In 2016, the global market for hybrid power solutions was worth USD 604.1 million. The market will be driven by rising political pressure to lower CO 2 omissions and low operational costs.
A hybrid power system is an amalgamation of several technologies to generate energy. This system combines renewable energy with secondary sources like diesel and fuel cells. Fossil fuel-based energy resources produce carbon emissions which have an adverse impact on the environment as well as human health. The effects of rising carbon emissions and other greenhouse gases include increasing temperatures, heat waves and higher flood risk, as well as increasing coastal erosion rates. These factors have resulted in a greater desire to use hybrid power.
US market by system type was valued at USD 65.2 millions in 2016. It is expected to rise at a CAGR of 9.3% during the forecast period. Market growth is expected to be aided by the growing demand for clean energy generation and the presence of large international market players.
Due to their exceptional characteristics and reduction in carbon emissions, hybrid solutions are becoming more popular. These solutions also use less fuel while delivering maximum output. The market has begun to focus on hybrid power solutions systems due to increasing awareness about global warming.
Because it has a stable power grid and is always available for energy, solar-diesel can add value to the customer. You can also save fuel by using diesel generators and a solar generator to take over the load when there's enough sunlight. It can also balance electricity demand and energy availability at night, when there is not enough sunlight. These trends will contribute to segment growth over the next 8 years.
Wind-diesel generates electricity using a wind turbine and a diesel generator. This system lowers fuel consumption and operating expenses. These generators are efficient in areas with strong winds. Diesel generators can offset the energy generated by moderate to low winds and provide intermittent energy supply.
The solar-wind diesel system is not polluting in nature. It is ideal for areas with wind speeds between 5-6 m/s. The two renewable energies complement one another. For example, solar energy can be used during daytime to charge batteries while wind can be used to generate energy during monsoon. The system can also be used to supply electricity to rural areas for sustainable development. It has a longer life span and lower operating costs. Market growth is expected to be fueled by the system's advantages, such as a lower running cost for the generator.
The hybrid power solutions can generate power that is up to 10kW depending on the power source. These systems don't require an additional cost or monitoring unit. This system is also simpler to use than diesel generators and more cost-effective. Because it can be used with household components, the system is perfect for homes. These factors are responsible for market growth during the forecast period.
With a CAGR forecasted at 9.4% between 2017 and 2025, the 11kW-100kW segment was the largest in 2016. These solutions are used in hybrid electric cars and power devices. Hybrid electric vehicles combine a gasoline engine with an electric motor. They can effectively reduce environmental problems such as CO 2 emission and air pollution. These factors have boosted the demand for hybrid cars, which will in turn drive segment growth.
A product of the above 100kW can supply power for towns with a daily consumption exceeding 1000kW/day. These systems are equipped with multiple gensets, which allow them to efficiently handle the load. These large systems are able to benefit from economies of scale when it comes to the cost of batteries and PV array. The system can also generate 1 kilowatt an hour of solar PV in areas with high solar resources, at a lower cost than its diesel counterparts. These factors will be a benefit to the market's growth during the forecast period.
Due to increasing population, the global market is experiencing a surge in demand. This is driving high electricity demand. With a market share of 37.4%, the commercial sector was the largest in 2016.
The load curve for residential applications is generally higher in the afternoon and evening. The energy demand in rural areas at night is low, which results in a lower load than the morning electricity demand. Due to their limitations, such as low fuel consumption and lower efficiency, diesel gensets cannot meet rural demand. However, hybrid power solutions can supply loads over the night which will in turn contribute positively to rural residents' demand.
Globally, the Telecom industry is growing, particularly in remote regions. Network congestion is creating problems in countries like Indonesia, which can lead to increased energy consumption and more CO2 emissions. In addition, the use of diesel as an environmental-friendly alternative for power generation has become hard to justify. Hybrid products are therefore less dependent upon diesel generators. This results in higher energy efficiency and better cost management for fuel supply and power generation.
The hybrid products can also be used to pump water for irrigation. Farmers face economic risks from factors such as unpredicted weather, shortage of electricity and high investments in diesel pumps. Globally, there have been many initiatives to develop agriculture. The Indo-German Energy Programme supports India's solar water pumping efforts. Market growth is expected to be triggered by the aforementioned factors over the forecast period.
Due to growing awareness of hybrid power solutions, the Middle East and Africa are now adopting them. In 2016, the Middle East was home to the first hybrid system, which was provided by Cummins, Inc. in Kuwait to Zain Group in Kuwait. This will be a driving force for the development of new power solutions in the region.
Due to growing awareness about the negative environmental effects of diesel generators, the product market in Asia Pacific will grow at a rapid pace. The market growth is also expected to be driven by the lack of infrastructure needed for conventional power generation products. Global demand is also being influenced by the growing demand from India, China, Japan, and other countries.
Companies that integrate operations across multiple distribution channels are able to easily reach customers in the market. The manufacturers of the product focus on creating innovative products that are cost-effective, simple to manufacture, and easy to maintain. SMA Solar Technology AG and Siemens AG are major players in this market.
SMA Solar Technology AG offers a variety of hybrid power solutions to its customers. The company's products include off-grid components as well as turnkey solutions. It manufactures and provides technologies for power supply systems. For direct marketing of solar power, the company partnered with MVV Energie AG to create solutions for operators of PV Inverters producing more than 100kWp.
This report predicts revenue growth at both the country and global levels. It also analyzes the industry trends for each sub-segment from 2014 through 2025. Grand View Research has divided the hybrid power solutions market by system type, power rating and end use.
System Type Outlook (Revenue USD Million; 2014-2025)
Solar-Diesel
Wind-Diesel
Solar-Wind-Diesel
Other
Power Rating Outlook (Revenue USD Million; 2014-2025)
Maximum 10kW
11kW to 100kW
More than 100kW
End-use Outlook (Revenue USD Million; 2014-2025)
Residential
Commercial
Telecommunication
Other
Regional Outlook (Revenue USD Million; 2014-2025)
North America
The U.S.
Europe
The U.K.
Germany
Asia Pacific
China
India
Japan
Central & South America
Brazil
Middle East & Africa
Saudi Arabia
Up Market Research published a new report titled “Hybrid Power Solutions Market research report which is segmented by Power Rating (Above 100kW, Up to 10kW, 11kW - 100kW), by End-use (Commercial, Residential, Telecommunication), By Players/Companies SMA Solar Technology AG, ZTE Corporation , Danvest Energy A/S, Siemens AG, Alpha Power Solutions”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Hybrid Power Solutions Market Research Report |
By Power Rating | Above 100kW, Up to 10kW, 11kW - 100kW |
By End-use | Commercial, Residential, Telecommunication |
By Companies | SMA Solar Technology AG, ZTE Corporation , Danvest Energy A/S, Siemens AG, Alpha Power Solutions |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 214 |
Number of Tables & Figures | 150 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Power Rating (Above 100kW, Up to 10kW, 11kW - 100kW), by End-use (Commercial, Residential, Telecommunication).
Hybrid Power Solutions Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Hybrid Power Solutions Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
Reasons to Purchase the Hybrid Power Solutions Market Report:
Some other reports from this category!