Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on the hybrid power solutions market provides in-depth
analysis of segments and sub-segments in the global as well as regional hybrid
power solutions market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional hybrid power
solutions market over the short term as well as the long term. The report is a comprehensive
presentation of trends, forecast and dollar values of the global hybrid power
solutions market. According to the report, the global hybrid power solutions
market is projected to grow at a CAGR of over 8% over the forecast period of
2022-2028.
The global hybrid power solutions
market was valued at USD about 730 million in 2022 and is expected to reach USD
over 1150 million in 2028, with a CAGR of over 8% during the forecast period. A
hybrid power solution is an electric system that consists of a combination of
both power and energy storage systems use to produce energy. Hybrid power
solutions especially use renewable energy sources for power generation such as
photovoltaic panels, wind, or small hydro turbines; and from conventional technologies,
usually, diesel or LPG. The hybrid power solution provides a cleaner, safer,
and more effective portable electric system used across various industries
including mining, construction, marine, railway, and many others. The rural
areas are in great need of affordable and reliable electricity to achieve
development. The Hybrid power solution is a suitable and cost-competitive
solution for rural electrification.
The hybrid power solution can
provide a sufficient amount of electrical power to the rural and remote areas
that are driving the growth of the hybrid power solutions market. The hybrid
power generation system uses various energy sources to give eco-friendly
solutions to the off Grid sites. The rapidly growing use of hybrid power
generation systems in off Grid sites is likely to boost the growth of the
hybrid power solutions market. In addition, besides the independent, economic,
and environmentally friendly solutions, hybrid power solutions also offer a
reduction in the fuel, maintenance, and operational costs that are anticipated
to escalate the growth of the hybrid power solutions market. For instance, The
Horizon 2020 SUNINBOX project has introduced a photovoltaic generator that can
provide a clean, renewable and economical source of energy that can help reduce
the consumption of fossil fuels to mitigate global warming. It provides energy
off-grid to remote communities with no electricity or as part of a hybrid
energy generation system. However, high initial investments may hamper the growth
of the hybrid power solutions market. Moreover, the rapidly increasing adoption
of renewable energy across the globe is projected to create various
opportunities for companies working in the hybrid power solutions market over
the forecast period.
COVID-19 was an incomparable
global public health emergency that has affected almost every industry and is
projected to impact these various industry growths during the forecast period.
During the Covid-19, pandemic people were compelled to stay in their homes. The
governments of many countries in the world turned their focus to healthcare
from other industries. This significantly disrupted their supply chain
operations and manufacturing as lockdowns were imposed by the respective
governments. Manufacturing facilities were all shut down due to the pandemic in
almost every country across the globe. Logistical restrictions, manpower
shortages, material unavailability, and other restrictions had reduced the
growth of the industry. The pandemic has affected the normal production of
companies. The COVID-19 pandemic has created instability in the hybrid power
solutions market across the globe. However, as the market settles at
pre-pandemic levels, it is expected to grow positively during the forecast
period.
Among the regions, the Asia
Pacific region accounted for the maximum market share in the hybrid power
solutions market and is expected to remain dominant throughout the forecast
period. The rapidly growing use of renewable energy in the Asia Pacific region
drives the growth of hybrid power solutions in this region. The end-user
industries in the Asia-Pacific region are focusing on the adoption of hybrid
power solutions to provide the power that led to the rising number of hybrid
power plants across this region. For instance, a prolific trio of major
companies in natural gas, energy storage, and renewable energy project
development united to take on Asia’s energy storage market, with Japan’s JERA,
Australia’s Lyon Group, and US-headquartered multinational Fluence announcing a
partnership.
The report on the global hybrid power
solutions market covers segments such as type, power rating, product, and
end-use. On the basis of type, the sub-markets include solar-diesel,
wind-diesel, solar-wind-diesel, and others. On the basis of power rating, the
sub-markets include up to 10kW, 11kW - 100kW, and above 100kW. On the basis of
product, the sub-markets include standalone, and grid connected. On the basis of
end-use, the sub-markets include residential, commercial, telecommunication,
and others.
The report provides profiles of
the companies in the market such as SMA Solar Technology AG, Siemens AG, Huawei
Technologies Co., ZTE Corporation, Heliocentris Energy Solutions AG, Hybrid
Power Solutions Inc., eSite Power Systems, General Electric Company, Electro
Power Systems SA, and Danvest BV.
The report provides deep insights
into demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the hybrid power solutions market. Moreover, the study highlights
current market trends and provides forecast from 2022-2028. We also have
highlighted future trends in the market that will affect the demand during the
forecast period. Moreover, the competitive analysis given in each regional
market brings insight into the market share of the leading players.
Please Choose One of them.