Hybrid Power Solutions Market Recent Developments & Emerging Trends To 2028

According to a research report "Hybrid Power Solutions Market by System Type (Solar-Fossil, Wind-Fossil, Solar-Wind-Fossil, Solar-Wind, Others), Grid Connectivity (On-Grid, Off-Grid), Capacity (Upto 100kW, 100kW-1MW, Above 1MW), End User & Region - Global Forecast to 2028" published by MarketsandMarkets, the hybrid power solutions market is projected to reach USD 4.0 billion by 2028 from an estimated USD 2.4 billion in 2023, at a CAGR of 10.4% during the forecast period.

Hybrid power solutions are essential because they provide a reliable and stable energy supply by harnessing the benefits of both renewable sources and conventional energy, ensuring energy security, reducing environmental impact by reduction in carbon emissions, and supporting sustainable development across various sectors.

Browse 139 market data Tables and 53 Figures spread through 193 Pages and in-depth TOC on "Hybrid Power Solutions Market - Global Forecast to 2028"

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The Industrial, by end user, is expected to grow be the largest segment during the forecast period.

Based on end user, the hybrid power solutions market has been split into residential, commercial, and indusrials. The industrial segment is anticipated to be the largest during the forecast period. Industrial segment is growing in hybrid power solutions market due to the increased emphasis on meeting emission reduction targets and achieving environmental sustainability. Industrial facilities, characterized by higher energy demands and carbon footprints, find hybrid power solutions particularly compelling in aligning with their sustainability objectives and reducing environmental impact.

The 100kW-1MW segment, by capacity segment, is expected to grow at the second-highest CAGR during the forecast period.

This report segments the hybrid power solutions market based on capacity into three segments:upto 100kW, 100kW-1MW, and above 1MW. The 100kW-1MW segment is expected to be the second-fastest growing segment during the forecast period. The 100kW-1MW segment is growing more in the commercial sector due to its suitable power capacity for various operations and equipment, cost-effectiveness, and technological advancements, making it a preferred choice for businesses.

Asia Pacific is expected to be the largest region in the hybrid power solutions market

Asia Pacific is expected to be the largest hybrid power solutions market during the forecast period. The region's increasing focus on renewable energy, coupled with supportive government policies and incentives, has driven the development of significant solar-wind projects in the region, specifically India. These large-scale projects contribute to the rapid expansion of the hybrid power solutions market in the Asia Pacific, attracting investments, fostering innovation, and establishing the region as a key player in the global transition towards sustainable energy solutions.

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Some of the major players in the hybrid power solutions market are General Electric (US), Vertiv Group Corp. (US), Vestas (Denmark), Wärtsilä (Finland), and SMA Solar Technology AG (Germany). The major strategies adopted by these players include sales contract, product launches, investments, collaborations, partnerships, and expansions.

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Hybrid Power Solutions Market | What will be the Market size and the growth rate by 2021?

The report "Hybrid Power Solutions Market by System Type (Solar-Diesel, Wind-Diesel, Solar-Wind-Diesel), Power Rating (Upto 10 kW, 11 kW–100 kW, and Above 100 kW), End-User (Residential, Commercial, Telecom), and Region - Global Forecast to 2021", The hybrid power solutions market is expected to grow from an estimated USD 466.5 Million in 2016 to USD 689.5 Million by 2021, registering a CAGR of 8.1% from 2016 to 2021. The global market is witnessing significant growth due to growth in hybrid power generation in off-grid sites, reliable power generation with minimized fuel, reduced operation and maintenance cost, and reduction in carbon emission.

Browse 68 Market Data Tables and 47 Figures spread through 131 Pages and in-depth TOC on"Hybrid Power Solutions Market - Global Forecast to 2021"

Solar-diesel segment is expected to hold the largest share of the hybrid power solutions market, by system type, during the forecast period

The solar-diesel segment led the overall hybrid power solutions market in 2015. Solar-diesel systems are applicable in all types of end-users: residential, commercial, and industries like telecom, mining, and oil & gas among others. Increased applications of off-grid renewable power systems is driving the market of solar-diesel hybrid power solutions, which are being proposed at a large scale in Asia-Pacific and Africa.

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Commercial end-users are expected to hold the largest market share of the hybrid power solutions market, by end-users, during the forecast period

The commercial segment is expected to hold the largest share in the hybrid power solutions market during the forecast period. Commercial sector include hotels, resorts, schools, or hospitals located at islands or off-grid areas, which do not have grid power supply and are highly dependent on diesel generators for their power requirements. Dependence on diesel and fuel availability is a concern factor which may affect power supply in crucial moments: this creates huge opportunity for implementing hybrid power solutions in commercial sector.

The Middle East & Africa is the largest market for hybrid power solutions

In this report, the hybrid power solutions market has been analyzed with respect to four regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Middle East & Africa is estimated to be the largest market for hybrid power solutions till 2021. African countries have lowest electrification rate in the world, which provides a huge opportunity to implement hybrid power solutions at large scale.

Major Market Developments

·         In November 2016,  Flexenclosure launched maintenance free hybrid power system eSite x10 for telecom industry.

·         In December 2015, Electro Power Systems acquired Elvi Energy (Italy) to become market leader in integrated storage system.

·         In October 2015, SMA America partnered with Farm from a Box to develop an off-grid toolkit for food production. Toolkit comprised 10 high-efficiency solar modules, an SMA Sunny Island 6048-US off-grid inverter, SMA Sunny Boy 3000TL-US inverter with Secure Power Supply, SMA Sunny Web Box remote monitoring solution, SMA Smart former transformer and distribution box, and deep-cycle batteries for energy storage. The array is supported by a 3,000-watt generator.

Target Audience:

·         Hybrid power solutions providers

·         Solar PV panels and wind turbines manufacturers

·         Battery storage manufacturers

·         Regional renewable energy associations

·         Government organizations and research institutions

·         Consulting companies in the energy & solar sector

·         Solar and wind energy associations

·         Environmental associations

·         Investment banks

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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the hybrid power solutions market. These players include SMA Solar Technology AG (Germany), Siemens AG (Germany), Huawei Technologies Co., LTD (China), ZTE Corporation (China), Flexenclosure AB, LTD (Sweden), and Heliocentris Energy Solutions AG (Germany) among others. Leading players are trying to penetrate the markets in rural areas of developing economies and are adopting various strategies to increase their market share.

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Hybrid Power Solutions Market – Market Upcoming Trend by Worldwide Industry Growth, Statistics, and Opportunities: SMA Solar Technology AG, Siemens AG and Huawei Technologies Co. LTD.

The global hybrid power solutions market is projected to grow at a CAGR of 8.1% from 2016 to 2021. The Middle East & Africa region is estimated to be the largest market, followed by Asia-Pacific; the trend is expected to continue till 2021. The growth of the hybrid power solutions market is driven by growth in hybrid power generation in off-grid sites; reliable power generation with minimized fuel, reduced operation, and maintenance cost; and reduction in carbon emission.

Browse 68 Market Data Tables and 47 Figures spread through 131 Pages and in-depth TOC on"Hybrid Power Solutions Market by System Type (Solar-Diesel, Wind-Diesel, Solar-Wind-Diesel), Power Rating (Upto 10 kW, 11 kW–100 kW, and Above 100 kW), End-User (Residential, Commercial, Telecom), and Region - Global Forecast to 2021"

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The hybrid power solutions market is dominated by a few global players. Some of the key players operating in the hybrid power solutions market are SMA Solar Technology AG (Germany), Siemens AG (Germany), Huawei Technologies Co., LTD (China), ZTE Corporation (China), Flexenclosure AB, LTD (Sweden), and Heliocentris Energy Solutions AG (Germany), among others.

Key strategies adopted by players in the hybrid power solutions market include contracts & agreements, new product developments/launches, mergers & acquisitions, partnerships, joint ventures, collaborations, and expansions. Contracts & agreements was the most commonly used strategy, constituting 65% of the total developments from 2013 to 2016. Industry players also widely adopted the strategy of new product developments/launches during the same period.

SMA Solar Technology AG is a subsidiary of the SMA Group. SMA provides innovative PV diesel hybrid solutions to meet the energy demand and supply efficient power to home, rural areas, and industries. The company is focusing on availing international growth opportunities, and hence, is continuously developing new photovoltaic products and enhancing its existing products. It has added many new hybrid power solutions to widen its product portfolio and provide solutions for both residential and commercial customers. SMA has installed PV diesel hybrid system in countries such as India, Lebanon, and Kingdom of Tonga. The company has huge opportunity in exploring Africa and the Middle East region for its PV diesel hybrid solutions, as these regions are the fastest growing markets for telecommunications. In late 2015, SMA America partnered with Farm from a Box to develop an off-grid toolkit for food production. The toolkit comprised 10 high-efficiency solar modules, an SMA Sunny Island 6048-US off-grid inverter, SMA Sunny Boy 3000TL-US inverter with Secure Power Supply, SMA Sunny Web Box remote monitoring solution, SMA Smart former transformer and distribution box, and deep-cycle batteries for energy storage. The array is supported by a 3,000-watt generator.

