Global Hybrid Power Solutions Market to Grow at 7.2% During 2024-2032, Spurred by Rising Demand for Uninterrupted Power Supply

September 13, 2021 | Energy & Mining

According to the latest report by IMARC Group, titled "Hybrid Power Solutions Market Report by System Type (Solar-Diesel, Wind-Diesel, Solar-Wind-Diesel, and Others), Power Rating (Up to 10 KW, 11 KW-100 KW, Above 100 KW), End User (Residential, Commercial, and Others), and Region 2024-2032," the global hybrid power solutions market reached a value of US$ 1,100 Million in 2023. 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.

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 7.2% during 2024-2032 .

Market Summary:

  • 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage System Type, Power Rating, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Hybrid Power Solutions Market to Grow at 7.2% During 2024-2032, Spurred by Rising Demand for Uninterrupted Power Supply
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