Hybrid Power Systems Market - Global Scenario, Raw Material and Consumption Trends, Analysis, Size, Share and Forecasts to 2024
The technology-driven hybrid power systems market is characterized by high initial investments and low switching costs. The abundant availability of component manufacturers as well as numerous government incentives have fueled the demand for and adoption of hybrid power systems across developing economies. The lack of grid connectivity in remote and rural areas and its sheer unreliability has boosted the installation of these power systems in recent years.
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The global hybrid power systems is composed of a handful of major players who have already established a strong foothold in the market thanks to their increased focus on innovation and technology. Fueled by the combined efforts of these companies, the hybrid power systems market is expected to develop at a CAGR of 6.1% between 2016 and 2024, with its valuation increasing from US$411.79 mn in 2015 to US$703.55 mn by 2024.
Wind-solar-diesel Hybrid Power Systems to Maintain Lead through 2024
Hybrid power systems combine renewable energy sources such as wind and solar and energy produced by conventional means such as diesel generators. By type, hybrid power systems include wind-solar-diesel hybrid, PV-diesel hybrid, and others such as wind-hydro-diesel hybrid, solar thermal, and hybrid-solar biomass. In 2015, wind-solar-diesel hybrid power systems dominated the overall market and although this segment is predicted to lose a slight share in the market by the end of the forecast period, it will retain its dominance over other segments. Over the past few years, wind-solar-diesel hybrid systems for rural electrification have been enormously developed by various stakeholders across developing countries such as Indonesia, India, China, and South Africa.
PV-diesel hybrid systems have also been attracting significant funding from various agencies of late.
Government Mandates on Rural Electrification Gives Africa Market a Boost
The global market for hybrid power systems has been geographically segmented into North America, South and Central America, Asia Pacific, the Middle East and Africa, and Europe. Asia Pacific held the largest share in the global in 2015 and is projected to continue its dominance throughout the forecast period. Players in Asia Pacific can avoid transmission costs by setting up hybrid power systems as standalone mini-grids. The integration of renewable energy production with the electricity mix also reduces the cost of transporting fuel to remote areas in the region. Japan is the leading contributor in the APAC hybrid power systems market, with the surge in utility-scale and commercial projects expected to drive demand in the coming years. Over the past few years, the country has witnessed a rapid increase in the number of companies registering to sell retail power. This has further driven the hybrid power systems market in Japan.
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The Middle East and Africa region is the second largest market for hybrid power systems, fueled mainly by the rapid progress in South Africa. The mandatory implementation of the national policy on rural electrification across national electricity companies, regulatory agencies and commissions, rural electrification funds, and rural electrification agencies across Africa has served as a major driving force. In addition to this, the World Bank and the Asian Development Bank (ADB) in Africa fund various hybrid power projects for the implementation of PV arrays in existing diesel power plants.
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