Home > Energy & Power > Emerging Energy Technologies > Hybrid Solutions > Hybrid Power Solutions Market
Hybrid Power Solutions Market Size
Hybrid Power Solutions Market size crossed USD 8 billion in 2017 and is expected to exceed cumulative capacity of 9 GW by 2024.
Rising need for reliable and continuous electricity supply accompanied by increasing power demand across remote areas will stimulate the hybrid power solutions market growth. Favourable regulatory norms including leverage schemes, subsidies and feed-in-tariffs to encourage the adoption of sustainable energy technologies will fuel the business dynamics. Disparity concerning demand & supply particularly across developing economies along with escalating awareness pertaining to inefficient grid infrastructure will stimulate the industry growth According to IEA, in 2018, the overall electricity demand has witnessed an increase of 4% when compared to 2010.
| Report Attributes | Details |
|---|---|
| Base Year: | 2017 |
| Market Size in 2017: | 8 Billion (USD) |
| Forecast Period: | 2018 to 2024 |
| Forecast Period 2018 to 2024 CAGR: | 34% |
| 2024 Value Projection: | 60 Billion (USD) |
| Historical Data for: | 2013 to 2017 |
| No. of Pages: | 400 |
| Tables, Charts & Figures: | 861 |
| Segments covered: | Technology, Product, End Use and Region |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
Establishing focus to the development of decentralized energy generation along with growing inclination toward the clean energy technologies will impact the industry outlook. Rising investments from several financial institutions including International Finance Corporation and regional development banks toward integration of sustainable energy sources will positively influence the business landscape. Furthermore, surging energy consumption across emerging economies favoured by significant government efforts to curtail carbon emissions in anticipated to enhance the product adoption.
Hybrid Power Solutions Market Analysis
Rising demand for uninterruptible power supply coupled with lower utility bills will drive the hybrid power solutions market demand across the grid connected segment. Easy installation, grid stabilization potential, effective capacity utilization factor and high capacity generation are some of the indispensable factors which will encourage the product deployment. Moreover, increasing adoption across several developing countries along with high efficiency & long durability will embellish the industry size.
Standalone product segment is anticipated to grow over 25% by 2024. Augmenting capacity utilization factor on account of introduction of pioneering technologies for renewable energy assets will drive the industry growth. In addition, ability to offer peak power generation along with the adoption of smart, efficient and low-cost technologies will boost the product demand.
Increasing focus toward the supply of sustainable and reliable power for residential & commercial applications along with soaring deployment of renewable energy systems will foster the solar wind technology. Introduction of cost efficient, innovative, reasonable, low maintenance and limited carbon emissions will augment the hybrid power solutions market outlook. Moreover, surging prices of petroleum liquids along with rising demand pertaining to low emissions technologies will provide favourable opportunities for business expansion.
Increasing prerequisite for reliable and effective energy supply majorly across remote regions having abundant availability of wind & solar energy will increase the penetration of solar wind diesel technology. Escalating consumer awareness toward the adoption of renewable energy assets along with favourable legislative initiatives toward sustainable technology will further boost the industry growth.
Residential application is projected to grow over 14% by 2024. Rapid development on account of prevailing electrification programs across developing nations along with the stringent mandates and norms toward conventional energy systems and building emissions will drive the industry growth. Moreover, the increasing penetration of small-scale renewable systems across Tier II & III cities will positively influence the hybrid power solutions market revenue.
Soaring investments pertaining to the deployment of low-emission renewable systems to fulfil the electricity demand along with the increasing penetration of commercially viable systems will fuel the commercial applications. Flourishing service sector along with the increasing funding toward the real-estate industry will complement the business outlook. Moreover, paradigm shift with respect to the construction of green building favoured by the stringent sustainable building standards and codes will positively impact the industry size.
Rising inclination subject to the deployment of standalone systems across domestic establishments coupled with the increasing development of renewable energy assets will stimulate the UK hybrid power solutions market share. Increasing demand for backup power supply along with rapid technological progressions and industrialization will foster the business growth. Furthermore, shifting trend toward the clean energy sources coupled with stringent regulatory framework will favour the overall industry potential.
Asia Pacific region owing to the abundant availability of solar & wind energy is set to exceed USD 10 billion by 2024. Introduction of stringent government policies to encourage the adoption of renewable technologies along with the affordable labour cost & vast availability of raw material will enahnce the product penetration. In addition, rapidly increasing urbanization & industrialization along with the favourable outlook toward the adoption of energy efficient systems with an objective to reduce emissions will boost the industry growth.
Hybrid Power Solutions Market Share
Eminent participants operating across the hybrid power solutions industry includes
- Danvest Holding
- CONTOURGLOBAL
- Enel Green
- SMA Solar
- MPower
- Polar Power
- Supernova Technologies
- Alternate Energy
- UNITRON
- Zenith Solar
- Blue Pacific
- Suzlon Energy
- Goldwind
- Vattenfall
- Vestas
- Siemens Gamesa
- GE
- ReGen
Major industry players have shifted their focus toward emerging innovations pertaining to sustainable energy to generate energy on a large scale and are acquiring massive projects in partnerships with other companies. Furthermore, extensive investments in adjacencies coupled with inorganic growth ventures have been crucial for the company strategies.
Industry Background
Hybrid power solutions includes integration of one or more sources in line with existing generation assets (solar diesel or solar wind) to generate power and electricity. The system offers energy security by combining several generation methods, and generally deploys a storage system (fuel cell, battery). It can reduce power loss when transferring energy over very long distances by converting alternating current power to higher voltages. These solutions vary in size from comparatively large grids to domestic power supplies and are commercially sustainable & viable
Frequently Asked Questions (FAQ) :