What’s Driving the Hybrid Power Solutions Market Growth? | Top Key Players are GE, Siemens Gamesa, Vestas, Vattenfall, Goldwind, Suzlon Group, Tesla, SMA Solar Technology AG, Enel Green Power

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.

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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

Chapter 3 Hybrid Power Solutions Market Insights

3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Innovation & sustainability
3.4.1 General Electric
3.4.2 Enel Green Power
3.4.3 Genesys LLC
3.4.4 Mpower
3.5 Regulatory landscape
3.5.1 Asia Pacific
3.5.1.1 India
3.5.1.2 Australia
3.5.1.3 China
3.5.2 North America
3.5.2.1 U.S.
3.5.3 Europe
3.5.3.1 UK
3.5.4 Middle East & Africa
3.5.4.1 South Africa
3.5.5 Latin America
3.5.5.1 Chile
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Growing electricity demand
3.6.1.2 Favorable government initiatives
3.6.1.3 Increasing off-grid electricity demand
3.6.1.4 Growing investments in rural electrification
3.6.1.5 Increasing demand for clean energy
3.6.1.5.1 Renewable Energy Targets
3.6.2 Industry pitfalls and challenges
3.6.2.1 High initial investment
3.6.2.2 Lack of awareness
3.7 Price trend analysis, by component
3.7.1 Solar Module
3.7.2 Battery
3.7.3 Small Wind Turbine
3.8 Growth potential analysis
3.9 Porter’s Analysis
3.10 Competitive landscape, 2017
3.10.1 Strategy dashboard
3.10.1.1 Siemens AG
3.10.1.2 Vestas
3.10.1.2.1 Acquisitions
3.10.1.2.2 Strategic business initiatives and projects
3.10.1.3 GE
3.10.1.3.1 Acquisitions
3.10.1.3.2 Strategic business initiatives and projects
3.11 PESTEL Analysis

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.

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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