Off Grid Power System Market Poised to Grow at a CAGR of 17.8% by 2024

Off Grid Power System Market Poised to Grow at a CAGR of 17.8% by 2024


Infinium Global Research has added a new report on Off Grid Power System Market. The report presents analysis of global as well as regional markets of off grid power system market over the period of 2016 to 2024. Off-grid solar power systems are impartial systems that help households, commercial and industrial buildings, mining sites, and telecom sector to generate their own power. These systems are not connected to the grid for the generation of power. When the utility power is unavailable or too expensive to bring to home or commercial properties, solar panels or wind turbines allows becoming its own utility. When utility power is not accessible DC solar power is less expensive than AC solar power because an inverter is not required to convert the electricity produced by solar panels and stored in batteries from DC to AC. The general range for a solar battery's useful lifespan is between 5 and 15 years. Solar batteries are significantly impacted by temperature, so protection the battery from freezing or blistering temperatures can increase its useful life.

 

Increased consumption of energy and depleting natural resources have increased the sales of the off-grid power supply which drives the growth of the off-grid power system market. In addition, the demand for offshore wind energy plants for remote sensing is boosting the growth of the off-grid power system market. However, High installation cost compared to other power generating sources are the factors restraining the growth of the off-grid power system market. Furthermore,the declining costs of decentralized renewable technology, the affordability and ease of access to off-grid technologies has increased which in turn is anticipated to bring favorable opportunities for the off-grid power system market. On the other hand, Government of India scheme designed to provide continuous power supply to rural India in September 2017 by the launch of Pradhan Mantri Sahaj Bijli Har Ghar Yojana or ‘Saubhagya’ Scheme. The objective of the Saubhagya scheme is to provide energy access to all through last mile connectivity, reaching all remaining un-electrified households in rural and urban areas with electricity, to achieve universal household electrification in the country by end of 2019. Among the geographies, Asia Pacific dominated the off-grid power system market. According to the International Energy Agency, India stands out as one of the largest electrification success stories in history accounting for 2 out of every 5 people gaining access to electricity who hadn’t previously had access, since 2000. Moreover, the growth matrix presented by Infinium Global Research identifies the key investment markets in the near future, this will not only help the companies to understand the competitive position in the global off grid power system market but also make strategic decisions to capture the most lucrative markets in the near future. The market size is presented in terms of value for the historic year 2016 and estimated for forecast period of 2018-2024.

 

Get 15% discount for early purchase of global off grid power system market report by clicking the following link, Use code IGRD15 to request the discount in the given form

https://www.infiniumglobalresearch.com/reports/request-discount/1584

 

 

The recent report identified that Asia Pacific dominated the global off grid power system market over the last couple of years, while emerging markets of Asia-Pacific and Latin America are anticipated to contribute significantly to the growth in the off grid power system market worldwide.

 

The report segments the global off grid power system market on the basis of Types and End-Users.

 

Global Off Grid Power System Market by Types

·         DC Only System

·         Mixed DC and AC System

·         AC Only System

·         AC System With Wind and Solar

·         AC System With Back-up

 

Global Off Grid Power System Market by  End-Users

·         Oil & Gas

·         Wind And Weather 

·         Monitoring Stations

 

Companies Profiled in the Report

·         Koninklijke Philips N.V

·         Niwasolar

·         Tata Power Solar Systems Ltd.,

·         SunnyMoney

·         Omnivoltaic Power Co. Ltd.

·         WakaWaka

·         BBOXX Ltd.,

·         Sinoware Technology Co. Ltd.,

·         Azuri Technologies Ltd.

 

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