25-Oct-2018 | Zion Market Research
With the presence of a large pool of participants, the global hybrid power systems market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Siemens AG, SMA Solar Technology AG, Danvest Energy A/S, Alpha Power Solutions, ZTE Corporation, Heliocentris Energy Solutions AG, Poweroasis Limited, and Flexenclosure AB Limited are some of the key vendors of hybrid power systems across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the hybrid power systems market study.
This review is based on a report by Zion Market Research, titled “Hybrid Power Systems Market by Type (Solar (PV)-Diesel, Wind-Solar-Diesel, and Others), by Power Rating (Up to 10kW, 11kW–100kW, and Above 100kW), by End-User (Residential, Non-Residential, Rural Facility Electrification, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024.”- Report at https://www.zionmarketresearch.com/report/hybrid-power-systems-market
Citing an instance, in September 2018, the ADB (Asian Development Bank)- a regional development bank headquartered in Manila, Philippines- approved a US$ 40 million credit for supporting a 41 mega watts hybrid distributed renewable power system having ability to integrate wind, battery, and solar storage pump with a thermal heat pump in Mongolia. Reportedly, the system is expected to supply power & heating to over a quarter of a million populations in the scattered & remote towns in western part of Mongolia.
As estimated in this report, the global hybrid power systems market stood at US$ 477.71 million in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this hybrid power systems market is expected to reach US$ 836.92 million by the end of the forecast period. The main types available in this hybrid power systems market are solar (PV)-diesel, wind-solar-diesel, and others.
Rising Need To Curb GHG Emission To Significantly Contribute Towards Growth
“Growing renewable energy trends as a result of escalating ecological pollution concerns has resulted in massive demand for solar energy, fuel cell energy, and wind energy, thereby boosting hybrid power systems market trends,” says the author of this study. Apart from this, favorable features pertaining to reduction in carbon emissions as well as hybrid solutions gaining significant traction in power generation will further impel hybrid power systems market demand in the forthcoming years. In addition, widespread awareness about global warming has enhanced the popularity of hybrid power systems across the globe, thereby enlarging the scope of hybrid power systems market.
High installation costs and massive capital investments, however, are likely to restrict the growth of hybrid power systems market in the years to come. Nevertheless, escalating need for reducing power generation cost is expected to propel the product demand in the upcoming period. This, in turn, will normalize the negative impact of obstructions on the hybrid power systems market, reports the study.
Legislations Promoting Green Energy Production To Aid APAC’s Dominance
Regionally, Asia Pacific has been leading the worldwide hybrid power systems market and is anticipated to continue on the dominant position in the years to come, states the hybrid power systems market study. Large-scale industrialization in countries such as Japan, India, and China along with escalating product demand is the key factor behind the dominance of the Asia Pacific hybrid power systems market. Extensive government focus on generation of sustainable energy along with high level of awareness about product efficiency & carbon emission reduction among the population of Asia Pacific is another significant factor that is supporting the growth of this regional hybrid power systems market.
The global hybrid power systems market is segmented as follows:
By Power Rating
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