Global Off-Grid Solar PV Panel Market Insights Forecasts to 2032

• The Off-grid Solar PV Panel Market Size was valued at USD 2.47 Billion in 2022.
• The Market is Growing at a CAGR of 12.1% from 2022 to 2032
• The Worldwide Off-grid Solar PV Panel Market Size is expected to reach USD 7.74 Billion by 2032
• Asia-Pacific is Expected to Grow the fastest during the forecast period

The Global Off-grid Solar PV Panel Market Size is expected to reach USD 7.74 Billion by 2032, at a CAGR of 12.1% during the forecast period 2022 to 2032.

Market Overview

Off-grid solar photovoltaic (PV) panels are a sustainable and independent energy solution that allows users to generate electricity in areas without access to the traditional power grid. These panels harness sunlight and convert it into electrical energy through the photovoltaic effect. They consist of multiple solar cells connected in a series or parallel configuration, enclosed within a protective frame. Off-grid solar PV panels typically come equipped with a charge controller to regulate the flow of electricity and a battery bank for energy storage. This setup allows users to generate and store electricity during the day for use during night time or periods of low sunlight. These panels provide numerous benefits, including reduced reliance on fossil fuels, lower energy costs, and increased energy independence. They are widely used in remote areas, rural communities, and for various applications such as powering homes, cabins, water pumps, telecommunications systems, and more. Off-grid solar PV panels contribute to a cleaner and more sustainable energy future.

Report Coverage

This research report categorizes the market for off-grid solar PV panel market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the off-grid solar PV panel market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the off-grid solar PV panel market.

Driving Factors

The off-grid solar PV panel market is driven by several factors. The growing demand for electricity in remote areas with limited access to the grid is a significant driver. Off-grid solar panels provide a reliable and independent power source for these communities. The declining costs of solar PV technology play a crucial role in market growth. Advancements in manufacturing processes, economies of scale, and government incentives have contributed to the decreasing prices, making off-grid solar PV systems more affordable and attractive. Increasing environmental consciousness and the need to reduce carbon emissions are driving the market. Off-grid solar panels offer a clean and renewable energy alternative, reducing reliance on fossil fuels and mitigating climate change impacts. Furthermore, government policies and initiatives promoting renewable energy, such as subsidies, tax incentives, and rural electrification programs, act as catalysts for the off-grid solar PV panel market. Overall, technological advancements, such as improved efficiency, energy storage solutions, and innovative business models, are fueling the adoption of off-grid solar PV systems, making them more reliable and accessible to a broader range of consumers.

Restraining Factors

The off-grid solar PV panel market faces certain restraints that can impact its growth. The initial installation costs of off-grid solar systems can be relatively high, posing a financial barrier for some potential users. Limited access to financing options and affordability challenges in certain regions further restrict market expansion. The intermittent nature of sunlight affects the consistent generation of electricity, especially during cloudy or low sunlight periods. This can limit the reliability of off-grid solar PV systems and necessitate additional energy storage solutions, increasing overall costs. Additionally, the lack of awareness and technical expertise in deploying and maintaining off-grid solar systems can hinder market growth. Insufficient infrastructure, including inadequate distribution networks and limited skilled labor, can also pose challenges for the market's expansion, particularly in remote areas.

Market Segmentation

• In 2022, the thin film segment accounted for around 41.6% market share

On the basis of the technology, the global off-grid solar PV panel market is segmented into thin film, crystalline silicon, and others. The thin film segment is currently dominating the off-grid solar PV panel market, holding the largest market share. This can be attributed to several factors. Thin film solar panels offer distinct advantages over traditional crystalline silicon panels. They are lightweight, flexible, and can be easily integrated into various applications, making them suitable for off-grid and remote settings. Thin film technology has witnessed significant advancements, resulting in improved efficiency and cost-effectiveness. Innovations in materials and manufacturing processes have led to higher energy conversion efficiencies and reduced production costs, making thin film solar panels more competitive in the market. Additionally, the flexibility of thin film panels enables their application in non-standard installations, such as curved surfaces or irregularly shaped structures. This versatility expands the potential use cases and market opportunities for thin film technology. Furthermore, the growing demand for portable and mobile off-grid solutions, such as solar chargers and portable power banks, favors the adoption of thin film solar panels due to their lightweight and flexible nature.

• In 2022, the industrial segment dominated with more than 37.6% market share

Based on the type of application, the global off-grid solar PV panel market is segmented into residential, commercial, and industrial. Out of this, The industrial segment is currently dominating the off-grid solar PV panel market, holding the largest market share. This can be attributed to several key factors. The industries have substantial energy requirements and often operate in remote or off-grid locations where grid connectivity is limited. Off-grid solar PV panels provide a reliable and independent power source for industrial operations in such areas. The industries have the financial capacity to invest in larger-scale off-grid solar PV systems, which can efficiently meet their energy demands. The cost savings achieved by utilizing solar energy in industries, especially in sectors such as manufacturing, agriculture, and mining, further contribute to the segment's dominance. Additionally, governments and regulatory bodies in many countries have implemented policies and incentives specifically targeting the industrial sector to encourage the adoption of renewable energy sources, including off-grid solar systems. Furthermore, technological advancements have improved the efficiency and scalability of off-grid solar PV systems, making them more suitable for industrial applications.

Regional Segment Analysis of the Off-Grid Solar PV Panel Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific dominated the market with more than 30.2% revenue share in 2022.

Based on region, Asia-Pacific currently holds the largest market share in the off-grid solar PV panel industry for several reasons. The region's vast population and expansive rural areas with limited access to the grid create a significant demand for off-grid energy solutions. Several countries in the Asia-Pacific region, including India, China, and Indonesia, have implemented ambitious renewable energy targets and policies. These initiatives focus on rural electrification and promote the adoption of off-grid solar PV systems, driving market growth. Additionally, the decreasing costs of solar PV technology, coupled with advancements in manufacturing and installation processes, have made off-grid solar systems more affordable and attractive to consumers in the region. Moreover, the abundance of solar resources in many parts of Asia-Pacific, such as India and Australia, further supports the growth of the off-grid solar PV market.

Recent Developments

In November 2022, LONGi Solar Technology Co., Ltd. has recently achieved the successful delivery of 406MW of its bifacial PV panels, known as Hi-MO 5, for the Solar plant developed by PowerChina SEPCO III. This solar plant is a part of Saudi Arabia's Red Sea Solar PV Project. Notably, the Red Sea Project is a significant undertaking encompassing 400MW of solar PV capacity, and it stands as the world's largest off-grid energy storage project.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global off-grid solar PV panel market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Companies:

• Jinko Solar
• JA Solar
• Trina Solar
• LONGi Solar
• Canadian Solar
• Sun Power Corporation
• First Solar
• Hanwha Q-CELLS
• Risen Energy
• Talesun

Key Target Audience

• Market Players
• Investors
• End-Users
• Government Authorities 
• Consulting and Research Firm
• Venture Capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global off-grid solar PV panel market based on the below-mentioned segments:

Off-Grid Solar PV Panel Market, By Technology

• Thin Film
• Crystalline Silicon
• Others

Off-Grid Solar PV Panel Market, By Application

• Residential
• Commercial
• Industrial

Off-Grid Solar PV Panel Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa