The latest report on Off Grid Power System Market by Infinium Global Research gives complete coverage of the Off Grid Power System Market by types (DC only system, mixed DC and AC system, AC only system, AC system with wind and solar and AC system with back-up), end-users (oil & gas, wind, weather, monitoring stations), region (North America, Europe, Asia-Pacific) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Off Grid Power System such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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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
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.
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Off-Grid Technologies Has Increased Which in Turn is Anticipated to Bring Favorable Opportunities for Tthe 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, the 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.
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- Comprehensive analysis of global as well as regional markets of the Off Grid Power System.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.