Global Off-grid Solar Power Systems Market 2018-2022
About Off-grid Solar Power Systems
Off-grid solar power systems are standalone systems that help households, commercial and industrial buildings, mining sites, and telecom sector to generate their own power and are not connected to the grid. Off-grid solar power systems include solar home systems, smaller solar products (pico solar PV systems and solar lanterns) and mini-grids.
Technavio’s analysts forecast the global off-grid solar power systems market to grow at a CAGR of 14.45% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global off-grid solar power systems market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of off-grid solar power systems.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Off-grid Solar Power Systems Market 2018-2022
Technavio recognizes the following companies as the 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.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing Pay-As-You-Go (PAYG) model. Over the past several years the need to improve energy access has been a crucial agenda across the world, especially in developing countries. 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).”
According to the 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 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.
Greenlight Planet, M-KOPA Kenya, Schneider Electric, SMA Solar Technology, and Su-Kam Power Systems.