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Siemens AG provides hybrid power solutions as a part of renewable energy under its energy business vertical. The company provides technology-based solutions depending upon load and locally available renewable resources (wind or solar) and economical, reliable, and environmental energy. Siemens partnered with other hybrid solutions provider such as Danvest, which would help the company to explore more markets and industries. Recent partnership with Danvest helped Siemens to explore the mining industry market which is a potential market for hybrid power solutions. The company’s “one stop shop” would help clients to meet their energy requirements. In 2015, Siemens partnered with Danvest Energy and Eurus Energy to provide hybrid power solutions to the Australian mining industry. This project was worth USD 300 million and generated 30 MW power for mine sites.

Hybrid Power Solutions Market - Global Industry Analysis & Outlook - 2021: System type, Power Rating

According to the new market research report “Hybrid Power Solutions Market by System Type (Solar-Diesel, Wind-Diesel, Solar-Wind-Diesel), Power Rating (Upto 10 kW, 11 kW–100 kW, and Above 100 kW), End-User (Residential, Commercial, Telecom), and Region - Global Forecast to 2021", published by MarketsandMarkets™, the global hybrid power solutions market was valued at USD 432.0 million in 2015, and is expected to grow from USD 466.5 million in 2016 to USD 689.5 million, at a CAGR of 8.13% from 2016 to 2021.

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Hybrid power solutions are emerging power supply source, and are suited for off grid or bad grid areas, isolated grids and islands where power supply through grid is not economical and viable option. Hybrid power solutions combine renewable power sources (wind and solar) along with diesel generators for efficient and reliable power supply. These hybrid power solutions find its applications in the residential, commercial, telecommunication, mining, and oil & gas sectors among others. The base year considered for the study is 2015, and the forecast has been provided for the period between 2016 and 2021.

Browse and in-depth TOC on "Hybrid Power Solutions Market"

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47 - Figures

131 - Pages

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Growth of hybrid power generation in off-grid sites drives the global hybrid power solutions market

Off grid sites are those sites where electricity access is not available through grid connection. Off gird sites may be telecom towers, industrial units and small villages, which are located in remote areas and do not have grid connectivity. Laying down grid network in these regions for 100% electrification requires huge investment. The growing power demand can be met through deploying hybrid power solutions designed according to individual power requirement of residential and non-residential customers. Hybrid power solutions combine diesel generator along with renewable sources (wind, solar or both). It ensures 24*7 power supply to off grid sites with less interruption.

Hybrid power solutions applications at the off-grid sites  drive the growth of hybrid power solutions market

In developing countries, a large number of population live in remote or off grid areas. Installation and distribution costs are considerably higher for remote areas. Laying down grid network in these regions for 100% electrification requires huge investment. One of the primary needs for social and economic development of any country is efficient and regular power supply to its residents. Hybrid power solutions combine diesel generator along with renewable sources (wind, solar or both). It ensures 24*7 power supply to off grid sites with less interruption. Thus, the public authorities can achieve 100% electrification by deploying hybrid power solutions in remote or off grid areas.

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Hybrid power solutions market has been segmented based on end-users into residential, commercial, telecom, and others.

Telecommunication

Telecommunication is one of major industry in terms of electricity consumption. Today energy saving is a key sustainability focus for telecom industry. This implies, especially, in rural areas where electricity consumption contributes up to 70% of total network operating cost. With increasing number of mobile subscribers, the electricity consumption by telecom sector is set to increase in the next five years. To provide network coverage, telecom companies are setting telecom towers in remote areas where grid connection is not available to provide mobile access to their customers. The setting up of towers at off grid areas, are driving growth of hybrid power solutions in telecommunication industry.

Commercial

Commercial sector includes hotels, resorts, schools, or hospitals which are located at islands or off grid areas. These islands do not have grid power supply and highly dependent on diesel generators for their power requirements. Dependence on diesel adds huge operating cost in their annual expenditure. These concern factors create huge opportunity for implementing hybrid power solutions in commercial sector.

Residential

Residential sector is one of the key users of hybrid power solutions. Electricity production cost is very high in islands areas due to high price of fuel. Integration of renewable power sources with diesel generators provides reliable and cleaner power by reducing carbon emissions. Further, the less availability of land space for gird infrastructure drives the hybrid power solutions at the residential sector.

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