The global hybrid power solutions market size reached US$ 900 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,470 Million by 2027, exhibiting a growth rate (CAGR) of 8.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Hybrid power solutions rely on loads, generators, converters, storage systems and renewable energy sources to generate power. These solutions are presently available in varying sizes, ranging from large island grids of many megawatts to individual household power supplies of around one kilowatt. As they minimize carbon footprint and reduce the overall cost of energy, hybrid power solutions find extensive application in utilities, municipalities, independent power producers (IPPs) and system operators worldwide.
The increasing consumption of electricity, in confluence with the escalating demand for clean energy sources on account of rising environmental concerns, represents one of the key factors bolstering the market growth. Moreover, the increasing adoption of hybrid power solutions can be attributed to the rising need for storing excess power during oversupply, supply shortages and sudden peaks in load demand. Furthermore, hybrid power solutions that deliver alternating current (AC) of fixed frequency are gaining traction for supplying electric power in remote locations. Apart from this, as these solutions offer increased reliability, enhanced flexibility and fuel efficiency, lower greenhouse gas (GHG) emissions and a wide range of operating modes, their application is expanding in various end use industries. Moreover, the leading market players are focusing on reducing the cost of battery energy storage systems (BESS) while improving hardware, energy density, safety and efficiency of hybrid power solutions. This, in turn, is anticipated to positively influencing the growth of the market in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hybrid power solutions market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on system type, power rating and end user.
Breakup by System Type:
Breakup by Power Rating:
- Up to 10 KW
- 11 KW-100 KW
- Above 100 KW
Breakup by End User:
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
|Base Year of the Analysis
||System Type, Power Rating, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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Key Questions Answered in This Report:
- How has the global hybrid power solutions market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global hybrid power solutions market?
- What are the key regional markets?
- What is the breakup of the market based on the system type?
- What is the breakup of the market based on the power rating?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global hybrid power solutions market and who are the key players?
- What is the degree of competition in the industry?