[over 235 pages of latest research report] According to a market research report published by The Brainy Insights, the global off-grid solar panel market size and revenue share demand analysis in 2021 is estimated to be approximately US$2.1 billion and is expected to grow . by approximately US$1 billion by 2030, this number will reach 4.5 billion, with a compound annual growth rate of approximately 7.9% from 2022 to 2030. Asia Pacific (APAC) region is expected to hold the largest market share at 30% during the forecast period.
NEWARK, Oct. 23, 2023 (GLOBE NEWSWIRE) — Brainy Insights estimates the off-grid solar energy market will be worth $2.1 billion in 2021 and reach $4.5 billion by 2030. Off-grid solar energy systems are a popular solution for increasing access to renewable energy while protecting the environment. Off-grid solar systems operate independently of the grid because batteries store the solar energy produced by the system. The four main components of an off-grid solar system are batteries, solar panels, inverter and controller. These systems provide power to critical loads in areas where there is no grid.
Asia Pacific dominates the market with a market share of around 30% in 2021. Rural electrification schemes and government incentives to promote solar energy are likely to impact demand in the Asia-Pacific market. The market is likely to benefit from Asia-Pacific’s sustained efforts to minimize carbon emissions and meet energy needs.
The thin film segment is expected to grow at a CAGR of 9.36% during the forecast period. This is due to their small size, high strength and the use of flexible and lightweight materials during the production process. Thin film off-grid solar photovoltaic panels are often used in commercial applications due to their light weight and low installation costs.
The commercial segment is expected to grow at the highest CAGR of 9.17% during the forecast period. Commercial solar photovoltaic panels are capable of heating water in buildings, preheating ventilation air, and powering industrial facilities in off-grid or remote locations. Their ages ranged from 14 to 20 years.
Off-grid solar power is changing lives. For example, solar energy contributes to the development of the city of Mongpur, Bangladesh. The market is thriving: houses have refrigerators and televisions, and even street lights are on at night. Off-grid solar panels in Bangladesh are used to provide electricity to the country’s 20 million people. Currently, more than 360 million people worldwide use off-grid solar installations. While this number seems huge, it only accounts for 17% of the global addressable market. In addition to the 1 billion people without access to electricity, off-grid solar systems can significantly improve the lives of another 1 billion people who do not have regular access to electricity or have insufficient electricity.
• JinkoSolar • JA Solar • Trina Solar • LONGi Solar • Canadian Solar • Sun Power Corporation • First Solar • Hanwha Q CELLS • Risen Energy • Talesun Solar
• Asia-Pacific (USA, Canada, Mexico) • Europe (Germany, France, UK, Italy, Spain, rest of Europe) • Asia-Pacific (China, Japan, India, rest of Asia-Pacific) • South Americas (Brazil and Rest of Asia-Pacific) ) South America) • Middle East and Africa (UAE, South Africa, Middle East and Rest of Africa)
The market is analyzed on the basis of value (USD Billion). All segments were analyzed at global, regional and country levels. Each section of the study includes analysis of more than 30 countries. The report analyzes the drivers, opportunities, restraints and challenges to provide critical insight into the market. The research includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution and sales channel analysis.
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