Off-Grid Remote Sensing Power System Market is Likely to Witness 7.35% CAGR to 2024

Press Release

Off-grid power systems are those systems which are not linked with the main or local power grid. These systems are basically are dependent on a secondary source of power such as fuel cells and batteries. These off-grid systems are often employed in several circumstances such as at places where there are no grid lines, for reducing the load on the main grid, at places where power supply is unreliable, and where complete separate power is a must need. Off-grid power is being incessantly used by several monitoring systems such as LiDAR (Light Detection and Ranging) systems, SCADA (Supervisory Control and Data Acquisition) systems, and other remote monitoring devices. This market also drives demand for secondary sources of power such as fuel cells. These type of power systems are

Off-grid power systems for remote sensing are being employed several end-use industries such as wind energy and oil and gas. The developing infrastructure of the wind energy industry and oil and gas energy industry is expected to boost the demand for off-grid power systems for remote sensing. The global market for off-grid power systems for remote sensing is likely to witness a 7.35% CAGR from 2016 to 2024. The market was worth US$1,193.85 mn in 2016 and is likely to touch a valuation of US$2,105.95 mn by the end of 2024.

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Battery Backup to be Highly Preferred among Consumers

Battery backup employs batteries with nickel cadmium, lithium ion, and lead acid as a material for ensuring long battery life along with smooth performance. The technology of solar PV employs battery backup owing to irregular power supply associated with it. Based on technology, battery backup is expected to remain the leading segment in the global off-grid power systems market until the end of the forecast period. The growth of this segment is likely to be aided by the employment of advanced technologies and the inflow of investments in the production of batteries. Increasing investments in the manufacturing of batteries is resulting in the onset of advancements such as rise in energy for long running time and enhanced power for requirements in high current loads, especially in applications of remote sensing. Efforts are being taken to develop an advanced battery technology for applications remote sensing.

North America Emerged as Leading Region in terms of Consumption

In terms of region, North America emerged as the leading region in terms of adoption of off-grid power systems for remote sensing with the maximum share in 2014. In the same year, Canada and the U.S. held approximately 85% in the off-grid power systems for remote sensing market of North America. The growth of the off-grid power systems for remote sensing market in North America can be attributed to progress of the renewable energy sector thus leading to a decline in the prices of oil. Europe is also expected to display significant potential in the off-grid power systems for remote sensing market with the onset of green infrastructural projects with government investments for enhancing energy efficiency in military, forestry, bioenergy, agriculture, and wind.

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The leading players in the market are Energy Solutions (UK) Ltd., Evergreen Energy Technologies Inc., Ensol Systems Inc., HES Energy Systems Pte. Ltd., Victron Energy B.V., SFC Energy AG, Timber Line Electric and Control Corporation, UPS Systems Plc., Tycon Systems Inc., and Acumentrics Holding Corporation.

This post was originally published on The Market Plan