Off-grid Solar Power Systems Market : Significant Profits Estimated to be Generated by 2018-2022

MRC has published a new research-based report on Off-grid Solar Power Systems market. This comprehensive report talks about the Off-grid Solar Power Systems market in terms of definition, classification, application, forecasts, estimations regarding volume and value. It also features the present scenario and prospects with financial and industrial outlook. Moreover, it includes latest trends, current events, and strategies of leading global companies including key developments, partnerships and agreements, mergers & acquisitions, investments and expansions, etc. in addition to this; it discusses the crucial aspects like drivers, restraints, opportunities and challenges that impact the market growth.

MRC 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.

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Commenting on the report, an analyst from MRC 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.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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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.

MRC’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:
Americas
APAC
EMEA

MRC's report, Global Off-grid Solar Power Systems Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
Greenlight Planet
M-KOPA Kenya
Schneider Electric
SMA Solar Technology
Su-Kam Power Systems

Market driver
High cost of grid expansion
For a full, detailed list, view our report

Market challenge
High initial PV system cost
For a full, detailed list, view our report

Market trend
Growing Pay-As-You-Go (PAYG) model
For a full, detailed list, view our report

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