Hybrid Power Systems Market: Introduction
Hybrid power systems combine two or more modes electricity generation sources together using renewable technologies such as solar photovoltaic (PV) or wind turbines with a conventional technology. Hybrid power systems provide increased system efficiency and greater balance in supply of energy. The global hybrid power systems market is expected to witness substantial growth over the period of forecast, 2021 to 2031. The market is likely to gather prominence with the prevalence of low rate of electrification in many of the developing countries and off grid generation of power as a substitute for diesel generators.
Statistically speaking, this market is expected to grow at a splendid CAGR of 6.4% during the forecast period from 2021 to 2031. In this context, the hybrid power systems market had gained a revenue worth US$ 553.6 Mn in 2020, which is further expected to surpass US$ 1 Bn by 2031.
Preference for Renewable Energy Sources to Improve Market Adoption
The global hybrid power systems market is expected to attain prominence, owing to the growing popularity of renewable sources of energy worldwide. The limited availability of conventional sources of power together with augmented concern for environmental pollution is likely to spell growth for the market over the forecast period, from 2021 to 2031.
Hybrid power systems combine renewable energy sources such as wind and solar and energy produced by conventional means such as diesel generators. Based on type, hybrid power systems include wind-solar-diesel hybrid, PV-diesel hybrid, and others such as wind-hydro-diesel hybrid, solar thermal, and hybrid-solar biomass. In 2020, wind-solar-diesel hybrid power systems dominated the overall market and although this segment is predicted to lose a slight share in the market by the end of the forecast period, it expected to retain its dominance over other segments.
In the past few years, wind-solar-diesel hybrid systems for rural electrification have been enormously developed by various stakeholders across developing countries such as Indonesia, India, China, and South Africa. Market analysis of PV-Diesel-Hybrid power systems shows that it also has been attracting significant funding from various agencies of late.
As renewable sources gain prominence, more power generating companies shift their focus on generating electricity out of sun, wind, water, and fuel cell. With lesser amount of carbon emissions and outstanding properties such as abundance of supply and cost effectiveness, hybrid power solutions are acquiring significance in modern day power generation. Hybrid power system generates maximum output utilizing less fuel, which is one of the reasons for the expansion of the global hybrid power systems market in years to come. The technology-driven hybrid power systems market is characterized by high initial investments and low switching costs. The abundant availability of component manufacturers as well as numerous government incentives have fueled the demand for and adoption of hybrid power systems across developing economies. The lack of grid connectivity in remote and rural areas and its sheer unreliability has boosted the installation of these power systems in recent years.
Asia to Continue Dominating Global Market
The global hybrid power systems market is segmented into the major regions of Asia Pacific, Middle East & Africa, Latin America, North America, and Europe. The regional classifications offer a comprehensive view of the growth factors that could define the course of the market at regional level over the period of forecast. From the geographical perspective, Asia and Africa is estimated to reign over the global hybrid power systems market over the assessment period.
Prominence of the market in this part of the world is mainly due to the augmented initiatives on part of the government to generate electricity utilizing renewable sources. Rural electrification is another significant growth factor that is expected to propel growth of the hybrid power systems market in Asia and Africa. North America is likely to project moderate growth over the period of review due to growing awareness about the adverse effects of diesel power generators on people and environment.
The nature of the global hybrid power systems market seems to be fairly fragmented with presence of many well-entrenched enterprises. This also highlights that the competitive landscape is highly intense. General Electric, MAN Energy Solutions SE, Guangzhou HY Energy Technology Limited Corp., Kestrel Renewable Energy, KYOCERA Corporation, Eaton, Iberdrola, Panasonic Corporation , Schneider Electric , Sharp Electronics , Suzlon Group, Siemens Gamesa are some of the key participants of the global hybrid power systems market.
Global Hybrid Power Systems Market: Segmentation
Hybrid Power Systems Market, by Product Type
Hybrid Power Systems Market, by Application
- Rural Facility Electrification
Hybrid Power Systems Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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