A recent report published by Infinium Global Research on hybrid power solutions market provides in-depth analysis of segments and sub-segments in 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 long term. The report is a comprehensive presentation of trends, forecast and dollar values of global hybrid power solutions market. According to the report the global hybrid power solutions market is projected to grow at a CAGR of 8% over the forecast period of 2018-2024.
Hybrid power solution is an electric system that consists of a combination of both power and energy storage systems use to produce energy. The 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 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 is able to provide a sufficient amount of electrical power to the rural and remote areas that are driving the growth of 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 hybrid power solutions market. In addition, besides from the independent, economic and environmentally friendly solution, the hybrid power solutions also offer a reduction in the fuel, maintenance and operational costs that are anticipated to escalate the growth of hybrid power solution market. For instance, The Horizon 2020 SUNINBOX project has introduced a photovoltaic generator that is able to provide a clean, renewable and economical source of energy that can help reduce 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 hybrid power solution 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.
Among the regions, the Asia Pacific region accounted for the maximum market share in the hybrid power solutions market in 2017 and is expected to remain dominant throughout the forecast period. The rapidly growing use of renewable energy in Asia Pacific region drives the growth of hybrid power solution in this region. The end-user industries in the Asia-Pacific region are focusing on the adoption of hybrid power solution to provide the power that led to the rising number of hybrid power plants across this region. For instance, In May 2018, a prolific trio of major companies in natural gas, energy storage, and renewable energy project development have united to take on Asia’s energy storage market, with Japan’s JERA, Australia’s Lyon Group and US-headquartered multinational Fluence announced a partnership.
The report on global hybrid power solutions market covers segments such as type, power rating, product, and end-user. On the basis of type the global hybrid power solutions market is categorized into wind-diesel, solar-diesel, solar-wind-diesel and others. On the basis of power rating the global hybrid power solutions market is categorized into up to 10kW, 11kW–100 kW and above 100kW. On the basis of the product, the global hybrid power solutions market is categorized into standalone and grid connected. On the basis of end user the global hybrid power solutions market is categorized into residential, industrial and commercial.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global hybrid power solutions market such as SMA Solar Technology AG, Siemens AG, Huawei Technologies Co., ZTE Corporation, Heliocentris Energy Solutions AG, Danvest Energy, PFISTERER Holding AG, Flexenclosure AB, LTD, and Others.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global hybrid power solutions market. Moreover, IGR-Growth Matrix analysis given in the report brings an 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 hybrid power solutions market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the hybrid power solutions market that will impact 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. This report will help manufacturers, suppliers and distributors of the hybrid power solutions market to understand the present and future trends in this market and formulate their strategies accordingly.
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