The increasing hybrid power generation across the globe in off-grid sites is among the major factors driving the growth of the Global Hybrid Power Solutions Market
Covid-19 Impact & Market Status
COVID-19 has the potential to impact the global economy in three ways: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on enterprises and financial markets.
The size of the global market for Hybrid Power Solutions is expected to reach US$ 1 Bn by 2031, expanding at a compound annual growth rate (CAGR) of 6.4%.
Covid-19 outbreak has been affecting multiple businesses and industries leading to interrupted travel, lockdown, social distancing and the like. These have restricted normal functioning of the businesses and resulted in supply chain anomalies, lack of business co-ordination across vendors and the like.
Solar-diesel System Type Segment is accounted for Highest Revenue during the Prediction Period
Solar energy and diesel hybrid systems generate electricity by utilizing free and plentiful solar irradiation. These systems may be employed in a variety of industries, including road lights and fishing boats. In compared to gensets, solar-diesel systems have a number of advantages, including the possibility to reduce CO2 emissions and the risks associated with rising fuel prices.
Commercial Segment is Likely to Register Highest Revenue during the Forecast Period
Commercial segment take account of schools, hotels, hospitals, resorts which are located at off grid areas. The expanding number of small-to-medium scale industries in off-grid locations is fuelling the expansion of the commercial end-user category. In the near future, the residential category will upsurge at a noteworthy rate over the forecast period.
Asia-Pacific Region to Dominate the Market during the Predicted Period
Asia-Pacific is expected to dominate the global market during the forecast period. During the projection period, Asia-Pacific is predicted to rely heavily on renewable energy. Different solutions, like hybrid facilities or massive utility-scale battery storage are now being introduced to offer constant electricity supply from renewable energy sources in Asia-Pacific, in order to overcome the intermittency issue of renewable energy that the region faces. In India, the Ministry of New and Renewable Energy approved 2.5 GW hybrid projects in 2018 as an option for supplying continuous electricity.
Furthermore, China was the greatest energy growth market for the 17th year in a row, with a growth rate of 3.1 percent in 2018. Renewable energy generation in China increased by 25 million metric tonnes of oil equivalent, making it the second-largest contributor to global primary energy growth of any single fuel or nation. As a result of the unstable grid infrastructure and rising power consumption, Asia-Pacific is predicted to be the major hybrid power solutions market over the forecast period.
The market for hybrid power solutions will rise as the demand for reliable as well as continuous energy supply grows along with the demand for power in distant places is expected to drive up demand for hybrid power solutions throughout the world. The growing innovations and advances are expected to boost the market growth in the near future.
Hybrid power solution systems combine many types of power sources and are meant to generate centralized energy grids. In developing nations like India, they are utilized to deliver electricity to many rural places. Furthermore, the system has the capacity to compensate for drawbacks like CO2 emissions, fuel flexibility, and dependability. The systems are designed to accomplish desirable characteristics at the lowest possible cost and with the highest possible efficiency, which is likely to drive market expansion over the forecast period.
Residential, Commercial applications are predicted to account for a major portion of hybrid power solutions over the projection period. Factors such as increasing global need for dependable energy as a result of industrial expansion and the construction of commercial infrastructure are propelling the hybrid power solutions market.
Furthermore, technological advancements and increased investment by the major players operating in the target industry in this sector are likely to boost the global hybrid power solutions market ahead throughout the forecast period. Stringent government measures to encourage the use of renewable technology, as well as low labor costs and a large supply of raw materials, will boost product penetration.
Furthermore, increased urbanization and industrialization, as well as a favorable prognosis for the adoption of energy efficient systems with the goal of reducing emissions, would support industry growth in the developing economies. Aside from that, an increase in research and development initiatives to improve it is another factor driving demand for hybrid power solutions.
The global hybrid power solutions industry is very competitive and is anticipated to become even more so in the future years. However, the growing number of competitors is expected to boost overall market growth over the projection period. Enel Green, Danvest Holding, Polar Power, CONTOURGLOBAL, Supernova Technologies, SMA Solar, Zenith Solar, MPower, Suzlon Energy, Alternate Energy, Vattenfall, Siemens Gamesa, UNITRON, Vestas, Blue Pacific, GE, Goldwind, ReGen are some of the key competitors operating in the global Hybrid Power Solutions market.
Latest Innovations in the Global Hybrid Power Solutions Market: a Snapshot
- SMA America collaborated with Farm from a Box to create an off-grid food production toolbox.
- To become the industry leader in integrated storage systems, Electro Power Systems purchased Elvi Energy (Italy).
- For the telecom business, Flexenclosure introduced the eSite x10, a maintenance-free hybrid power system.
This market research study was created by compiling data from primary and secondary sources. Secondary research was conducted using a variety of sources, including (but not limited to) SEC filings, company websites, technical journals, paid data sources, financial reports, and other industry publications. In addition, to acquire first-hand data, the research methodologies perform comprehensive primary research with important industry players. Industry specialists then examine and validate the data.
Hybrid Power Solutions Market Scope
|Revenue forecast in 2031
|US$ 1 Bn
|CAGR of 6.4 % during 2021-2031
|Product Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|General Electric, MAN Energy Solutions SE, Guangzhou HY Energy Technology Limited Corp., Kestrel Renewable Energy, KYOCERA Corporation, Eaton, Iberdrola, Panasonic Corporation, Schneider Electric, Sharp Electronics, Suzlon Group, Siemens Gamesa
Key Segments of the Global Hybrid Power Solutions Market
System Type Overview, (USD Billion)
Application Overview (USD Billion)
Power Rating Overview (USD Billion)
- Up to 10kW
- Above 100kW
Regional Overview (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa