Off-grid Remote Sensing Power System Market To Reach USD 2.8 Billion By 2032, Report By DataHorizzon Research – GlobeNewswire
Fort Collins, Colorado, May 10, 2024 (GLOBE NEWSWIRE) —
The growing demand for consistent power supply in remote locations has encouraged market growth.
The increasing demand for reliable power supply in remote locations propels the off-grid remote sensing power system market. Remote sensing applications, such as environmental monitoring, weather stations, and surveillance systems, necessitate a constant and dependable power source for efficient operation. According to the International Energy Agency (IEA), approximately 789 million people worldwide still lack access to electricity, with many residing in remote areas. This underscores a significant opportunity for off-grid power solutions to bridge the energy gap and support remote sensing applications. Moreover, the rising adoption of IoT and smart sensor technologies across diverse industries, including agriculture, mining, and oil & gas, is further fueling the demand for off-grid power systems.
The growing global emphasis on renewable energy sources is another significant driver for the off-grid remote sensing power system market. Governments worldwide are rolling out policies and initiatives to incentivize the adoption of clean energy solutions. For instance, the European Union has set a target to achieve a 32% share of renewable energy in its overall energy consumption by 2030. Similarly, the U.S. Department of Energy has launched the Remote and Islanded Communities Energy Program to facilitate the development of renewable energy projects in remote areas. The declining costs of solar panels and wind turbines and advancements in energy storage technologies render off-grid renewable power systems increasingly viable and cost-effective for remote sensing applications.
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Segmentation Overview:
The off-grid remote sensing power system market has been segmented into type, application, and region.
The oil and gas segments are the dominant applications in the forecast period.
- Based on the market segmentation by application, the oil and gas segment dominated the off-grid remote sensing power system market in 2023. The oil and gas industry heavily relies on remote sensing technologies for exploring, monitoring, and maintaining its offshore platforms, pipelines, and other infrastructure.
Solar energy is the leading segment based on its increased adoption.
- Based on the market segmentation by type, the solar energy segment held the largest market share in the off-grid remote sensing power system market in 2023. The increasing adoption of solar energy in remote sensing applications can be attributed to the declining costs of solar panels, their low maintenance requirements, and the abundance of solar energy in most remote locations.
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Off-grid Remote Sensing Power System Market Report Highlights:
- The off-grid remote sensing power system market growth is anticipated at a CAGR of 7.8% by 2032.
- Increasing demand for reliable power in remote locations drives industry developments.
- During the forecast period, the Asia-Pacific region is anticipated to be the fastest-growing market for off-grid remote sensing power systems.
- Some prominent players in the off-grid remote sensing power system market report include SunPower Corporation, Canadian Solar Inc., First Solar, Inc., JinkoSolar Holding Co., Ltd., Siemens AG, ABB Ltd., Schneider Electric SE, Saft Groupe S.A., Enersys, Trojan Battery Company, Exide Technologies, and Huawei Technologies Co., Ltd.
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About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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