Hybrid Power Solution Market Analysis From 2018 To 2022: Global Industry Size, Share, Size, Trends, and Regional Forecast

Hybrid Power Solution Market Size, Share, Growth, Trends, and Regional Analysis by Hybrid Power Solution Market, by Product (Wind Diesel, Wind Solar Diesel, Solar Diesel and Others), by End Use (Residential, Commercial, Telecom and Others) to Forecast 2022. Asia pacific held the largest share and is projected to dominate the market of hybrid power system.  The integration of renewable energy production with the electricity mix also reduces the cost of transporting fuel to remote areas. Moreover, Japan is the leading contributor in the APAC hybrid power systems market, with the surge in renewable energy and commercial projects expected to drive demand for Hybrid power solution market. Moreover, Government is also supporting to make such systems more reliable and cost-effective. 

Key Players Studied:

Siemens AG, Mitsubishi Power Systems Europe Ltd., NYE Thermodynamics Corporation, Doosan Heavy Industries & Construction Co. Ltd., and MJB International, ZTE Corporation, Huawei Technologies Co., LTD , SMA Solar Technology AG.

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Growth in hybrid power generation, power generation with minimized fuel, and reduction in carbon emission are the major factors which are driving the demand for hybrid power solutions market. Moreover, recent trends shows that hybrid power systems are becoming popular because of factors such as advance renewable energy technologies and rise in prices of petroleum products. The abundant availability of manufacturers as well as numerous government incentives have fueled the demand for adoption of hybrid power systems. The lack of grid connectivity in remote and rural areas and sheer unreliability has boosted the installation of these power systems in recent years. Moreover, Factors such as fuel saving, lower atmospheric contamination and connected to other power supplies such as solar panels are moving market towards adoption of Hybrid power system. Whereas, high prices of components for capturing renewable energy acts as a major barrier to the large-scale adoption of hybrid power solutions.

Regional Analysis:

Asia pacific held the largest share and is projected to dominate the market of hybrid power system.  The integration of renewable energy production with the electricity mix also reduces the cost of transporting fuel to remote areas. Moreover, Japan is the leading contributor in the APAC hybrid power systems market, with the surge in renewable energy and commercial projects expected to drive demand for Hybrid power solution market. Moreover, Government is also supporting to make such systems more reliable and cost-effective. 

Hybrid Power Solution is the combined power and energy storage solution. There are various types of hybrid solution provided by various competitors such as wind diesel, wind solar diesel, solar diesel and others. As the world economy continues to undergo intense growth and restructuring, natural resources are being depleted at alarming rates and irreversible damage has been done to the environment. Fossil fuels remain in high demand as their availability reduces and environmental concerns rise. Recently, the largest growth in the renewable energy sector has been in the production and the use of wind power. Offshore wind resources are abundant, stronger, and blow more consistently than land-based wind resources. With rise in wind power production, competition between countries has increased and wind turbine manufacturers are working to gain the upper hand as they design, test, and manufacture more effective models. Improvements in the cost and performance of wind power technologies, increase in demand for renewable energy and state renewable portfolio standards play a role in driving the wind sector towards growth. According to a recent study report published by the Market Research Future, The global market of Hybrid Power Solution is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2022).

Solar energy is identified as the best replacement to other conventional fossil fuel energy sources and is used to reduce carbon emission, by effectively meeting the electricity needs. Increasing demand for clean power acts as a major driver for the growth of the market. Moreover, improvements in technology have shifted generation of power to zero-carbon technologies such as significantly decreasing inverter size and weight while achieving record efficiency. With a growing number of investments in countries such as U.S., China and India with renewable targets and policies push the market towards growth.

According to UN Environmental programme, 2015 was a new record for the global investment in renewable energy with a total investment of USD 285.9 Billion. The clean technology energy generation accounted for 10% of the world’s electricity. Of the renewables, a total of 134 GW in 2015, solar photovoltaic accounted for 56GW. In 2016, the global investment in solar energy totalled USD 113.7 billion, with a record 75 GW of installed capacity. This is predominantly due to increasing solar installations in countries such as China and India. These countries have recently surpassed the U.S. as the top destination for solar energy market with substantial investment in the solar energy sector. This will lead to the development of hybrid energy solution in near future.

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