Hybrid Power Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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 Highlights
  • The solar generator hybrid system is estimated to have the largest share during the forecast period, owing to the constant increase in growth rate of solar power generation.
  • African countries have low electrification rate in the world, and with increasing electrification projects, a huge opportunity lies to implement hybrid power solutions at large scale in the region.
  • The Asia-Pacific hybrid power solutions market is expected to be the fastest growing, driven by the growing industrial sector and growing renewable energy growth, in which the leading positions are expected to be held by China and India, among others.
Key Market TrendsSolar Generator Hybrid Segment to Dominate the Market
  • A photovoltaic (PV) diesel hybrid system ordinarily consists a PV system, diesel gensets, and intelligent management to ensure that the amount of solar energy fed into the system exactly matches the demand at that time.
  • PV system complements the diesel gensets and supplies additional energy when loads are high or relieve the genset to minimize its fuel consumption. In the future, excess energy could optionally be stored in batteries, making it possible for the hybrid system to use more solar power even at night, hence driving the market during the forecast period.
  • As of 2018, almost 40% of the Nigerian population has no access to grid-connected electricity and the power supply in Nigeria is estimated to be only a third of the country’s minimum demand. This has led to an increase in demand for hybrid power solutions as a backup power supply in the residential sector.
  • India has a target of reaching 175 GW of installed capacity from renewable energy sources by the year 2022, which includes 100 GW of solar. Therefore, the government is implementing policies and putting out tenders, targeting an investment of USD 100 billion and hence promulgating the hybrid power market.
  • Moreover, hybrid systems are capable of capturing the best features of each energy resource and can provide ‘grid-quality’ electricity with a power range between one kilowatt (kW) to several hundred kilowatts. Therefore, with the growing awareness of hybrid power solutions coupled with respective government's efforts to increase the deployment of renewable energy sources are expected to drive the market in the coming years.
Asia-Pacific to Dominate the Market
  • In 2018, the global primary energy consumption grew by 2.9%, whereas Asia-Pacific witnessed a staggering growth rate of 4.1%. To meet this increasing consumption, Asia-Pacific is expected to count on renewable energy solutions during the forecast period.
  • In order to solve the intermittency issue of renewable energy that Asia-Pacific has, different methods such as large utility scale battery storage, or hybrid facilities are currently being developed to provide continuous energy supply from renewable energy sources.
  • In India, 2.5 GW hybrid projects have been sanctioned by Ministry of New and Renewable Energy in 2018 as a solution for providing continuous power. In partnership with Siemens, Munjal's Hero Future Energies completed the first large-scale solar and wind energy hybrid project in Karnataka in April 2018, adding a 28.8MW solar PV site to an existing 50MW wind farm.
  • In addition, China was the largest growth market for energy, for the 17th consecutive year, registering a growth rate of 3.1% in 2018. In China, renewable power generation rose by 25 million metric ton of oil equivalent, which was also the second-largest contribution to global primary energy growth from any single fuel and country.
  • Therefore, presence of unreliable grid infrastructure and ever increasing demand for power, Asia-Pacific is expected to be the largest and fastest growing hybrid power solutions market throughout the forecast period.
Competitive Landscape

The 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.

Additional Benefits:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Companies Mentioned

Siemens Gamesa Renewable Energy SA
General Electric Company
Huawei Investment & Holding Co., Ltd
Eltek Ltd.
Danvest BV
Electro Power Systems SA
PowerOasis Limited
SMA Solar Technology AG
Vergnet SA

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.

1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5.1 Configuration
5.1.1 Solar plus Generator
5.1.2 Wind plus Generator
5.1.3 Solar plus Wind plus Generator
5.1.4 Other Types
5.2 End-User
5.2.1 Commercial & Industrial
5.2.2 Residential
5.2.3 Utility
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Siemens Gamesa Renewable Energy SA
6.3.2 General Electric Company
6.3.3 Huawei Investment & Holding Co., Ltd
6.3.4 Eltek Ltd.
6.3.5 Danvest BV
6.3.6 Electro Power Systems SA
6.3.7 PowerOasis Limited
6.3.8 SMA Solar Technology AG
6.3.9 Vergnet SA

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook
Cookie Settings