Hybrid Power Solution Market to Dictate the Growth Trajectory Upcoming Years

Pune, India, May 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Hybrid Power Solution Market.

Market Scenario

As per a detailed analysis by Market Research Future (MRFR), the global hybrid power solution market is anticipated to register a stellar CAGR during the forecast period (2017-2022). The reduction in carbon emission is one of the primary factors fueling the growth of the market. Hybrid power solution can be defined as the combined energy and power storage solution. The several types of hybrid solutions offered by the competitors are wind solar diesel, wind-diesel, solar diesel, and others. These systems include more than one type of power source and are specifically designed for the generation of the centralized electricity grid. They offer energy to remote areas of developing countries like India. The system also can offset disadvantages like CO2 emissions, fuel flexibility, and reliability.

Market Potential and Pitfalls

The hybrid power solution market’s growth is chiefly directed by factors such as the reduction in carbon emissions, growth in the hybrid power generation, and power generation with reduced fuel. As per the recent trends, hybrid power systems are becoming highly popular due to advanced renewable energy technologies and the surging prices of petroleum products. The high availability of manufacturers, along with the incentives provided by the government, are some of the top factors triggering the demand for the extensive adoption of hybrid power systems. The sheer unreliability and lack of grid connectivity in the rural and remote areas have further boosted the installation of the power systems in the past few years. The lower atmospheric contamination, fuel saving, and connected to other power supplies like solar panels are triggering the adoption of hybrid power solution across the globe. These systems also can offset disadvantages like CO2 emissions, fuel flexibility, and reliability. They are specifically designed to achieve the desired attributes at maximum efficiency and low cost, which further encourages its growth across the globe.

On the contrary, the high prices of the components for capturing renewable energy is one of the major restraining factors for the growth of the market across the globe. The higher initial investment is also considered to deter the market growth in the foreseeable future.

Access Report Details @ https://www.marketresearchfuture.com/reports/hybrid-power-solution-market-2053

Global Hybrid Power Solution Market: Segmental Analysis

The global hybrid power solution market has been segmented on the basis of technology and end-user.

By mode of technology, the hybrid power solution market has been segmented into wind solar diesel, wind-diesel, solar diesel, and others.

The end-user segment comprises commercial, residential, telecom, and others. Among these, the telecom sector is considered one of the major sectors contributing to the growth of the market. The rising number of mobile subscribers has increased the consumption of electricity by the telecom industry. The telecom companies are also setting up telecom towers, especially in the remote areas where the grid connectivity is not available. The telecom towers are installed to offer mobile access to the customers. The implementation of the towers at off-grid areas is contributing to the growth of hybrid power solutions in the telecom sector.

Competitive Dashboard

The prominent players operating in the global hybrid power solution market comprises Mitsubishi Power Systems Europe Ltd., Siemens AG, Doosan Heavy Industries & Construction Co. Ltd., NYE Thermodynamics Corporation, ZTE Corporation, MJB International, SMA Solar Technology AG, and Huawei Technologies Co., LTD.

Regional Insights

Geographically, the hybrid power solution market span across regions, namely, Asia Pacific, North America, Europe, and the Rest-of-the-World (RoW).

Considering the global scenario, the Asia Pacific region is considered to acquire the largest market share and dominate the market across the globe. The implementation of renewable energy production along with the electricity mix limits the cost of transporting fuel to remote areas. Japan is considered one of the leading contributors in the region with growing commercial projects and renewable energy. The government in this region is also highly supportive to make these systems more cost-effective and reliable, thereby contributing to the growth of the regional market. There is a notable increase in the demand for energy due to the rapidly growing population along with the growth in the disposable income. This further impacts the market’s growth positively. China has been considered as the world’s most populous city and has become the largest producer of solar energy across the globe. As per the National Energy Administration of China, the PV capacity installed was 77.42 gigawatts in 2016, while solar plants generated was66.2 billion kilowatt-hours of power. The booming solar industry will also create new growth avenues for the regional market in the long run.

Industry Updates

May 21, 2019: A Bengaluru start-up, ThingsCloud has planned to solve India’s power crisis by launching smart solar inverters for home. They are offering a mix of software and hardware solutions which will help to improve the efficiency of the energy systems, especially in the residential areas. The solar inverters offer data insights that can presume the supply and demand of power in a particular area.