With low electrification rates rampant in most of the developing countries, off-grid power generation provides a huge market for hybrid power systems as an alternative solution to the expensive and polluting diesel generators used traditionally. The market has been growing steadily in the past and is expected to continue to do so during the forecast period, 2014-2018. This research service deals with the global dynamics of the hybrid power systems market. Revenue and annual installed capacity forecasts are provided for the total as well as regional markets. It provides a comprehensive insight into the market trends, and prevalent drivers & restraints with a special focus on emerging hotspots
The global hybrid power systems market witnessed steady growth during 2010-2012. It is expected to experience similar growth through the forecast period, 2014-2018.
The market generated $ million in 2013, and is set to witness a compound annual growth rate (CAGR) of% to reach $ million by 2018.
Hybrid power capacity installed in 2013 stood at MW , a growth of % over 2012, when it was MW. By 2018, annual installed capacity is likely to be 203.6 MW.
Most of the developing world provides good opportunities for growth of this technology due to under-developed grid networks, which render a considerable population without grid connected electricity.
This population relies on diesel gen-sets for their power requirements, which is increasingly being replaced by hybrid power systems, making retrofitting an integral part of the business.
Solar and wind are dominant hybrid power sources that are in abundance in growing regions of Latin America, Middle East & Africa (MEA), and Asia-Pacific (APAC).
China, India, Myanmar, South Africa, and Brazil are the global hotspots for this market. These countries are emerging economically and continue to invest in all sources of renewable energy. They have limited grid network, making hybrid power systems a likely source of power for remote areas.
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