Hybrid Power Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global hybrid power solutions market is expected to grow approximately at a CAGR of more than 8.5% during the forecast period. Factors such as demand for reliable electricity, which is growing across the world on account of industrial expansion and development of commercial infrastructure, which in turn is driving the hybrid power solutions market. Moreover,decline in the cost of solar power generation is likely to provide a boost for hybrid power generation market. However, many countries are still relying on the conventional energy generation methods owing to their demographic reasons. This factor is expected to restrain the growth of the market during the forecast period.
Key HighlightsThe hybrid power solutions market is moderately fragmented. Some of the key players in this market are Siemens Gamesa Renewable Energy SA, General Electric Company, Huawei Investment & Holding Co., Ltd., Eltek Ltd. and Danvest BV.
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