Off-grid Solar PV Panels Market- Global Industry Analysis and forecast 2023-2029

Off-Grid Solar PV Panels Market is expected to reach US$ 4.46 Bn. by 2029 with a CAGR of 9.5%, during the forecast period.

The report has covered Country Market trends with competitive landscape.

The report covers an in-depth analysis of COVID 19 pandemic impact on Global Off-grid Solar PV Panels Market by region and on the key players’ revenue affected till September 2022 and expected short term and long-term impact on the market.To know about the Research Methodology :- Request Free Sample Report
Off-Grid Solar PV Panels Market Overview:
The increasing number of PV panel manufacturing companies along with growing off-grid solar PV panel’s capacities is anticipated to drive the market growth towards the north. Tax paybacks & subsidies offered by the governments towards the installation of off-grid solar PV panels along with rent profits offered to the reservoir owners are anticipated to push market growth. Sufficient availability of water resources like rivers, canals, reservoirs, & ponds is estimated to have a positive influence on the total market development. Dam-reservoir used for hydroelectric power generation can be simply used for off-grid solar power as the infrastructure used for electricity generation & transportation is already developed. The less dusty & dry environment along water reservoirs positively affect the PV cell working productivity.

Low maintenance & management cost incurred for installing off-grid solar PV panel is also anticipated to increase product demand during the forecast period. Off-grid solar PV panels can be simply adjusted as per the place of the sun to harness maximum energy & output. Off-grid solar PV panel also supports in endorsing self-sustaining infrastructure, particularly in remote areas. Off-grid solar PV panels deliver higher efficiency along with maintaining a constant temperature of silicon panels, therefore maintaining the output level.

A rapidly increasing plug-and-play SHS market, driven by PAYGO.

Plug-&-play SHS sales have grown quickly from a small base since last 5 years. The segment accounts for less than 5 percent of total annual Off-Grid Solar distribution, yet makes up 20-30 percent of annual revenues. The standout off-grid solar development story of the last three years has been PAYGO-based PnP systems per an average annual growth rate of ~136.87 percent (2017-2022). While still small in total numbers, the PnP SHS segment’s revenues are anticipated to overtake total pico revenues during the forecast period. This is owing to strong development, a much advanced average unit cost compared to pico costs, as well as the opportunity to increased sell. Therefore far, growth has been limited to nations with strong mobile money ecosystems, through particular crowding in in East Africa. This signals both high development potential during forecast period, but also the challenges of operating successfully in many regulatory environments.

Some countries in West & Central Africa are already showing strong mobile money development. India, the largest Off-Grid Solar market in the world, presently has very low PAYGO penetration corresponding largely to its nominal mobile money market & comparatively low uptake of PnP SHS to date. It is, though, poised for significant growth in mobile & digital transactions during the forecast period. Mobile money has showed the most streamlined tool of payment for PAYGO operators, but as PAYGO technology & business models mature & expand, digital money may be less of a constraint.

Investment in the Off-Grid Solar sector has developed significantly.

The UN Sustainable Development Goal 7 has assisted change investor attention toward electrification. Sustainable Energy for All reported that during the year 2014, at least USD 20.1 Bn dollars were invested to increase electricity access & that national governments, drawing on their own funds, accounted for approximately half of those investments. Support for electrification plans notwithstanding, finance for decentralized energy received only 1 percent of total financial commitments. Despite the fact that investment into decentralized energy is small related to entire investment into electrification, Off-Grid Solar investments have experienced strong development, doubling annually from 2022 to 2023. In 2023, annual investments touched USD 284 million with USD 922 million increased since year 2013.
Off-Grid Solar Market Trends 2022:
The off-grid solar sector has grown rapidly over the past decade & is now a $1.75 billion annual market serving 420 million users, with further development forecast.

Despite its strong growth trajectory, even more investments are needed for the sector to continue playing a key role in achieving universal access to electricity by 2030.

In a business-as-usual scenario, the off-grid solar sector will serve 388 million people with the most basic level of electricity access by 2030, but this growth will be insufficient to achieve universal access targets. To sustain the business-as-usual scenario over the next five years, the sector needs $1.7 billion – $2.2 billion in external investments from 2021 to 2024.
Off-grid Solar PV Panels Market Competitive Landscape
The MMR reports cover key developments in the Off-grid Solar PV Panels Market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product approvals product launches, and others. Inorganic growth strategies activities witnessed in the Off-grid Solar PV Panels Market were merges & acquisitions and collaborations & partnership.

The objective of the report is to present a comprehensive analysis of the Global Off-grid Solar PV Panels Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Off-grid Solar PV Panels Market dynamics, structure by analyzing the market segments and projects the Global Off-grid Solar PV Panels Market size. Clear representation of competitive analysis of key players by End Use, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Off-grid Solar PV Panels Market make the report investor’s guide.
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Off-grid Solar PV Panels Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 2.35 Bn.


Forecast Period 2023 to 2029 CAGR:
9.5%
Market Size in 2029:
US $ 4.44 Bn.


 Segments Covered:
by Technology
Introduction and Definition
Key Findings


by Application
Introduction and Definition
Key Findings


by Grid Type
On-grid
Off-grid


by End Use
Residential
Commercial & Industrial
Utilities



 Off-grid Solar PV Panels Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
 Off-grid Solar PV Panels Market, Key Players are
1. Canadian Solar
2. Solar Power Rocks LLC
3. Yingli Solar
4. HelioPower
5. SMA Solar Technology
6. Greenlight Planet
7. Schneider Electric
8. Backwoods Solar
9. Su-Kam Power Systems
10. Hanwha Group
11. M-KOPA Kenya
12. Delta Electronics Inc.
13. Jinko Solar Holding Co. Ltd.
14. SunPower Corporation
15. ABB
16. Solectria Renewables LLC
17. Engie
18. Oolu Solar

Frequently Asked Questions:

1. Which region has the largest share in Global Off-Grid Solar PV Panels Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Off-Grid Solar PV Panels Market?
Ans: The Global Off-Grid Solar PV Panels Market is growing at a CAGR of 9.5% during forecasting period 2023-2029.

3. What is scope of the Global  market report?
Ans: Global Off-Grid Solar PV Panels Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global market?
Ans: The important key players in the Global  Market are – Canadian Solar, Solar Power Rocks LLC, Yingli Solar, HelioPower, SMA Solar Technology, Greenlight Planet, Schneider Electric, Backwoods Solar, Su-Kam Power Systems, Hanwha Group, M-KOPA Kenya, Delta Electronics Inc., Jinko Solar Holding Co. Ltd., SunPower Corporation, ABB, Solectria Renewables LLC, Engie, and Oolu Solar

5. What is the study period of this market?
Ans: The Global Market is studied from 2022 to 2029.