Global Hybrid Power Systems Market By Type (Solar-Diesel, Wind-Solar-Diesel, Solar-Wind-Diesel, Others), Power Rating (Up to 10kw, 11kw–100kw, Above 100 Kw), End User (Residential, Commercial, Industrial, Rural Facility Electrification, Telecom, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Hybrid Power Systems Market
Global hybrid power systems market is expected to rise to an estimated value of USD 993.16 million by 2026, registering a substantial CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the rising need for electrification and demand for alternative sustainable power sources.
Market Definition: Global Hybrid Power Systems Market
Hybrid power systems are designed in such a way that they combine the power of two or more energy sources, such as solar-diesel reducing the burning of diesel resulting in lower harmful gases emissions, providing great effectiveness, at minimal cost. Most of the hybrid power systems use the power of the sun (solar energy) and wind to generate energy.
- Rising need for electrification across the globe stimulates the demand for this market
- The rising levels of pollution and the urgent need to limit the emissions of greenhouse gases
- Fossil fuels including coal and crude oil are now becoming extinct; hence there is an urgent need for alternate power sources
- Technological advancements and innovations in hybrid power system
- Increasing government policies to promote the use of hybrid power systems as an alternative to diesel, coal, crude oil for power generation
- High installation cost and investments are required to set up a hybrid power system, which hampers the growth of this market
- Variations in prices of natural gas and oil are factors that may restrain the growth of the target market
Segmentation: Global Hybrid Power Systems Market
By Power Rating
- Up to 10kw
- Above 100 Kw
By End User
- Rural Facility Electrification
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In April 2019, SOWITEC group GmbH announced that they had agreed with Vestas to acquire 25% share in the company with Vestas having the option to acquire the remaining share within three years. This acquisition/partnership will enable both the organisations to develop sustainable sources of renewable energy and advance their capabilities in hybrid power solutions.
- In October 2018, Voith Hydro Holding GmbH & Co. KG and the Siemens Energy Management Division plan on working together, by collaborating in projects concerning hybrid power, and also on those projects of hydropower. This collaboration is done to ensure the sustainable development, and in order to promote clean renewable energy power sources across the globe. With this collaboration, the demand for hybrid power systems would rise significantly, making an essential contribution to a stable power supply and thereby towards economic and social development.
Competitive Analysis: Global Hybrid Power Systems Market
Global hybrid power systems market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of hybrid power systems market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Hybrid Power Systems Market
Few of the major competitors currently working in the hybrid power systems market are Siemens, SMA Solar Technology AG, Alpha Tech Energy Solutions India Pvt Ltd, ZTE Corporation., Mitsubishi Hitachi Power Systems, Ltd., Wärtsilä, Voith GmbH & Co. KGaA, SOWITEC group GmbH, Silver Power Systems Ltd., Flexenclosure AB (publ)., Emerson Electric Co., Shanghai Ghrepower Green Energy Co., Ltd., PFISTERER Holding AG, Vergnet, Husk Power Systems, Firefly Hybrid Power Limited, Eltek, GENERAL ELECTRIC, Huawei Technologies Co., Ltd., Danvest Holding A/S, Bharat Light & Power Private Limited, Unitron Energy, ENGIE Eps - Electro Power Systems S.A. among others.
Research Methodology: Global Hybrid Power Systems Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved