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.
Full Research Report On Off-grid Solar PV Panels Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/off-grid-solar-pv-panels-market
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.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/off-grid-solar-pv-panels-market/request/rs1
Off-grid Solar PV
Panels Market Segmentation
Grand View Research has
segmented off-grid solar PV panels market based on application, technology, and
region:
Off-grid Solar PV
Panels Technology Outlook (Revenue, USD Million, 2016 - 2027)
- Thin Films
- Crystalline Silicon
- Others
Off-grid Solar PV
Panels Application Type Outlook (Revenue, USD Million, 2016 - 2027)
- Residential
- Commercial
- Industrial
Off-grid Solar PV
Panels Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Central & South America
- Brazil
- Paraguay
- Colombia
- Middle East & Africa
- UAE
- South Africa
- Saudi Arabia
- Egypt
List of Key
Players of Off-grid Solar PV Panels Market
- Canadian Solar
- Solar Power Rocks LLC
- Yingli Solar
- HelioPower
- SMA Solar Technology
- Greenlight Planet
- Schneider Electric
- Backwoods Solar
- Su-Kam Power Systems
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment