The analysts forecast global off-grid solar power systems market to grow at a CAGR of 14.45% during the period 2018-2022. The latest trend gaining momentum in the market is Growing Pay-As-You-Go (PAYG) model.
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Over the past several years the need to improve energy access has been a crucial agenda across the world, especially in developing countries.
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The continuous decline in decentralized renewable technology cost, such as solar PV and energy storage, has improved the affordability of off-grid technologies, thus playing an important role in accelerating the energy access. However, building and sourcing financing for renewable-based mini-grids can be expensive in some countries, which has given rise to a new business model called Pay-As-You-Go (PAYG).
Major key players in the global off-grid solar power systems market: Greenlight Planet, M-KOPA Kenya, Schneider Electric, SMA Solar Technology, and Su-Kam Power Systems.
According to the off-grid solar power systems market report, one of the major drivers for this market is High cost of grid expansion. The cost of the main grid extension for rural electrification is considered high, as the investment depends on the distance of the community from the existing main grid, the population density, power quality, demand pattern, and other factors.
The cost per mile for extending/expansion of the grid line to remote areas can cost anywhere between $15,000-$50,000 per mile, which can be higher depending on the terrain.
Further, the off-grid solar power systems market report states that one of the major factors hindering the growth of this market is High initial PV system cost. It is highly necessary to have a battery connected to the renewable systems to have access to a continuous and reliable source of power, as renewable sources such as wind and solar are intermittent in nature.
Most commonly paired sources are solar and batteries, as solar is abundantly and freely available clean source of power, wherein solar PV modules charge the battery, and the power is discharged from the battery when the solar module is not generating enough power. Alternatively, where diesel mini-grids supply power, they can be retrofitted with solar power and energy storage systems, which will reduce the diesel generator run time and will only charge the battery when needed.
Report at www.reportsnreports.com/.aspx?name=1317649.
Key questions answered in this report
- What will the market size be in 2022 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
Few Points from List of Exhibits:
Exhibit 01: Related market
Exhibit 02: Global solar PV systems market
Exhibit 03: Market characteristics
Exhibit 04: Market segments
Exhibit 05: Market definition - Inclusions and exclusions checklist
Exhibit 06: Market size 2017
Exhibit 07: Validation techniques employed for market sizing 2017
Exhibit 08: Global Market size and forecast 2017-2022 ($ billions)
Exhibit 09: Global Year-over-year growth 2018-2022 (%)
Exhibit 10: Five forces analysis 2017
Exhibit 11: Five forces analysis 2022
Exhibit 12: Bargaining power of buyers
Exhibit 13: Bargaining power of suppliers
Exhibit 14: Threat of new entrants
Exhibit 15: Threat of substitutes
Exhibit 16: Threat of rivalry
Exhibit 17: Market condition - Five forces 2017
Exhibit 18: Application Market share 2017-2022 (%)
Exhibit 19: Comparison by application
Exhibit 20: Non-residential Market size and forecast 2017-2022 ($ billions)