Global Solar Diesel Hybrid Power Systems Market 2016-2020
About the Solar Diesel Hybrid Power Systems Market
Off-grid power generation systems are typically used when there is a lack of capital constraints or the geographical landscape makes it difficult to have a grid connection. Conventionally, the off-grid area is powered using fossil fuel generators, but environmental concerns and its sustainability in terms of cost, in the long run, has created the need for alternate solutions. A hybrid system that is a combination of two or more power sources such as renewables and diesel generators is an attractive option. The system harnesses the abundance of renewable sources that are freely available to generate electricity, and when combined with a diesel generator, it displaces the fuel consumption. Thus, it reduces the cost and the emission related to 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 solar diesel hybrid power systems market to grow at a CAGR of 6.89% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global solar diesel hybrid power systems market for 2016-2020. The revenue calculation is based on the end-users that use solar diesel hybrid systems. The end-users include:
Technavio Announces the Publication of its Research Report – Global Solar Diesel Hybrid Power Systems Market 2016-2020
Technavio recognizes the following companies as the key players in the global solar diesel hybrid power systems market: Belectric, Schneider Electric, Siemens, and SMA.
Other Prominent Vendors in the market are: Danvest, Electro power systems, Elgris power, Heliocentris, Outback Power, and Solgen.
Commenting on the report, an analyst from Technavio’s team said: “A trend which is propelling market growth is the increased popularity of portable power systems. In developed countries, there is an increasing need for reducing the dependency on fossil fuel, cutting down emissions, and the need to make individual power system less volatile to global oil prices. The scenario in developing countries is different; these countries are investing in various off-grid power sources to provide immediate power access to ensure smooth functioning of industries and the economy. Since renewable technologies have been seeing a continuous decrease in price as well as the reduction of battery energy storage costs, the use of renewable based on grid power systems has increased in both developing and developed countries.”
According to the report, a key growth driver is application in remote locations. Using diesel generators as a core power system or as backup systems is common in remote areas where access to the grid power is unreliable or non-existent. The cost per kWh of electricity generated is dependent on the cost of diesel and the maintenance. However, over the years, the cost of diesel has increased, which in turn has increased the cost of power generation, driving the need for alternate power systems. The price of solar systems has fallen over the years, enabling remote communities and sites to combine renewable power with existing systems to reduce costs.
Further, the report states that one challenge that could impact market growth is the high cost of installing units.
Belectric, Schneider Electric, Siemens, SMA, Danvest, Electro power systems, Elgris power, Heliocentris, Outback Power, Solgen.