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The global off-grid solar Photovoltaic (PV) panels market size USD 2.48 Billion in 2022 & is expected to register a rapid revenue during the forecast period
NEW YORK CITY, NEW YORK, UNITED STATES, June 21, 2023/EINPresswire.com/ — Off-Grid Solar Photovoltaic (PV) Panels Market Overview
The global market for off-grid solar Photovoltaic (PV) panels reached a value of USD 2.48 Billion in 2022 and is projected to experience a rapid compound annual growth rate (CAGR) of 8% throughout the forecast period. The growth in market revenue can be attributed to several key factors, including the increasing demand for electricity in rural areas, government initiatives promoting the use of renewable energy, and the declining prices of solar PV panels. Off-grid solar PV panels play a crucial role in providing electricity to areas that are not connected to the main power grid, such as remote islands, rural regions, and areas prone to natural disasters.
Furthermore, the market’s revenue growth is also driven by the growing necessity for power in rural areas. A significant portion of the global population still lacks access to electricity, particularly in developing countries. Consequently, off-grid solar PV panels have gained popularity due to their affordability compared to conventional methods of extending the power grid.
Off-Grid Solar Photovoltaic (PV) Panels Market Segments
The off-grid solar Photovoltaic (PV) panels market exhibited a market size of USD 2.48 Billion in 2022. With a projected compound annual growth rate (CAGR) of 8% from 2022 to 2032, the market is expected to reach a revenue of USD 4.96 Billion by 2032. The estimation is based on the historical data from 2020 to 2021 and covers the forecast period of 2022 to 2032.
The quantitative units for measuring the market performance are in terms of revenue in USD Billion. This CAGR calculation indicates a steady growth trajectory for the market over the specified period.
The comprehensive report on the off-grid solar PV panels market includes various aspects. It provides a revenue forecast, ranks companies operating in the market, analyzes the competitive landscape, identifies growth factors, and highlights emerging trends. This report offers valuable insights for industry players, investors, and other stakeholders.
The market segments covered in the report include Type Outlook, Application Outlook, and Regional Outlook. These segments provide a detailed analysis of different types of PV panels, their applications, and the regional distribution of the market.
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Off-Grid Solar Photovoltaic (PV) Panels Market: Strategic Developments
The major companies in the off-grid solar PV panels market are adopting various strategic initiatives, such as mergers and acquisitions, partnerships, and collaborations, to strengthen their market position and expand their product offerings. Some of the recent strategic developments in the market include:
• On 7 November 2022, SunPower Corporation announced the acquisition of Solaria Corporation, a manufacturer of high-efficiency solar panels, to enhance its solar product offerings and increase its presence in the global market.
• On 6 February 2021, JinkoSolar Holding Co., Ltd. signed a 240 MW solar panel supply agreement with CLP India, a leading power company, to enhance its product portfolio in the Indian solar market.
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Off-Grid Solar Photovoltaic (PV) Panels Market: Competitive landscape
The global off-grid solar PV panels market is highly competitive, with several major companies leading the industry. Prominent players in the market include SunPower Corporation, JinkoSolar Holding Co., Ltd., First Solar, Inc., Trina Solar Limited, Yingli Solar, Sharp Corporation, Kyocera Corporation, Hanwha Q CELLS Co., Ltd., Canadian Solar Inc., Renogy, and Off-Grid Energy Australia.
SunPower Corporation is a renowned company known for its high-efficiency solar panels. JinkoSolar Holding Co., Ltd. is a leading manufacturer of solar PV products and solutions, catering to both residential and commercial sectors. First Solar, Inc. specializes in thin-film solar modules and has a strong presence in the off-grid solar market. Trina Solar Limited is another key player offering a wide range of solar PV panels, including those suitable for off-grid applications.
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