Hybrid Power Systems Market - Global Industry Analysis 2024

Hybrid power systems combine two or more modes of electricity generation, which may be connected to a main power source but are also capable of functioning independently for a considerable time-span. These systems are designed to make use of renewable energy sources such as wind turbines, photovoltaic, biomass, hydro power, wave power, and solar power stations. The growing need to conserve energy because of depleting fossil fuel reserves is the key factors driving the demand for hybrid power systems. Moreover, several countries are adopting renewable sources in order to reduce greenhouse gas emissions. This factor is estimated to augment the global hybrid power systems market in the next few years.

A recent report by Transparency Market Research (TMR) estimated the opportunity in the global market for hybrid power system to be worth US$411.7 mn in 2015. The market is projected to reach a value of US$703.5 mn by the end of 2024, expanding at a healthy CAGR of 6.10% during the forecast period of 2016–2024.

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What are the prominent factors favoring the global hybrid power systems market?

Newly introduced hybrid power systems are considered essential for reducing the carbon footprint across the globe, which is expected to encourage several countries to prefer hybrid power systems. Moreover, the growing need for electrification and the rising demand in the telecom sector are anticipated to accelerate the growth of the overall market. The growing need for alternate power sources and a rise in renewable energy investments are some other factors fueling the growth of the global hybrid power systems market.

Additionally, the lack of grid connectivity in rural and remote areas is estimated to offer potential opportunities for key players operating in the global market. Furthermore, the reduction in energy system storage cost is estimated to drive the market in the near future.

What are the key strategies adopted by leading players?

The global hybrid power systems market is extremely fragmented in nature with the presence of several established players operating. Some of the key players in the market are Suzlon Group, Bergey Wind Power Co., Kestrel Renewable Energy, BORG Inc., Panasonic Corporation, Siemens AG, Sharp Electronics, Schneider Electric, KYOCERA Corporation, and Guangzhou HY Energy Technology Limited Corp.

The leading players in the market are focusing on research and development activities in order to introduce new data management systems. In addition, in order to increase their market penetration, these players are making large investments in several developing countries to promote electrification programs and set up more hybrid power systems. Technological advancements and the expansion of product portfolio are also emphasized upon to gain a competitive advantage in the market.

What are the latest trends in the global hybrid power systems market?

Major companies in the global hybrid power systems market are emphasizing on innovations and improvements in existing products, which will help in reducing emissions and enhance performance. Governments and other regulatory organizations across the globe are offering several subsidiaries in order to promote the use of hybrid power systems, which is propelling the overall market.

For instance, in 2016, Vodafone Qatar made an announcement to roll out a large number of hybrid power systems across their sites to reduce their carbon footprint and enhance their energy efficiency measures.

Steps like these are expected to work in favor of energy conservation and the betterment of the environment in the next few years.

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This release was published on openPR.