Off-grid Solar PV Panels Market Scope
Off-grid solar panels are easily adjustable to maximize energy and output based on the position of the sun. Off-grid solar panels also aid in the promotion of self-sustaining infrastructure, particularly in rural areas. Off-grid solar PV panels provide higher efficiency while also keeping silicon panels at a constant temperature, thereby maintaining output levels. The declining cost of solar PV and batteries is the primary driver of the global off-grid solar market. One of the main factors driving the adoption of solar PV systems in the commercial, industrial, and residential sectors is a growing awareness among the population to use low carbon intensive technologies to reduce carbon footprint.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Deege Ltd (United States), Canadian Solar (Canada), ABB (Switzerland), Engie (France), Alternative Energy Store Inc. (United States), Hayleys (Sri Lanka), Yingli Solar (China), HelioPower, Inc. (United States), SMA Solar Technology AG (Germany), Greenlight Planet (United States) and Schneider Electric (France) |
CAGR | % |
The market of Off-grid Solar PV Panels is expected to grow with rising demand renewable energy at commercial and residential purpose. Several companies are operating in the market to provide Off-grid Solar PV Panels. The market is highly fragmented with the presence of number of market players. They are gaining attention owing to raised demand. They are taking certain strategic initiatives with new entrants to expand their existing portfolio. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Off-grid Solar PV Panels market throughout the predicted period.
Deege Ltd (United States), Canadian Solar (Canada), ABB (Switzerland), Engie (France), Alternative Energy Store Inc. (United States), Hayleys (Sri Lanka), Yingli Solar (China), HelioPower, Inc. (United States), SMA Solar Technology AG (Germany), Greenlight Planet (United States) and Schneider Electric (France) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Backwoods Solar Electric System, Inc. (United States), SunPower Corporation (United States), Hanwha Group (South Korea) and Oolu Solar (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Off-grid Solar PV Panels market by Type , by Application (Residential, Commercial and Industrial) and Region with country level break-up.
On the basis of geography, the market of Off-grid Solar PV Panels has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2021.
On 20 June 2022, Hayleys Solar, the renewable energy arm of Hayleys Fentons, recently launched “Energynet”, an off-grid/hybrid solar PV system with battery backup, to effectively combat the prevailing power outages experienced in Sri Lanka.
On 18-May-2020 The Ministry of New and Renewable Energy (MNRE) has released draught guidelines for the implementation of off-grid solar power projects through the RESCO (renewable energy Service Company) model. The RESCO model is a zero-investment model in which the consumer only pays for the electricity generated while the developer owns the solar system.
Off-grid Solar PV Panels Market Dynamics:
Attributes | Details |
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Trends Influencing Market | - Continuous Technological Advancements In Off-Grid Solar PV Panels
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Key Restraints | - High Cost Associated With Off-Grid Solar PV Panels
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Challenges | - Intense Competition Among Players
- High Initiative Investment May Hinder Market Pace
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Market Opportunities | - The Rising Of Government Initiatives To Use Of Renewable Energy Sources Leads To The Growth In S Off-Grid Solar PV Panels
- Surging Demand For The Off-Grid Solar PV Panels In Residential Applications
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Key Target Audience
New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others