About Hybrid Renewable Energy System
A hybrid renewable energy system is a combination of more than one power source, where one is a renewable source, and the other is a conventional source of power. Some of these sources include solar PV, wind energy systems, fuel cells, and energy storage systems. The hybrid system harnesses the renewable sources that are freely available to generate electricity combined with a diesel generator. Thus, it reduces the fuel cost and the emissions from diesel power generation. The hybrid system can also be combined with other technologies such as battery storage to improve its effectiveness.
Technavio’s analysts forecast the global hybrid power systems market to grow at a CAGR of 5.87% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global hybrid power systems market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors operating in the market.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hybrid Power Systems Market 2016-2020
Technavio recognizes the following companies as the key players in the global hybrid power systems market: Emerson, Heliocentris, Shanghai Ghrepower Green Energy, Siemens, and SMA.
Other Prominent Vendors in the market are: AEG Power Solutions, Alpha Power, Danvest, Electro Power Systems, Elgris Power, Eltek Power, KLiUX Energies, ReGen Powertech, Repowering Solutions, Schneider Electric, SFC Energy, Urban Green Energy, and WindStream Technologies.
Commenting on the report, an analyst from Technavio’s team said: “Increasing deployment of microgrids will be a key trend for market growth. A microgrid is a composition of multiple energy generation sources such as solar, wind, biomass, geothermal and fossil fuel generators that are connected to the grid as a single point of load. It may function either as a hybrid or independently to supply power to a local community, university or a military base. Microgrids usually have energy storage systems to address the intermittent nature of renewable power, and the entire network is managed using an energy management system.“
According to the report, one of the key drivers for market growth will be the increasing need for electrification for economic growth. Electricity consumption is proportional to the economic development of a country; although it is a complex relationship, electricity is a pre-requisite for economic growth, driving infrastructure and social development. However, a majority of people in developing countries, especially in rural areas, lack access to grid power, which indirectly affects economic growth.
Further, the report states that the distributed way of power generation will be a challenge for the market. Distributed generation refers to small-scale power generation through the use of generators or renewables at the point of consumption. This technology is gaining popularity due to the reduction it offers in the cost of energy systems such as solar PVs, and wind turbines. Besides, this trend is receiving support from various governments due to its economic and lower-emission advantages.
Emerson, Heliocentris, Shanghai Ghrepower Green Energy, Siemens, SMA, AEG Power Solutions, Alpha Power, Danvest, Electro Power Systems, Elgris Power, Eltek Power, KLiUX Energies, ReGen Powertech, Repowering Solutions, Schneider Electric, SFC Energy, Urban Green Energy, WindStream Technologies.