Hybrid Power Generation Market: Overview
The global market for hybrid power generation is poised to expand at a healthy pace over the years as more and more consumers and industries realize the environmental and economic benefits of this technology. The focus has been shifting from developed nations, where advanced renewable technologies to curb carbon emissions are already in place, to developing economies, where the demand for cheap, reliable, and uninterrupted energy is on the rise.
The vendor landscape in the hybrid power generation market is defined by the presence of many large global and regional players. Increased competition in this market is owing to extensive portfolios of energy management solutions, companies customizing their offerings to cater to evolving consumer needs, and regular investments in research and development activities. It has been noted that new players will find it particularly difficult to compete with established companies due to high capital resource requirements.
Hybrid Power Generation Market: Trends and Opportunities
As indicated above, the urgent need to limit greenhouse gas emissions has been driving the adoption of hybrid power generation methods. Also boosting the uptake of these methods is the need to restrict the dependency on fossil fuels. Fossil fuels such as coal and crude oil have been rapidly depleting, compelling industries to look for alternative methods of power generation to cater to the ever-rising demand for energy. Hybrid renewable energy systems come into play in such cases and the market for the same is likely to benefit from this trend.
On the down side, it has been estimated that the high prices of components for capturing renewable energy, such as solar panels, in several countries act as a major barrier to the large-scale adoption of hybrid power generation methods. Moreover, the fluctuating cost of natural gas and oil will limit its market. Nevertheless, TMR predicts that the demand for hybrid power generation is only slated to grow in the coming years and any hurdles in the growth trajectory of this market will be overcome by ongoing technological advancements to bring down the costs.
Hybrid Power Generation Market: Regional Outlook
Of the main regional segments studied in the report, Asia Pacific is one of the leading contributors to the growth of the global hybrid power generation market. It is predicted that this region will likely continue its trend throughout the forecast period. The growing demand for power across residential and non-residential sectors, supported by unreliable power grid infrastructures, is the primary factor driving the hybrid power generation market in Asia Pacific. In addition to this, the role of the government in supporting standalone hybrid power systems in several emerging countries such as Indonesia and India is boosting the uptake of this method of electricity generation.
Europe as well as the Middle East and Africa also present a healthy outlook owing to rising demand for the same in the residential sector. Hybrid power plants are used across these regions mainly for the generation of thermal power. Across the Americas, the growing need to curb carbon emissions and the falling price of technology are supporting the adoption of hybrid renewable power generation in several large-scale industries.
Companies Mentioned in the Report
The dominant players featured in the report on the global hybrid power generation market include Siemens AG, Mitsubishi Power Systems Europe Ltd., NYE Thermodynamics Corporation, Doosan Heavy Industries & Construction Co. Ltd., and MJB International. Apart from these, there are several large and small companies operating in this market owing to the immense potential it presents. These include Repowering Solutions, Elgris Power, Alpha Power, AEG Power Solutions, Danvest, WindStream Technologies, Inc., Electro Power Systems, ReGen Powertech, Schneider Electric, Urban Green Energy, KLiUX Energies, and Eltek Power.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.