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.
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