- Increase in awareness pertaining to renewable sources of energy is expected to present substantial business opportunities in the Hybrid Power Systems Market
- Rising efforts of governments to encourage the generation of electricity utilizing renewable sources of energy is projected to promote market growth in Asia Pacific
WILMINGTON, Del., Dec. 19, 2022 /PRNewswire/ — The Hybrid Power Systems Market is estimated to grow at a CAGR (compound annual growth rate) of 6.4% from 2021 to 2031, states the market forecast presented in the report by Transparency Market Research (TMR).
Renewable sources of energy are increasingly adopted for the generation of energy. Popularity of hybrid power systems is on the rise owing to their ability to combine renewable energy sources such as solar & wind, and energy generated by traditional techniques such as diesel generators. Hence, demand for varied types of hybrid power systems such as PV-diesel hybrid, wind-solar-diesel hybrid, solar thermal, hybrid-solar biomass, and wind-hydro-diesel hybrid systems is increasing. This, in turn, is likely to create significant growth prospects in the market during the forecast period
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- Hybrid power systems are efficient, dependable, cost-effective, and have minimum greenhouse gas emissions. These power solutions use less fuel and generate maximum output. They are utilized in numerous applications in commercial, residential, telecommunication, mining, and oil & gas industries. This factor is propelling the global market development.
- Hybrid power systems find wide application in off grid sites, where electricity is not accessed via grid connection. Some of these sites include industrial units, remote villages, and telecom towers. Increase in use of hybrid power solutions in order to fulfill the power needs in these regions is expected to fuel business growth in the market in the next few years.
- Awareness about advantages of clean energy is rising across the globe. This, along with increase in concerns pertaining to carbon emissions is leading to prominent sales opportunities in the global Hybrid Power Systems Market. Furthermore, the market is driven by rise in demand for clean energy technologies such as solar PV and wind.
- Companies from several developing nations such as India, China, Indonesia, and South Africa have developed wind-solar-diesel hybrid power systems intended for the electrification of rural areas. This aids the increase in investments in such projects across these countries and are the factors predicted to lead to revenue gains in the near future, state analysts at TMR.
Hybrid Power Systems Market: Growth Drivers
- Increase in understanding about concerns related to environmental pollution is expected to augment the industry growth during the forecast period
- Availability of limited conventional sources of energy is anticipated to boost the sales of hybrid power systems
- Rise in investment by governments of developing countries in hybrid power systems is predicted to propel the market.
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Hybrid Power Systems Market: Regional Analysis
- The research report by TMR projects Asia Pacific to account for key share of the global market during the forecast period. Growth of the Asia Pacific market for hybrid power systems is attributed to increase in focus of governments of regional countries on electricity generation using renewable sources of energy. Moreover, the market is driven by rise in awareness pertaining to disadvantages of diesel power generators.
- The Middle East & Africa market is estimated to develop at noteworthy pace in the upcoming years. Increase in focus on electrification of rural areas is likely to accelerate the market growth in Middle East & Africa.
Hybrid Power Systems Market: Key Players
Key players profiled in the report are:
- Kestrel Renewable Energy
- MAN Energy Solutions SE
- General Electric
- KYOCERA Corporation
- Guangzhou HY Energy Technology Limited Corp.
- Sharp Electronics
- Panasonic Corporation
- Suzlon Group
- Schneider Electric
- Siemens Gamesa.
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Hybrid Power Systems Market Segmentation
- Rural Facility Electrification
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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