Hybrid Power Systems Market: Global Industry Analysis,Trends and Forecast 2024
“New product development and innovation is also an effective strategy adopted by a number of players,” a TMR analyst states. The hybrid power systems market is extremely inviting to new players despite the high initial investment required to manufacture as well as assemble these systems. Thanks to government and other regulatory institution clearances and the provision of various subsidies, the competitive landscape of the global hybrid power systems market is likely to witness constant change over the coming years.
This 120 page report gives readers a comprehensive overview of the Hybrid Power Systems market.Browse through 01 data tables and 85 figures to unlock the hidden opportunities in this market@
Increasing Focus on the Use of Energy-efficient Technologies
One of the major advantages presented by hybrid power systems, which is also a key driving factor for the global market, is the ability of these systems to reduce carbon emissions. “Controlling carbon footprint is among the top priorities of most energy producing companies and factors such as climate change and growing social responsibility have contributed toward these companies focusing on using energy-efficient technologies in their networks,” the author states.
In April 2016, Vodafone Qatar announced its plans to roll out several hybrid power systems across its sites in the country as part of its efforts to reduce its carbon footprint and improve the company’s energy efficiency measures.
On the down side, however, high installation costs and initial investments deter companies from the setting up of hybrid power systems. “Building the infrastructure for hybrid power plant, especially solar-wind-diesel systems, is immensely expensive,” a lead analyst at TMR finds. “Moreover, these systems have a much longer return on investment (ROI) period compared to conventional sources of energy.” This threatens to hamper the growth of the hybrid power systems market.
TMR Predicts Surge in Upcoming Hybrid Power Projects
The global revenue generated by the hybrid power systems market is anticipated to rise from US$411.7 mn in 2015 to US$703.5 mn by 2024 at a 6.1% CAGR therein. By type, wind-solar-diesel hybrid power systems held the dominant share of over 45% in 2014 and this segment is likely to retain its lead throughout the forecast period. The others segment, comprising wind-hydro-diesel hybrid, solar thermal, and hybrid-solar biomass, is projected to expand at the fastest pace from 2016 to 2024.
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Only a fraction of companies in the renewable power industry are presently involved in the generation of power via hybrid power systems for rural electrification,” the analyst states. “However, an increasing number of upcoming power projects across the globe is likely to spur the demand for hybrid power systems.”
This review is based on the findings of a TMR report titled “Hybrid Power Systems Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024.”
Global Hybrid Power Systems Market: Type Analysis
Global Hybrid Power Systems Market: End-Use Analysis
Rural Facility Electrification
Global Hybrid Power Systems Market: Regional Segment Analysis
Rest of Europe
Rest of Asia Pacific
Middle East and Africa (MEA)
Rest of MEA
South and Central America (SCA)
Rest of SCA
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