Off-grid Solar PV Panels Market Size Worth $3.9 Billion By 2027

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.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/off-grid-solar-pv-panels-market

Further key findings from the report suggest:

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.

Europe Building-integrated Photovoltaics Market Size Worth $20.4 Billion By 2027

The Europe building-integrated photovoltaics market size is expected to reach USD 20.4 billion by 2027, expanding at a 27.2% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Rising demand for crystalline silicon (C Si) based Building-integrated Photovoltaics (BIPV) generated the premier revenue share on account of the high strength of the product.

Increasing demand for facade integration stems from the growth of building and construction industry, primarily in the developing economies in European region. The introduction of ventilated photovoltaic facades provides superior benefits such as greater yield in low irradiation and high temperature conditions, reduction of acoustic pollution, elimination of thermal barriers, and superior insulation performance.

The demand for building-integrated photovoltaics in Europe is anticipated to grow on account of the rising demand for aesthetically appealing solar energy-harnessing systems. According to a report published in Netherlands titled The Relative Importance of Aesthetics in the Adoption Process of Solar Panels in the Netherlands, aesthetic value of a solar panel is the greatest variable for 40% of buyers once the price is in a reasonable range. Hence, consumer preference towards BIPV products having good aesthetic value is gaining momentum which is anticipated to drive the market for black colored panels in the region during the forecast period.

Germany is one of the top country level market for the Europe accounting for 25.11% of the market share in 2019. The demand for building-integrated photovoltaics in roofs accounted for the highest market share driven by ease of product installation. BIPVs can be installed easily in the building roofs post-construction of the building as it requires minimal renovations. Besides, the segment has realized high technological advancements, which is expected to result in a decline in the overall installation costs leading to market growth over the forecast period.

Rising concerns regarding environmental pollution caused using non-renewable sources of energy are anticipated to drive the Europe BIPV market over the forecast period. The demand for the integration of photovoltaics stems from the superior aesthetic properties they impart. Building-integrated photovoltaics can replace regular roofs, windows, and building walls without compromising the aesthetics of the building, thereby leading to an increased adoption.

The presence of significant industry participants such as AGC Inc.; Canadian Solar; UAB GLASSBEL BALTIC; Onyx Solar Group Inc.; BiPVco; ISSOL sa; Heliatek GmBH; Polysolar; Flisom; ertex solartechnik GmbH; and Hanergy Mobile Energy Holding Group Limited will further aid market penetration.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/europe-building-integrated-photovoltaics-market

Further key findings from the study suggest:

The Italy building-integrated photovoltaics market revenue was valued over USD 613.8 million in 2019 and is projected to register a CAGR of over 29% over the projected period
Roofs-mount photovoltaics held the largest market share of over 39% in terms of revenue in 2019
Improved aesthetic appeal due to its transparent nature along with significant technological advancements in glass integrated installations is expected to drive the glass segment over the forecast period
Residential segment led the market due to efforts made by end users to limit their reliance on conventional sources and increase their adoption of greener sources of power generation
Spain is expected to witness the highest CAGR of 30.9% over the forecast period
Some of the major market players are AGC Solar, BIPV Ltd., Belectric Holding GmbH, and Heliatek GmbH. The companies are utilizing merger and acquisition strategy to enhance their global reach

BIPV Market Size Worth $36.74 Billion By 2025

The global building-integrated photovoltaics market size is expected to reach USD 36.74 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 18.8% from 2019 to 2025. Favorable rules and regulations to enhance renewable installations will drive the demand. In addition, policy tools such as financial incentives for BIPV installations will propel the growth.

Increasing adoption of renewable energy sources which help maintain the aesthetic appeal of buildings is likely to boost the demand for building-integrated photovoltaics over the forecast period. In addition, rise in awareness regarding energy sustainability and self-sufficiency among the consumers in various countries is projected to propel the growth of integrated installations over the next seven years.

Demand for integrated rooftop PV installations is expected to increase over the forecast period as these are one of the simplest installations. In addition, favorable policies and regulations supporting net-metering for renewable power sources in countries such as India, France, U.S., U.K., and Spain will result to boost the demand for roof-top solar installations in residential as well as commercial establishments over the forecast period.

Thin-film technology is expected to expand at a CAGR of over 20% from 2018 to 2025 due to better aesthetic appeal showcased by thin film technology in comparison to the Crystalline-silicon (C-Si) technology.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/building-integrated-photovoltaics-bipv-market

Further key findings from the report suggest:

Roof-mount photovoltaics held the largest market share of over 60% in terms of revenue in 2018
Building-integrated photovoltaics glass is projected to emerge as the fastest growing application category for BIPV installations. The segment is estimated to reach a net global market worth exceeding USD 6.90 billion by 2025
Improved aesthetic appeal due to its transparent nature along with significant technological advancements in glass integrated installations is expected to drive the glass segment over the forecast period
Industrial segment led the global BIPV market due to efforts made by various manufacturers to limit their reliance on conventional sources and increase their adoption of greener sources of power generation
Asia Pacific is expected to witness the highest CAGR of 20.6% over the forecast period to reach a net worth exceeding USD 8.30 billion by 2025
Some of the major players operating in the global building-integrated photovoltaics market comprise AGC Solar, BIPV Ltd., Belectric Holding GmbH, and Heliatek GmbH. The companies are utilizing merger and acquisition strategy to enhance their global reach