Demand for Hybrid Power Systems to Be High from Developing Regions, Market to Expand at 6.1% CAGR from 2016 to 2024

Albany, New York, September 23, 2016: The unreliability or unavailability of electric grids in rural and remote areas is driving the global hybrid power systems market towards significant growth. Thus, the global hybrid power systems market is expected to expand at a CAGR of 6.1% between 2016 to 2024 states a latest report that is now available on Market Research Reports Search Engine (MRRSE). The market was valued at US$411.7 mn in 2015 and is expected to rise to US$703.5 mn by 2024. The report is titled, ‘Hybrid Power Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024,’ and has been published by Transparency Market Research (TMR).

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Hybrid power systems reduce carbon emissions, which is one of the top priorities of energy producing companies, thus driving their demand across the globe. Growth in the hybrid power systems market is also attributed to their high adoption in developing countries, where there is limited grid connectivity in remote and rural areas. This is prompting many end users to replace diesel generator sets with the efficient and cost-effective hybrid power systems. Hybrid power systems can actually serve as standalone mini-grids in remote and rural areas, thereby eliminating transmission expenditure. This is expected to create a high demand for these systems in the near future.

The challenges facing the global hybrid power systems market include long return on investment (ROI) period as opposed to conventional sources of energy and high installation cost. These two factors are deterring companies from setting up hybrid power systems. However, market players are making use of strategies such as innovation and advancements in technology to ensure the widespread adoption of these systems. Additionally, clearances by governments and other regulatory bodies and the provision for subsidies will encourage the market to grow and also attract new entrants to invest in the industry.

On the basis of type, the wind-solar-diesel hybrid power systems segment is expected to lead in the coming years. However, the others segment, comprising solar thermal, hybrid-solar biomass, and wind-hydro-diesel hybrid power systems, is anticipated to expand at a significant pace in the coming years.

Browse Full Global Hybrid Power Systems Market Report with TOC:http://www.mrrse.com/hybrid-power-systems-market

Key players profiled in the report are: BORG Inc., Schneider Electric SE, Bergey WindPower Co., Guangzhou HY Energy Technology Limited Corp., KYOCERA Corporation, Sharp Electronics, Kestrel Renewable Energy, Siemens AG, Panasonic Corporation, and Suzlon Group. Many of these players are investing in emerging economies of Asia Pacific and the Middle East and Africa to participate in the rural electrification programs.

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