Global Hybrid Power Solutions Market - Analysis by Power Rating, Type, End-user, and Geography- Growth, Trends, and Forecast (2018 - 2023)
The hybrid power generation systems include more than one source of electricity generation, which includes a renewable power plant as one the sources of electricity. The intermittency associated with renewable source is eliminated by other power sources, which are mostly diesel-based power generation system. Therefore, hybrid power solutions gain importance from the fact that it leads to usage of renewable power with hardly any intermittency. The hybrid power solutions are highly suitable for off-grid power consumers on account of its techno-economic benefits, which is expected to drive the market in the coming years. Moreover, the global hybrid power solutions market is likely to grow at a significant rate during the forecast period, owing to the evolving landscape in terms of innovations in technology and business models, growth in the telecom infrastructure, increasing government policies and greater need for energy security, resiliency, and reduction in green-house gases emissions.
Declining Cost of Solar Power is driving the Hybrid Power Generation Market
Globally, the decline in the cost of solar power generation is a big boost for hybrid power generation market. The governments across the globe have focused on building solar power infrastructure to promote clean energy generation. The cost of solar power has declined by around 80% in the last eight years. As a result, the decline in price led by technological advancements and policy level support from governments across the globe has improved the economic viability of solar power.
Middle East & Africa to Dominate the Market Growth
The Middle East & Africa (MEA) region is expected to dominate the market owing to increasing demand for electricity in the region. In 2017, GreenWish Partners, a renewable energy company planned to make USD 800 million investment in existing mobile phone towers. Moreover, the development of telecom infrastructure is expected to play a massive role in the growth of hybrid power solutions market growth in the region. Furthermore, the lack of power infrastructure in African countries is likely to require the development of off-grid power generation facilities, which is expected to create substantial market opportunities for hybrid power solutions in the near future.
Key Developments in the Market
April 2018: India-based EPC contractor, Sterling Wilson, announced the launch of a new business unit which is expected to offer solutions for hybrid power plants using energy storage
March 2018: Wartsila, Finnish power engineering company, has successfully completed the largest solar hybrid power plant in the West African country, Burkina Faso
The major players include - Siemens AG, Eltek Power Systems AS, GE Renewable Energy, Huawei Technologies Co. Ltd., Danvest Holding A/S, Electro Power Systems SA, PowerOasis Limited, Heliocentris/AKT o.N., SMA Solar Technology AG, ZTE Corporation, among others.
Reasons to Purchase This Report
Current and future hybrid power solutions market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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