Impact of COVID-19 on Off-grid Power Systems for Remote Sensing Market: Implications on Business Opportunities And Threats Faced By The Vendors till 2024
The global off grid power systems for remote sensing market is growing alongside advancements in the renewable energy sector. The presence of offshore wind and solar farms has played an integral role in the growth of the global market. There is a recurring need for developing plush renewable energy bases across the world. The viability of renewable energy sources such as wind and solar power plants has given a thrust to market growth. The complex nature of such plants necessitates the presence of remote sensing technologies.
The use of off-grid power systems can help in maintaining the integrity of renewable energy power plants. The need for charging fuel cells, and developing a permanent power base across wind farms, has accentuated the need for remote sensing technologies. It is expected that the global off-grid power systems for remote sensing market would tread along a lucrative path in the years to follow. Fuel cells and other forms of battery backup technologies are slated to become the sought-after devices for the renewable energy sector in the years to follow.
The wind energy sector has attracted substantial investments from national and international entities. The viability of offshore power grids has led several governments to capitalise on their renewable energy sector. Regions with multiple ports have especially shown a sense of accountability in developing a robust sector for renewable energy generation. This factor has also created fresh opportunities for growth within the global off grid power systems for remote sensing market.
A study by Transparency Market Research (TMR) projects the global off grid power systems for remote sensing market to rise at a CAGR of 7.35% during 2016–2024. This market is expected to reach worth of US$2,105.95 mn by 2024-end; it stood at US$1,193.85 mn in 2016.
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Improvements in Oil and Gas Exploration Activities
The oil and gas industry has managed its oil and gas exploration operations with a complex network of sensing technologies. Advancements in the oil and gas industry have played an integral role in the growth of the global off-grid power systems for remote sensors market. Moreover, increasing use of light detection and ranging systems and supervisory control and data acquisition (SCADA) systems has also generated fresh opportunities for growth across the global off-grid power systems for remote sensors market. Use of monitoring devices is an inherent part of the renewable energy sector. Furthermore, the oil and gas industry also deploys monitoring and control technologies to get a pinpoint view of its operations.
The need for developing wind farms across new areas has also created increased demand within the global off-grid power systems for remote sensing market. Furthermore, the renewable energy industry is attracting fresh investments from multiple vendors.
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Scandinavia to Emerge as the Focal Region for Improvement in Renewable Energy Sector
Several of Scandinavian countries including Finland and Denmark have made serious efforts to improve their renewable energy sector. These countries have received global lauding due to their steadfastness in maintaining high standards across the green energy domain. This factor has given a thrust to the growth of the global off grid power systems for remote sensing market in recent times. Furthermore, the presence of robust systems for renewable energy generation have given a mark of supremacy to these regions in terms of liveability.
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