Hybrid Power Solutions Market Trends Evolution By Major Players: UNITRON, Polar Power Inc., Grupo Dragon, Tesla, MPower, SMA Solar, ENEL Green, Contour Global, General Electric, Vestas, Vattenfall AB, Goldwind, Suzlon, Zenith Solar Systems

U.S.Hybrid Power Solutions Market growth will be driven by increasing adoption of sustainable systems along with growing awareness toward the adoption of standalone systems across residential. Growing demand of uninterrupted power supply coupled with rapid technological advancements and industrialization will stimulate the industry outlook. In 2016, Enel Green Power brought together three different renewable technologies (geothermal, solar thermal & photovoltaic solar) in one single plant at Stillwater.

Residential hybrid power solution market size is anticipated to witness robust growth due to several ongoing electrification programs across developing economies. In 2015, the government of China has introduced a wind solar hybrid system, with an overall capacity of 300 MW with an aim to supply effective power to 2000 residents across the region.

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Hybrid Power Solutions Market size will exceed USD 60 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Growing demand for reliable and uninterruptible power coupled with increasing focus toward the grid integration of renewable energy will boost the hybrid power solutions market. Favourable initiatives to promote renewable energy along with the growing demand for decentralized power generation systems will augment the business landscape. In 2015, ABB and Vestas have introduced Wind for Prosperity initiative across remote areas of Kenya to ensure the clean power generation through Wind-Diesel technology.

Ambitious renewable energy (RE) capacity addition targets coupled with the abundant availability of solar and wind energy will drive the hybrid solar wind market growth. Technological advancement coupled with introduction of norms to reduce carbon footprints will stimulate the business growth. In 2017, Vestas announced the development of world’s largest utility-scale solar-wind project comprising of 43.2 MW of wind and 15 MW of solar capacity.

Standalone hybrid power solutions market is set to grow on account of rising demand for reliable and safe electricity supply primarily across remote off-grid areas. In 2017, Juhl energy announced the development of community based solar-wind hybrid project in U.S. with an overall capacity of 4.5 MW. Growing demand for renewable energy, the need for improving grid reliability and stability, and low installation costs are some of the prominent features that make its adoption viable.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. UNITRON
2. Polar Power Inc.
3. Grupo Dragon
4. Tesla
5. MPower
6. SMA Solar
7. ENEL Green
8. Contour Global
9. General Electric
10. Vestas
11. Vattenfall AB
12. Goldwind
13. Suzlon
14. Zenith Solar Systems

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Growth Drivers

• Enhanced power quality and security of supply
• Favourable government initiatives
• Growing electricity demand
• Positive outlook towards renewable energy
• Increasing off-grid electricity demand

U.S. hybrid power solutions market has witnessed the cumulative capacity generation of 900 MW by 2024. Schemes including FIT, carbon credit, and green bonds have provided an impetus toward the installation of wind-solar plants, which will further complement the hybrid power solutions market hybrid power solutions market outlook. In 2018, Kauai Island Utility Cooperative (KIUC) has announced the deployment of solar storage hybrid project which will reduce the utility’s peak fossil fuel generation by 55 MW.

UK hybrid power solutions market is predicted to grow over 5% by 2024. Government focus toward raising the dependency on sustainable and effective power generation to achieve green energy economy structure will positively impact the hybrid power solutions market growth. Developers across the region are working aggressively toward the enhancement of CUF for their existing power plants. In 2016, Ecotricity announced plans for three new hybrid renewable energy parks that will be generating electricity with a mix of wind and solar energy with overall capacity of 5 MW. The company is approaching 100 MW generation from solar-wind technology by adding green gas mills as a part of new blueprint for Britain.

Key industry participants in the hybrid power solutions market include Blue Pacific Solar, General Electric, Gamesa Wartsila, Zenith Power Systems, Polar Power, Unitron Energy, VONK, Star Sight, Danvest, Vestas, Alpha Windmills, Grupo Dragon, BWSC, FlexGen, A123 systems, Tesla Windlab and Sterling & Wilson.

Browse key industry insights spread across 330 pages with 912 market data tables & 38 figures & charts from the report, Hybrid Power Solutions Market in detail along with the table of contents:

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