Off-grid Solar PV Panels Market Growth & Trends
The global off-grid solar PV panels market size is projected to reach USD 3.9 billion by 2027, expanding at a CAGR of 9.4%, according to a new report by Grand View Research, Inc. Growing adoption of renewable energy owing to favorable government policies is predicted to drive market growth.
High efficiency at affordable operational costs along with durability offered by solar PV panels is projected to drive industry growth.Rapid population growth and industrialization have resulted in a sharp increase in power demand globally. The energy sector has turned to clean power sources resulting in increase in the installations of solar modules, which in turn is likely to propel industry growth.
Additionally, major global economies are planning to augment the installation of solar modules over the next decade, which is further projected to drive the market over the forecast period.Based on technology, thin films emerged as the largest segment in the market. Rise in adoption of clean energy for industrial and commercial power generation is resulting in increasing deployment of the technology. The technology is ideal for regions with abundant sunlight and areas that experience frequent grid failure leading to power outages.
The residential segment is projected to grow at the fastest rate over the forecast period owing to the growing residential construction activities. Major suppliers and vendors are offering long-term contracts to the owners covering regular maintenance and servicing of the panels, thereby driving the market till 2027.
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Off-grid Solar PV Panels Market Report
Off-grid Solar PV Panels Market Report Highlights
- In 2019, Asia Pacific held the largest market share and is projected to witness a CAGR of 8.2% from 2020 to 2027, owing to rising power costs and grid infrastructure expenses in India and China
- Industrial segment accounted for greater market share in 2019 as off-grid solar PV panel is an effective solution to tackle increasing power tariffs. Industrial segment is the largest consumer of electricity in the world with more than half of the world’s produced capacity being used by it
- Middle East and Africa emerged as the fastest growing regional market with growing investment towards renewable energy from Saudi Arabia, and the UAE among other regional countries which are opting for cleaner sources of power generation
- U.S. accounted for market share of 44.2% in 2019 owing to noticeable increase in the number of new installations over the last five years based on community efforts and exponential increase in the electricity bills.