Hybrid Power Solutions Market | Size, Share and Industry Forecast 2029

 

Hybrid Power Solutions Market

The Hybrid Power Solutions Market is estimated to grow at a higher CAGR of 8.1% during the forecast period, 2022-2029.

The factors driving growth of the Hybrid Power Solutions Market includes Government regulations to reduce greenhouse gas emissions, rising focus on utilizing renewable sources of energy, growing awareness about climate change and global warming, improved flexibility, and fuel efficiency of hybrid power solutions and improvements in the living standards. Moreover, growing adoption of advanced technologies by manufacturers, increasing demand for power solutions across India, China, and Australia, rise in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the Hybrid Power Solutions Market share. In addition, the increasing investments by major corporations on research and development, strategic collaborations and acquisitions between companies and growing disposable incomes, are further contributing towards the market growth. 

However, growth of the Hybrid Power Solutions Market is hindered attributed to complex system integration.

The prominent players operating in the market are ZTE Corporation, NYE Thermodynamics Corporation, Siemens AG, Silver Power Systems, Danvest, General Electric Company, Huawei Technologies Co., Ltd., Pfisterer Holding AG, Vergnet SA, and Taiwan Cement Ltd. among others.

Based on Configuration, the Solar-Diesel segment is predicted to grow at a significant CAGR during the forecast period

Solar energy is comparatively cheaper than other energy sources, reduces load power failure rate and require less maintenance, are some of the features pushing Hybrid Power Solutions Market size.

Based on Power Rating, the 11 KW-100 KW segment is projected to grow at a robust CAGR over the forecast period

Growing demand for hybrid micro-hydro and solar photovoltaic systems from rural areas to drive irrigation pumps and agricultural equipment, is propelling growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period

Growing demand for power solutions across Sri Lanka, India and Japan, Government initiatives to install renewable energy sources, rising concerns related to climate change, rapid industrialization, increasing per capita income and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.

Key Development

  • In 2021, General Electric Company delivered an integrated solar inverter and energy storage package that will use a DC-Coupled system, for a 123 MWh hybrid solar plus storage project across three sites in Upstate New York.

Market Segmentation

Segmentation by Configuration

  • Solar-Diesel
  • Wind-Diesel
  • Solar-Wind-Diesel
  • Others

Segmentation by Power Rating

  • Up to 10 KW
  • 11 KW-100 KW
  • Above 100 KW

Segmentation by End-User

  • Residential
  • Commercial
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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