Hybrid Power Solutions Market Trends, Size, Forecast - 2019-2025

The global hybrid power solutions market is expected to grow at a CAGR of more than 15% during the forecast period. The major factors contributing to the growth of the market include the increasing demand for renewable energy sources and rapid industrialization across the globe. As per the International Renewable Energy Agency (IRENA), China’s total operating solar PV capacity reached 175 GW in 2018. By 2020, the target for solar PV capacity is expected to be between 210–270 GW.

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As per the IRENA, Japan solar energy capacity reached 55.5 GW in Japan in 2018. This is led by the most attractive Feed-in-Tariffs (FITs) and utility-scale power plants. Japan’s Government passed a FIT for business users and residential, requiring electric utilities to purchase excess solar power from these users in 2009. In 2012, a new FIT system was started by the government, based on the Renewable Energy Electric Procurement by Operators of Electric Utilities Law. According to the law, the regional electricity operators are required to connect renewable energy generation facilities to their grids and purchase the generated renewable energy at FITs. The growth in the installation of solar panels is supporting the adoption of hybrid power solutions.

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Hybrid Power Solutions Market Segmentation

By System Type
• Solar-Diesel
• Wind-Diesel
• Solar-Wind-Diesel
• Others

By Power Rating
• Upto 10 kW
• 11 kW–100 kW
• Above 100 kW

By End-User
• Residential
• Non-Residential

Regional Analysis
• North America
o United States
o Canada

• Europe
o UK
o Germany
o Italy
o Spain
o France
o Rest of Europe

• Asia-Pacific
o China
o India
o Japan
o Rest of Asia-Pacific

• Rest of the World

Company Profiles
• Blue Pacific Solar Products Inc.
• ContourGlobal plc
• Danvest Energy A/S
• Eaton Corp.
• General Electric Co.
• Huawei Technologies Co. Ltd.
• MAN Energy Solutions SE
• MPower Group
• PFISTERER Holding AG
• Polar Power Inc.

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This release was published on openPR.