According to the latest report by IMARC Group, titled "Hybrid Power Solutions Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global hybrid power solutions market reached a value of US$ 900 Million in 2021. Hybrid power solutions involve the usage of more than one type of source to generate power. It utilizes generators, converters, storage systems and renewable energy sources for centralized electricity grids. They are extensively available in multiple sizes, ranging from large island grids of several megawatts to individual household power supplies. These systems are reliable in nature, minimize carbon footprint and reduce the overall cost of energy. As a result, they are increasingly utilized for providing electricity in remote areas as well as facilitating numerous applications across utilities, municipalities, independent power producers (IPPs) and system operators.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Hybrid Power Solutions Market Trends:
The global market is majorly driven by the increasing demand for an uninterrupted power supply. With the rising dependence on electronic devices across the globe, there has been a growing need for a continual supply of electricity across the domestic and commercial segments. Coupled with an enhanced focus on sustainable development, this is providing a boost to the demand for hybrid power solutions across the globe. Moreover, the lack of grid connectivity in remote and rural areas of multiple developing nations has impelled the governments to invest heavily in the upgradation of grid technology, which is creating a positive outlook for the market. Furthermore, the growing need for storing excess power during oversupply for usage during supply shortages and sudden peaks in load demand is also positively influencing the market growth. The market is also driven by the widespread preference for low-cost battery energy storage systems (BESS) that are characterized by enhanced energy density, safety and efficiency. On account of the aforementioned factors, the market is expected to grow at a CAGR of 8.4% during 2022-2027 .
- On the basis of the system type, the market has been divided into solar-diesel, wind-diesel, solar-wind-diesel, and others.
- Based on the power rating, the market has been classified into up to 10 kw, 11 kw-100 kw, and above 100 kw.
- On the basis of the end user, the market has been segmented into residential, commercial and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include AEG Power Solutions GmbH, Delta Electronics Inc., ENGIE EPS S.A., Huawei Technologies Co. Ltd., Pfisterer Holding Aktiengesellschaft, Siemens AG, Silver Power Systems Ltd., SMA Solar Technology AG, Vergnet SA and ZTE Corporation.
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