Global Off-grid Solar Power Systems Market is anticipated to grow at a substantial rate in the forecast period. Off-grid solar power systems are isolated systems that support commercial, households, and industrial buildings, telecom, and mining sites to generate their own power and are not associated with the grid. Off-grid solar power systems comprise smaller solar products (solar lanterns, and pico solar PV systems), solar home systems, and mini-grids.
The factors that propel the growth of the Off-grid Solar Power Systems Market include improved utilization of energy, population explosion, and depletion of natural resources. On the other hand, there are factors that may hamper the growth of the market including high initial PV system cost, and high installation cost compared to the other power generating sources. The market is anticipated to grow at a higher CAGR of 14.45% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The market may be explored by system type, application, resource type, and geography. Market may be explored by system type as Wind-PV-diesel-battery hybrid system, Wind-diesel hybrid system, PV-diesel hybrid system, PV-diesel-battery hybrid system, and Wind-diesel-battery hybrid system.
The key applications that could be explored in the Off-grid Solar Power Systems Market include Stand-alone (AC power, Biomass cogeneration, Gas, Diesel, Wind, and Solar PV.
Asia-Pacific accounted for the major share of the Off-grid Solar Power Systems Market Size in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include enormous demand for micro-grid hybrid power system. On the other hand, in Africa, and Middle East the off-grid hybrid power system market is driven particularly due to massive growth in the economy.
Some of the key players that fuel the growth of this market comprise Outback Power, Electric, Siemens, Solgen, Schneider electric, SMA, Electro Power system, Heliocentris, Elgris Power, and Danvest. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.