Hybrid Power Systems Market - Global Industry Analysis

Hybrid Power Systems Market By Product Type (Wind-Solar-Diesel-Hybrid, PV-Diesel-Hybrid and Others) By Application (Residential, Rural Facility Electrification, Commercial and Others), and By Region – Global Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028

Published Date: 28-Apr-2022 Category: Energy & Mining Report Format : PDF Pages: 188 Report Code: ZMR-2599 Status : Published

The global Hybrid Power Systems market was worth around USD 581.50 million in 2021 and is estimated to grow to about USD 834.2511606 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.20 percent over the forecast period.

Description

Industry Prospective:

The global Hybrid Power Systems market was worth around USD 581.50 million in 2021 and is estimated to grow to about USD 834.2511606 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.20 percent over the forecast period. The report analyzes the Hybrid Power Systems market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Hybrid Power Systems market.

Hybrid Power Systems Market: Overview

Hybrid power solutions are a growing source of energy, and they're ideal for off-grid or off-the-grid places, isolated grids, and islands where grid power isn't a cost-effective or practical choice. For efficient and consistent power delivery, hybrid power solutions combine renewable energy sources (wind and sun) with diesel generators. These hybrid power solutions are used in a variety of industries, including residential, commercial, telecommunications, mining, and oil and gas. Many businesses in the power generating industry are shifting their focus to renewable energy sources such as wind, sun, fuel cells, and water as a result of increased global awareness of renewable energy sources. As a result of this feature, the market for hybrid power systems has a bright future.

Factors such as increasing global demand for reliable electricity as a result of industrial expansion and the construction of commercial infrastructure are propelling the hybrid power solutions market. Furthermore, the falling cost of solar power generation is expected to enhance the hybrid power generation industry. However, due to demographic factors, many countries continue to rely on traditional energy producing technologies. During the forecast period, this factor is expected to limit market growth.

COVID-19 Impact:

The COVID-19 epidemic wreaked havoc on the hybrid power solutions market, causing supply chain disruptions. Providers of technology faced challenges such as getting raw materials and components for manufacture, recruiting personnel from quarantines, and delivering finished goods. Lockdown laws forced many governments to postpone the construction of hybrid power facilities.

Furthermore, rigorous lockdown rules slowed the production of manufacturing components and devices, causing overall product prices to rise and market demand to fall. The hybrid power solutions industry, on the other hand, is quickly returning to normalcy, with strong demand. Following the tightening of the lockdown in several nations, market demand is expected to climb even further.

Global Hybrid Power Systems Market

Hybrid Power Systems Market: Growth Drivers

Driver:

The capacity of hybrid power systems to reduce pollution and carbon emissions is a major market driver. Another market driver is reducing the amount of fuel consumed in the power generation industry. A major driving force is the trend toward enhanced sustainable energy sources. China and the United States, for example, are in the forefront of sustainable renewable energy resource usage. Leading developed countries to accept alternative energy sources such as wind, sun, and hybrid power solutions in various circumstances.

Restraint:

Many market difficulties stand in the way of market expansion. Some of the key issues include high component prices and a disparity in the adoption of Hybrid Power Solutions. While affluent countries such as China and the United States have moved to this system in recent years, many developing and underdeveloped countries continue to rely on large-scale Hybrid Power Solutions. In the future, parity will be achieved by resolving the high pricing of hybrid power solution components.

Opportunity:

While the system is well-known in metropolitan regions, Market Trends indicate that hybrid power solutions will be expanded to rural areas. The necessity for hybrid power solutions is becoming more urgent in remote locations as they demand continuous electrical power delivery. This requirement can be utilized to broaden the Market's reach into new areas. Another option is to switch to cleaner fuels and more environmentally friendly engines for autos. The Market's revenue channels can expand as more popular automotive manufacturers migrate to hybrid engines.

Challenge:

The high price of the Hybrid Power Solutions components that go into creating the entire solutions is the key limitation that the Market faces. The high cost of the components reduces the system's affordability. As a result, hybrid power solutions are more accessible to smaller businesses and individuals. The Market Growth prospects are harmed by this limitation.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Global Hybrid Power Systems Market: Segmentation

The global Hybrid Power Systems market is segregated based on Product Type and Application.

By product type, the market is classified into Wind-Solar-Diesel-Hybrid, PV-Diesel-Hybrid and Others. This category had a significant share in 2021 and is expected to maintain its dominance throughout the forecast period. Due to increased awareness and installation of solar power systems around the world, particularly in developing nations, the wind-solar-diesel-hybrid segment is expected to be the largest market.

By application, the market is divided into Residential, Rural Facility Electrification, Commercial and Others. This category had a significant share in 2021 and is expected to maintain its dominance throughout the forecast period. Due to the growing number of small-to-medium scale industries in off-grid areas, the commercial market is the largest end-user of hybrid power solutions.

Recent Developments

  • The Hybrid Power Solutions Industry's primary stakeholders are involved in research and development as well as new product releases. Because the hybrid power industry is still expanding, there is a lot of room for small-scale, economical, and diverse product lines. Furthermore, the main players are going through their own struggles.

