Hybrid Power Solutions Market Is Expected To Grow Due To The Rising Popularity Of Renewable Sources To Generate Energy

According to TechSci Research report, Hybrid Power Solutions Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, the global hybrid power solutions market is anticipated to register robust growth during the forecast period 2024-2028. Hybrid power systems combine multiple types of energy generation and/or storage or use two or more types of fuel to power generators. Hybrid energy systems are a valuable way to transition away from fossil fuel-based economies. Especially in the short term, new technologies should contribute to better integration of renewable energy.

The energy source is still developing, but supporting renewable energy production with conventional thermal power can actually contribute to the expansion of renewable energy use. Hybrid power systems include AC diesel generators, DC diesel generators, AC distribution systems, DC distribution systems, loads, renewable energy sources (wind turbines or solar power sources), energy storage devices, power converters, and rotary converters. The system may also include a dump load, load management option, or supervisory control system. Hybrid power systems may also include biomass generators and hydroelectric generators.

Hybrid power systems can leverage existing power infrastructure and add components to reduce costs, environmental impact, and system disruption. Plans for hybrid power systems are focused on the market rather than technology. The priority is to select the combination of energy technologies that most efficiently and reliably meets user needs. Generally, at least one fuel source used to power the generator is renewable. Such systems improve the reliability (and thus ease of use) of renewable energy sources by enabling redundant generation of energy from conventional power sources or more efficiently storing power from intermittent sources. Hybrid power systems can reduce reliance on fossil fuels and increase the share of renewable energy sources, including intermittent sources, thereby improving the eco-efficiency and energy security of power generation. Hybrid power systems can reduce long-term energy costs by balancing fossil fuel consumption with renewable energy production.

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The global hybrid power solutions market is bifurcated on the basis of system type, power rating, end-users, and region. Based on system type, the market is further bifurcated into solar-diesel, wind-diesel, solar-wind-diesel, and others. During the forecast period, the solar-diesel segment is expected to be the dominating segment. Photovoltaic-diesel hybrid (PV) systems are typically intelligently managed to ensure that the PV array, diesel generator set, and amount of solar energy supplied to the system exactly matches current needs. PV systems complement diesel aggregates to provide additional energy at high loads or reduce aggregates to minimize fuel consumption. In the future, surplus energy can optionally be stored in batteries, which will allow hybrid systems to use more solar power at night. Such factors will drive the market during the forecast period.

As of 2018, nearly 40% of Nigeria's population lacked access to grid-connected electricity, and Nigeria's electricity supply is estimated to be only one-third of the country's minimum requirements. This has increased the demand for hybrid power solutions for residential backup power. India had set a goal of reaching 175GW of renewable energy installed capacity, including 100GW of solar PV, by 2022. To achieve this, the government implemented policies, conducting tenders and promoting the global hybrid power solutions market with a target investment of USD 100 billion. In addition, hybrid power systems can take advantage of the best characteristics of each energy source and provide 'grid-quality' power with outputs ranging from 1 kilowatt (kW) to hundreds of kilowatts. Therefore, growing awareness of hybrid energy solutions and government initiatives to increase the use of renewable energy sources are expected to drive the market in the coming years.

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Market Segmentation:
The global hybrid power solutions market is segmented on the system type, end-users, power rating and region. Based on system type, the market is bifurcated into solar-diesel, wind-diesel, solar-wind-diesel, and others. Based on end-users, the market is further bifurcated into residential, commercial, telecom and others. Based on power rating, the market is bifurcated into up to 10 kw, 11 kw-100 kw and above 100 kw. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, and Middle East & Africa.

Key market players in the global hybrid power solutions market are:

• Siemens Gamesa Renewable Energy SA
• General Electric Company (GE)
• Huawei Technologies Co., Ltd.
• Eltek Ltd.
• SMA Solar Technology AG
• Vergnet SA
• Clear Blue Technologies Inc.
• Man Energy Solutions SE
• Iberdrola, S.A.
• Suzlon Energy Limited

"During the forecast period, the solar-diesel segment is expected to be the dominating segment as PV systems complement diesel aggregates to provide additional energy at high loads or reduce aggregates to minimize fuel consumption. Moreover, hybrid power systems can take advantage of the best characteristics of each energy source and provide 'grid-quality' power with outputs ranging from 1 kilowatt (kW) to hundreds of kilowatts," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

"Hybrid Power Solutions Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By System Type (Solar-diesel, Wind-diesel, Solar-wind-diesel, and Others), By Power Rating (Up to 10 kW, 11 kW-100 kW, and Above 100 kW), By End-Users (Residential, Commercial, Telecom, and Others), By Region" has evaluated the future growth potential of the global hybrid power solutions market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global hybrid power solutions market.

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Table of Contents:

1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.3. Markets Covered
1.4. Years Considered for Study
1.5. Key Market Segmentations

2. Research Methodology
2.1. Baseline Methodology
2.2. Key Industry Partners
2.3. Major Association and Secondary Sources
2.4. Forecasting Methodology
2.5. Data Triangulation & Validation
2.6. Assumptions and Limitations

3. Executive Summary

4. Voice of Customers

5. Global Hybrid Power Solutions Market Outlook

5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By System Type (Solar-diesel, Wind-diesel, Solar-wind-diesel, and Others)
5.2.2. By Power Rating (Up to 10 kW, 11 kW-100 kW. and Above 100 kW)
5.2.3. By End-Users (Residential, Commercial, Telecom and Others)
5.3. By Company (2022)
5.4. Market Map ….Conti…

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