and incentives to promote solar energy adoption are expected to drive market demand. APAC countries' commitments to sustainability, aimed at reducing carbon emissions and meeting energy needs, are likely to positively impact the market outlook.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Off-Grid Solar PV Panels Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the market are:

  • Canadian Solar (Canada)
  • Yingli Solar (China)
  • SMA Solar Technology AG (Germany)
  • Schneider Electric (France)
  • KANEKA CORPORATION (Japan)
  • KYOCERA Corporation (Japan)
  • Panasonic Corporation (Japan)
  • RENESOLA (China)
  • Zytech (Spain)
  • BP p.l.c. (U.K.)


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Research Methodology:

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FREQUENTLY ASK QUESTIONS

The Off-Grid Solar PV Panels Market Size will reach USD 5.45 billion by 2031.
The Growth Rate of the Off-Grid Solar PV Panels Market will be 9.60% by 2031
The technology, power rating, and application are the factors on which the Off-Grid Solar PV Panels Market research is based on.
The major data pointers of the Off-Grid Solar PV Panels Market are down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies.
The Residential, Commercial, and Industrial are the market applications of the Off-Grid Solar PV Panels Market.
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