Hybrid Power Solutions Market to witness a decent growth in 2024, Europe to emerge as the pioneering regional contenders | Top Key Players like Star Sight, Danvest, Vestas, Alpha Windmills, Grupo Dragon, BWSC

Europe is claimed to be one of the pioneers of renewable energy and boasts of an enviable pipeline of wind, solar, and hydropower projects. The region also stands to gain significant monetary benefits in hybrid power solutions market as well, primarily augmented by the immense contribution of UK. According to estimates, UK hybrid power solution market is slated to witness 5% CAGR over 2018-2024.

The renewable energy directive 2009/28/EC has undoubtedly triggered new growth opportunities for the business space, with increasing deployment of microgrids, two-way power flows, and digital analytics. Incidentally, this has also prompted leading market giants to commercialize innovative solutions in the regional market that could potentially maintain the grid stability. With the largest concentration of emerging economies in the world, the Asia-Pacific region presents a tremendous opportunity for the evolution of the hybrid power solutions market, which is still in its early stages.

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Increasing focus on developing alternate energy sources has boosted the hybrid power solutions market, as implementation of multiple means of electricity generation is being preferred to support the existing power grids. While the electricity demand keeps on surging throughout the world, governments are working with power sector experts to promote the adoption of solar and wind energy, in a standalone capacity as well as within previously installed conventional energy systems. Integration of these renewable sources with any prevailing electricity gird strengthens its reliability and creates an efficient backup power supply, demonstrating how the hybrid power solution industry could help stabilize the power grids. As the world is witnessing unprecedented levels of electricity consumption, the inefficiency of existing grid infrastructure is being realized and has stressed the need for developing continuous power supply, propelling the hybrid power solution market.

The depleting reserves of conventional natural resources like coal and oil have coerced authorities to diversify their energy portfolio and incorporate sustainable energy within the power matrix. Electricity can now be produced by combining solar panels, wind turbines and diesel-powered generators at a single power plant, ensuring uninterrupted supply and sufficient electricity backup. Eco-friendly hybrid plants without any fossil fuel-based equipment also exist, as cumulative harnessing of solar and wind power is becoming common at locations which receive enormous amount of sunlight and experience sufficiently strong winds. Communities and businesses operating in remote areas can achieve energy security due to reduced dependency on the unreliable single-source girds, enabling expansion of the hybrid power solutions market in developing countries.

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

1. GE
2. Siemens Gamesa
3. Vestas
4. Vattenfall
5. Goldwind
6. Suzlon Group
7. Tesla
8. SMA Solar Technology AG
9. Enel Green Power
10. ContourGlobal
11. A123 Systems
12. ReGen Powertech

Powertech Hybrid power solutions market has garnered a considerably high traction over the past few years, primarily on account of the increasing demand for power generation with minimized fuel and reduced carbon emissions. In the face of the alarming price trends of petroleum products, potential contenders in the global energy landscape have been scrupulously thriving on renewable sources. The increasing popularity of hybrid power solution market can be largely credited to this fundamental transition. Moreover, lack of grid connectivity across remote belts and the subsequent unreliability in power supply often compel electric utilities to incline toward hybrid power system installation in recent years. The abundant availability of various governmental incentives such as feed-in-tariffs, subsidies, and leverage schemes further complements the business growth.

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In this regard, recently India’s Ministry of New and Renewable Energy (MNRE) recently enforced a new National Wind-Solar Hybrid Policy. Reportedly, this newly launched regulatory framework would be promoting huge grid-connected wind-solar Photovoltaics hybrid systems, in a bid to efficiently utilize the existing transmission capacity of the country. Needless to mention, these kinds of regulatory initiatives have played a pivotal role in proliferating hybrid power solutions market trends.

Rising demand for clean fuel off grid electricity along with favorable regulatory measures to supply electricity to remote areas will foster the hybrid solar-wind power solutions market. Developers are significantly focusing toward the improvisation of capacity utilization factor along with shifting focus toward raising the dependency on effective and sustainable power generation. The large-scale integration of multiple renewable resource in a single platform requires grid operation to be extremely fast, flexible and responsive. The contemporary innovations that hybrid power solutions market is presently characterized by is majorly influenced by this particular rationale.

Another economic factor that has boosted the market trend is the declining price trends of wind turbines manufacturing over the past few years. As per the reports, in 2016, the average nominal installation cost of a small wind turbine recorded around 7000 USD/kW – 7500 USD/kW. Also it has been reported that average cost of solar PV module witnessed a decline of almost 0.5% over 2013-2016. These aforementioned factors in tandem with tremendous technological advancements in renewable energy technology is certain to push hybrid power solutions industry to attain remarkable heights over the ensuing years.

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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Hybrid Power Solutions Market will be propelled by growing awareness regarding the environmental impact of fossil-fuel resources and increasing penetration of renewable technologies along with ongoing adoption of sustainable solutions. In 2017, Vestas, Tesla and Windlab has initiated the backup support to Clean Energy Finance Corporation for the construction of Kennedy Energy Park which will be capable to generate 60 MW of electricity from hybrid solar wind technology.

Paradigm shift towards decentralized power generation coupled with rising demand for environment friendly technology will complement the hybrid power solutions market share. Introduction of favorable regulatory norms including subsidies, leverage schemes and FIT’s will positively influence the product demand. In 2010, the government of India has initiated the promotion of hybrid power generation by facilitating a subsidy of USD 1,450 per kW to the community users.

According to a report, China, India and Japan contributed almost 75% of the total electricity production in 2017. Amongst these countries, China was responsible for half the production owing to rapid industrial progress and urbanization that necessitated the enhancement of power generating capacities. China and India are the two highest populated countries in the world and meeting the vast energy requirements has overstretched the grid capacity in most of the region, which is indicative of a lucrative future for the hybrid power solution industry in the region.

Prominent players in hybrid power solutions market include ReGen Powertech, GE, Siemens Gamesa, Vestas, Vattenfall, Goldwind, Suzlon Group, Alpha Wind Energy, Blue Pacific Solar, Zenith Solar, Alternate Energy Inc., Polar Power Inc., Grupo Dragon, Tesla, A123 Systems, AESC, Inc., MPower Group, SMA Solar Technology AG, Enel Green Power, ContourGlobal, and Danvest - Hybrid Power.

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