Hybrid Power Solutions Market

The Hybrid Power Solutions Market is projected to grow at a CAGR of 8.1% during the forecast period, 2022-2029.

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Major Hybrid Power Solutions Market Drivers

Rising population coupled with high energy demand; growing number of industries in remote or off grid areas together with the demand for distributed electricity supply; and increasing requirement for efficient and regular power supply in the residential sector are expected to drive the growth of the hybrid power solution market share. In addition, hybrid power solution provides several advantages that includes fuel saving, lower atmospheric contamination, low maintenance, silent operation, connection to other power supplies, and power supply with less interruption is further supporting the growth of the hybrid power solutions market size over the forecast period. Moreover, increasing inclination towards cutting CO2 emission around the world, the integration of energy management software, and the development of the up-rise wind machine that can be easily transported are expected to provide huge growth opportunities to the global hybrid power solution market size during the forecast period.

Restraint in the Hybrid Power Solutions Market

However, the higher initial investment for the installation of hybrid power solutions is one of the major factors restraining the growth of the market over the forecast period. Moreover, complicated operation of different energy sources and lack of skilled workforce for controlling their interaction and co-ordination may further hamper the market growth.

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Configuration – Segment Analysis

Based on the configuration, solar-diesel segment is estimated to hold a prominent share in the market owing to the availability cheaper solar energy coupled with the rising installation solar photovoltaic systems. In addition, reduction in the load power failure rate, less maintenance, and higher fuel efficiency compared with a single diesel generator system is further stimulating the market growth.

Power Rating – Segment Analysis

Based on the power rating, the 11 kW-100 kW segment is projected to account for a large share in the hybrid power solution market over the forecast period. This can be attributed to the rising demand of hybrid micro-hydro and solar photovoltaic systems for rural areas power range of around 5–100 kW for driving irrigation pumps, agricultural equipment, educational instituted, and others. Growing awareness of hybrid power solutions together with increasing deployment of renewable energy sources is expected to escalate the growth of the market.

End-User – Segment Analysis

Based on the end-user, commercial segment is expected to hold a notable market share over the forecast period primarily due to the growing number of small-to-medium scale industries, hotels, resorts, hospitals in off-grid areas, which highly dependent on diesel generators for their power supply. Increasing demand for fuel flexibility, sustainability, and stable energy supply among industries is further supporting the market growth.

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Regional – Segment Analysis:

Asia-Pacific is expected to account for a notable share in the Hybrid Power Solutions market. This can be attributed to the rising population, increasing number of industries, and growing demand for power solutions in countries including Japan, China, Sri Lanka, South Korea, and India. Moreover, according to the UN, the Government of India has set a target of installing 175 GW of renewable energy capacity by the year 2022, which includes 100 GW from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro-power. This is further expected to support the market growth in Asia-Pacific region.

Top Market Players

Several leading Hybrid Power Solutions companies operating in the market, include, Siemens AG, General Electric Company, Huawei Technologies Co., Ltd., ZTE Corporation, NYE Thermodynamics Corporation, Silver Power Systems, Danvest, Pfisterer Holding AG, Vergnet SA, and Taiwan Cement Ltd. among others. 

Key Developments: 

• • In 2021, General Electric Company has announced to provide an integrated solar inverter and energy storage package that will use a DC-Coupled system, for a 123 MWh hybrid solar plus storage project across three sites in Upstate New York.

Segments covered in the Report:

The global Hybrid Power Solutions market has been segmented on the basis of configuration, power rating, end-user, and key regions. Based on the configuration, the market is segmented into solar-diesel, wind-diesel, solar-wind-diesel, and others. Based on the power rating, the market is segmented into Up to 10 KW, 11 KW-100 KW, and Above 100 KW. Based on the end-user, the market is segmented into residential, commercial, and others. 

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Market Segmentation

Global Hybrid Power Solutions Market by Configuration

• • Solar-Diesel
  • Wind-Diesel
  • Solar-Wind-Diesel
  • Others

Global Hybrid Power Solutions Market by Power Rating

• • Up to 10 KW
  • 11 KW-100 KW
  • Above 100 KW

Global Hybrid Power Solutions Market by End-User

• • Residential
  • Commercial
  • Others

Global Hybrid Power Solutions Market by Region

• • North America Hybrid Power Solutions Market (Option 1: As a part of the free 25% customization)

    • By Configuration
    • By Power Rating
    • By End-User
    • US Market All-Up
    • Canada Market All-Up

  • Europe Hybrid Power Solutions Market (Option 2: As a part of the free 25% customization)

    • By Configuration
    • By Power Rating
    • By End-User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Hybrid Power Solutions Market (Option 3: As a part of the free 25% customization)

    • By Configuration
    • By Power Rating
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Hybrid Power Solutions Market (Option 4: As a part of the free 25% customization)

    • By Configuration
    • By Power Rating
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Hybrid Power Solutions Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Siemens AG
  • General Electric Company
  • Huawei Technologies Co., Ltd.
  • ZTE Corporation
  • NYE Thermodynamics Corporation
  • Silver Power Systems
  • Danvest
  • Pfisterer Holding AG
  • Vergnet SA
  • Taiwan Cement Ltd.