Regional Landscape

The telecom industry in the United States has grown significantly in recent years. In the United States, the introduction of 5G has enhanced the telecoms industry's growth. As a result, North America's hybrid power system market is expected to grow at a healthy rate. Asia Pacific is the global market leader in hybrid power systems. Rising technology advancements and a focus on incorporating renewable energy output into the electricity mix are two major hybrid power solutions market trends. Furthermore, the availability of cost-effective, powerful technologies is a major driver of the hybrid power solutions market.

Hybrid power solutions market size is substantiated by increased government laws to lower car emissions, as well as the proliferation of hybrid automobiles. Furthermore, growing R&D efforts to develop new products and improve the performance of existing product lines boosts the market share of hybrid power solutions in the region.

Competitive Landscape

Some of the main competitors dominating the global Hybrid Power Systems market include – SMA Solar Technology AG (Germany), Siemens AG (Germany), Huawei Technologies Co., LTD (China), ZTE Corporation (China), Flexenclosure AB, LTD (Sweden), and Heliocentris Energy Solutions AG (Germany),

The market is segmented as follows:

By Product Type

  • Wind-Solar-Diesel-Hybrid
  • PV-Diesel-Hybrid
  • Others

By Application

  • Residential
  • Rural Facility Electrification
  • Commercial
  • Others

By Region

 

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

 

Table Of Content

Methodology

Free Analysis

Hybrid power systems are developed and designed for the use and generation of electrical power. These systems are large and consist of centralized electricity grid including more than one type of power source. Hybrid power systems are ranging from large island power grids to individual household power supplies. One of the emerging technologies for supplying electric power in remote areas is hybrid power systems that deliver the alternating current of fixed frequency. Hybrid power systems minimize power loss by transforming the AC power to a higher voltage in transferring the power over long distance. A hybrid power system may also consist of additional renewable power sources such as photovoltaic panels, wind turbines, and storage.

The primary driving factor of hybrid power systems market is the ability of these systems to reduce the cost of power generation by cutting the diesel fuel consumption. A hybrid power system is designed to reduce the power generation cost by using natural resources such as river water flow. For example, a hydroelectric plant and the battery system generate power with the help of flowing river water. Increasing adoption of technologically advanced types of equipment such as electric propulsion system in power generation further anticipates driving the growth of global hybrid power systems market. Electric propulsion system optimizes the loading of the prime movers for the gas turbine, diesel engine generators so as to reduce fuel consumption and achieve maximum efficiency. Furthermore, hybrid power systems help to reduce carbon emission and this factor has been propelling the growth of hybrid power systems market. Controlling carbon emission is one of the top priorities of many power generation companies and growing social responsibility and climate change have led numerous companies to adopt energy efficient technologies to produce energy. However, high installation cost and investments may hinder the growth of global hybrid power systems market.

Global Hybrid Power Systems Market

Hybrid power systems market is segmented into type, power rating, end user, and region. On the basis of type, the global market is segmented into solar (PV)-diesel, wind-solar-diesel, and others. Solar (PV)-diesel segment is expected to gain significant growth in the forecasted period in hybrid power systems market. The solar and diesel hybrid power systems use a natural source of energy such as solar irradiance to produce electricity, which is free & abundant. In comparison with other systems, solar-diesel hybrid power systems provide numerous benefits as they have the ability to reduce carbon emissions and also reduce the risks related to increasing fuel prices. Based on power rating, the global market is categorized into up to 10kW, 11kW–100kW, and above 100kW. 11kW–100kW segment is the largest segment in hybrid power systems market as compared to the other power rating segment in given forecasted period. These types of power solutions are commonly used in hybrid vehicles and other hybrid power devices. The end-user segment includes residential, non-residential, rural facility electrification, and others. Stringent government policy on rural electrification across the African region has anticipated the hybrid power systems market growth. The geographical regions where the hybrid power systems market is diversified are North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries.

Key players profiled in the global hybrid power systems market include Siemens AG, SMA Solar Technology AG, Danvest Energy A/S, Alpha Power Solutions, ZTE Corporation, Heliocentris Energy Solutions AG, Poweroasis Ltd., Flexenclosure AB, Ltd., Pfisterer Holding AG, and Vergnet SA.

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FrequentlyAsked Questions

Factors such as increasing global demand for reliable electricity as a result of industrial expansion and the construction of commercial infrastructure are propelling the hybrid power solutions market. Furthermore, the falling cost of solar power generation is expected to enhance the hybrid power generation industry.

 

According to the Market Research report, the global market was worth around USD 581.50 million in 2021 and is estimated to grow to about USD 834.2511606 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.20 percent over the forecast period.

 

The telecom industry in the United States has grown significantly in recent years. In the United States, the introduction of 5G has enhanced the telecoms industry's growth. As a result, North America's hybrid power system market is expected to grow at a healthy rate. Asia Pacific is the global market leader in hybrid power systems. Rising technology advancements and a focus on incorporating renewable energy output into the electricity mix are two major hybrid power solutions market trends. Furthermore, the availability of cost-effective, powerful technologies is a major driver of the hybrid power solutions market.

 

Some of the main competitors dominating the global Hybrid Power Systems market include - SMA Solar Technology AG (Germany), Siemens AG (Germany), Huawei Technologies Co., LTD (China), ZTE Corporation (China), Flexenclosure AB, LTD (Sweden), and Heliocentris Energy Solutions AG (Germany),

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