The global hybrid power solutions market is growing persistently. The market growth attributes to the increase in hybrid power generation and the rising demand for renewable energy. Besides, the increasing pressure to minimize fuel consumption and to reduce carbon footprints drives the growth of the market. With the growing population, urbanization, and industrialization worldwide, the demand for renewable, clean, and sustainable energy is increasing.
Moreover, the rise in sustainable energy generation and advances in technologies escalate the growth of the market. According to Market Research Future (MRFR), the global hybrid power solutions market is projected to garner exponential gains by 2027, registering an impressive CAGR during the assessment period (2020-2027). Increasing environmental concerns substantiate the growth of the market, creating the demand for renewable energy generation that can lower CO2 emissions.
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Additionally, increasing consumer awareness for the benefits of renewable energy sources, fosters the growth of the hybrid power solutions market, generating a vast pool of market opportunities across the world. Furthermore, the advantages of hybrid power solutions, such as cost-effective output and fuel-saving, propel the market's size. Also, the governments' substantial investments integrate renewable sources of energy, such as wind energy push the market growth.
Moreover, the lack of grid connectivity in remote and rural areas and sheer unreliability encourages the installation of hybrid power systems. Also, lower atmospheric contamination and connected solar panels fuel the adoption of hybrid power systems. Conversely, high prices of components used for renewable energy generation is a major factor estimated to restrict the large-scale adoption of hybrid power solutions. Nevertheless, technological innovations expected in the recent future would support market growth throughout the review period.
MRFR profiled key Global Hybrid Power Solution Market players. They are:
Mitsubishi Power Systems Europe Ltd., Siemens AG, NYE Thermodynamics Corporation, MJB International, Doosan Heavy Industries Construction Co. Ltd., ZTE Corporation, SMA Solar Technology AG, and Huawei Technologies Co., LTD, among others.
Global Hybrid Power Solutions Market - Segments
The report is segmented into three dynamics;
By Product : Wind Diesel, Wind Solar Diesel, Solar Diesel, and others.
By End Use : Residential, Commercial, Telecom, and others.
By Regions : North America, Europe, APAC, and Rest-of-the-World (RoW).
Global Hybrid Power Solutions Market - Geographical Analysis
The Asia Pacific region dominates the global hybrid power solutions market. The largest market share attributes to the rising technological advances and focuses on integrating renewable energy production with the electricity mix. Besides, the availability of potent technologies at affordable costs is a key driving force behind the regional market growth.
Moreover, the presence of many notable players in the region fosters the growth of the market. China, Japan, and India are the key market for hybrid power solutions in the region, substantially driving the market growth. The APAC hybrid power solutions market is estimated to retain its dominance throughout the forecast period.
North America accounts for the second-largest share in the global hybrid power solutions market. The region is a hub for advanced renewable power generation technologies and their early adoption of innovative applications. The huge demand, particularly from the residential, commercial, telecom industry verticals, substantiates the growth of the regional market. The presence of a well-established infrastructure pushes market progress, allowing implementations of futuristic technologies.
The Europe hybrid power solutions market is emerging as a lucrative market globally. The region perceives a massive uptake of renewable energy. The burgeoning residential, commercial, and telecom industries in the UK and Germany contribute to the market growth in the region majorly. Furthermore, the presence of notable product manufacturers, increasing demand for digital technologies, and growing technological advancements drive the market.
Furthermore, technological advances in products used in wind-diesel, wind-solar-diesel, and solar-diesel energy, push the regional market growth. The European hybrid power solutions market is anticipated to generate a substantial revenue pocket through 2020-2027.
Global Hybrid Power Solutions Market - Competitive Landscape
Highly competitive, the hybrid power solutions market appears fragmented due to the presence of several well-established players. Mergers acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans.
For which they invest substantially in RD to develop adept technologies and products. These companies focus on developing their product portfolios with the latest technologies and following organic and inorganic growth approaches, engaging in product development. The market competition is likely to intensify due to new product launches and the new entrants in the market.
Industry/ Innovation/ Related News
August 07, 2020 ---- Grasim Industries (India), Aditya Birla Group's flagship company, announced signing a limited liability partnership agreement with Cleanmax Enviro Energy Solutions to establish and operate a 32.4-megawatt wind power plant in the State of Karnataka.
The company has executed an LLP agreement worth Rs 73 crore establishes partnership with Cleanmax Enviro Energy Solutions Private Limited (Generator Partner) and power purchase agreement with CleanMax Power 3 LLP (Power Producer). Cleanmax (India), a leading renewable energy company, recently signed a joint venture with USA-based Cargill to set up a 15 MW wind-solar hybrid power plant in Karnataka.
Key Questions Addressed by the Report
- What was the historic market size (2020)?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate by 2027?
- How are the key players in this market?
- What are the strategies adopted by key players?
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TABLE OF CONTENT
1 MARKET INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.3 MARKET STRUCTURE:
1.3.1 GLOBAL HYBRID POWER SOLUTION MARKET: BY PRODUCT
1.3.2 GLOBAL HYBRID POWER SOLUTION MARKET: BY END USER
1.3.5 GLOBAL HYBRID POWER SOLUTION MARKET: BY REGION
2 RESEARCH METHODOLOGY
2.1 RESEARCH TYPE
2.2 PRIMARY RESEARCHPT
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
2.4.1 MARKET DATA COLLECTION, ANALYSIS FORECAST
2.4.2 MARKET SIZE ESTIMATION
2.4.3 MARKET CRACKDOWN DATA TRIANGULATION
3 MARKET DYNAMICS
3.2 MARKET DRIVERS
3.3 MARKET CHALLENGES
3.4 MARKET OPPORTUNITIES
4 EXECUTIVE SUMMARY
- MARKET FACTOR ANALYSIS
5.1 PORTER’S FIVE FORCES ANALYSIS
5.2 SUPPLY CHAIN ANALYSIS
6 GLOBAL HYBRID POWER SOLUTION MARKET
6.2 MARKET STATISTICS
LIST OF TABLES
FIGURE 1 RESEARCH TYPE
FIGURE 2 GLOBAL HYBRID POWER SOLUTION MARKET: BY PRODUCT (%)
FIGURE 3 GLOBAL HYBRID POWER SOLUTION MARKET: BY END USER (%)
FIGURE 4 GLOBAL HYBRID POWER SOLUTION MARKET: BY REGION
FIGURE 5 NORTH AMERICA HYBRID POWER SOLUTION MARKET, BY PRODUCT (%)
FIGURE 6 NORTH AMERICA HYBRID POWER SOLUTION MARKET, BY END USER (%)
FIGURE 7 NORTH AMERICA HYBRID POWER SOLUTION MARKET, BY COUNTRIES (%)
FIGURE 8 EUROPE HYBRID POWER SOLUTION MARKET, BY PRODUCT (%)
FIGURE 9 EUROPE HYBRID POWER SOLUTION MARKET, BY END USER (%)
FIGURE 10 EUROPE HYBRID POWER SOLUTION MARKET, BY COUNTRIES (%)
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