According to the report, global hybrid power systems market was valued at approximately USD 477.71 million in 2017 and is expected to reach approximately USD 836.92 million by 2024, growing at a CAGR of around 8.34% between 2018 and 2024.
New York, NY, June 27, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report 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”. According to the report, global hybrid power systems market was valued at approximately USD 477.71 million in 2017 and is expected to reach approximately USD 836.92 million by 2024, growing at a CAGR of around 8.34% between 2018 and 2024.
The hybrid power system is defined as the energy system which is designed or fabricated to extract power by using two or more energy sources. It is the combination of more than one energy sources for giving to the load. The hybrid power system has less emission, good reliability, efficiency, and lower cost. Some of the hybrid power systems use solar and wind power to generate power. Wind and solar energy sources have good benefits than any other non-conventional energy sources. These energy sources are easily available in all areas. It needs lower cost. To install this power system, one need not find special location. The hybrid power system can consist of two types of power generation that are wind turbine generator and the diesel generator. The energy storage may act as a generator or as a load depending upon the need. The diesel generator gives smooth output power, while the power generated by wind turbine depends on the wind velocity.
Browse through 42 Tables & 27 Figures spread over 110 Pages and in-depth TOC on “Global Hybrid Power Systems Market: Industry Type, Size, Share, Growth Analysis and Forecast, 2017 – 2024”.
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Increasing popularity of renewable energy sources to produce power has primarily driven the global hybrid power systems market growth. Due to the limited sources of conventional energy and rising environmental pollution concern, numerous companies have been paid attention to the utilization of renewable energy sources such as solar energy, wind energy, fuel cell, etc. Owing to its exceptional characteristics and properties associated with the reduction of carbon emissions, hybrid solutions are gaining significant importance in power generation. Thus, the factor is further expected to boost the demand for hybrid power systems in near future. Hybrid power systems utilize less fuel while providing maximum output. Furthermore, growing awareness about global warming has encouraged the market to shift its focus to the hybrid power system. Moreover, the ability of a hybrid power system to reduce the cost of power generation by cutting the diesel fuel consumption is another major factor that drives the hybrid power systems market across the globe. A hybrid power system is designed to reduce the power generation cost by using natural resources such as river water flow. Additionally, rapid cost increment of fossil fuel and power line extension, coupled with a desire to decrease carbon dioxide emissions encouraged the development of hybrid power system in remote locations. However, a high cost of system installation and investments may restrain the global hybrid power systems market growth.
The Asia Pacific is expected to have the largest market share in the hybrid power systems market during the forecast period. This is primarily due to large-scale industrialization in Asian countries such as India, China, and Japan. Increasing awareness about better product characteristics such as high efficiency and reduced carbon emissions, Asian governments have started focusing on renewable energy generation. Moreover, growing demand for hybrid power system from developing countries has further expected to drive the market growth in the Asia Pacific. With enhanced geographic zones and a high client base, the Asia Pacific region is expected to exhibit a strong growth in the hybrid power systems market.
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The Middle East and Africa are expected to witness the highest CAGR in the global hybrid power systems market during the forecast period. This is mainly due to rising government initiatives towards electricity generation through renewable sources and rural electrification. Leading power generation companies have started heavy investments in renewable power generation plants in Africa region. For instance, the technology group Wartsila has started investing for world’s largest solar hybrid power plant in the African nation of Burkina Faso. Furthermore, the Asian Development Bank (ADB) and the World Bank in Africa fund many hybrid power system initiatives in diesel power plants to implement PV arrays.
North America is expected to have moderate growth in the hybrid power systems market owing to increasing awareness of the adverse impact of diesel power generators on the environment. The region is anticipated to maintain its dominance in global hybrid power systems market and this is due to numerous innovations obtained from research and development (R&D) and the adoption of new technologies. North America is also considered the most progressive region in terms of cloud and artificial intelligence.
Browse the full “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
The European region is expected to witness moderate growth in the hybrid power systems market in the forecasted period. The cost of transporting fuel to remote areas has reduced by the combination of renewable power generation with the electricity mix. Furthermore, increasing number of companies registering to sell the retail power has anticipated the growth of hybrid power systems market in Europe.
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Key players profiled in the global hybrid power systems market include Siemens AG, SMA Solar Technology AG, Danvest Energy A/S, Alpha Power Solutions, ZTE Corporation, Heliocentris Energy Solutions AG, Poweroasis Ltd., Flexenclosure AB, Ltd., Pfisterer Holding AG, and Vergnet SA.
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The market segments hybrid power systems market into:
Global Hybrid Power Systems Market: Type Segment Analysis
- Solar (PV)-Diesel
Global Hybrid Power Systems Market: Power Rating Segment Analysis
- Up to 10 kW
- 11 kW–100 kW
- Above 100 kW
Global Hybrid Power Systems Market: End-User Segment Analysis
- Rural Facility Electrification
Global Hybrid Power Systems Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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