Global Hybrid Power Solutions Market Size study & Forecast, by System Type (Solar-Diesel, Wind-Diesel, Solar-Wind-Diesel, Others), Power Rating (Up to 10 kW, 11 kW-100 kW, and Above 100 kW), End-User (Residential, Commercial, Telecom, Others) and Regional

Global Hybrid Power Solutions Market Size study & Forecast, by System Type (Solar-Diesel, Wind-Diesel, Solar-Wind-Diesel, Others), Power Rating (Up to 10 kW, 11 kW-100 kW, and Above 100 kW), End-User (Residential, Commercial, Telecom, Others) and Regional Analysis, 2023-2030

Global Hybrid Power Solutions Market is valued approximately at USD 745.64 million in 2022 and is anticipated to grow with a growth rate of more than 8.13% over the forecast period 2023-2030. Hybrid Power Solutions is a hybrid power plant or microgrid that combines renewable energy sources, thermal power generation, and energy storage devices. Storing excess energy and utilising rapid power top-ups from engine and turbine GenSets fed by petrol, liquid fuels or even synthetic or bio fuels can improve the reliability of wind and solar power systems. The market for hybrid power solutions is being driven by an increase in hybrid power generation, power generation using less fuel, and a reduction in carbon emissions. Additionally, as renewable energy technologies advance and petroleum prices rise, hybrid power systems are rising in prominence. The availability of manufacturers, as well as various government incentives, has encouraged the use of hybrid power systems. Furthermore, factors such as cost effectiveness, decreased maintenance requirements and increased efficiency are also driving demand for hybrid power systems market.

A photovoltaic (PV) diesel hybrid system typically comprises of a PV system, diesel generators, and sophisticated management to guarantee that the solar energy delivered into the system precisely meets the demand at that particular moment. According to the iea.org in 2022, Solar Photovoltaic (PV) generation experienced an unprecedented surge, surpassing 1,000 TWh in total power generation in 2021. This remarkable achievement was fueled by a record-breaking increase of 179 TWh, representing a growth rate of 22% compared to the previous year. Notably, solar PV accounted for 3.6% of global electricity generation, underscoring its significant contribution to the global energy mix. As a result, the government is enacting regulations and issuing bids with a USD 100 billion investment goal, so launching the hybrid power market. Additionally, growing adoption of renewable energy and supportive government initiatives and investment is anticipated to create the lucrative opportunity for the market during forecast period.. However, the higher initial investment in hybrid power solutions stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Hybrid Power Solutions Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 with largest market share owing to the advancement of renewable energy technology, the rise in petroleum product costs and power generation with reduced fuel and supportive government initiatives and investments in renewable energy. Europe is expected to grow significantly during the forecast period, owing to rising adoption of renewable energy in the region, growing investments in in hybrid solar and wind energy projects, cohesive government initiatives, and growing awareness to reduction in carbon emission in the region is anticipated to support the market growth.

Major market player included in this report are:
MAN Energy Solutions SE
Guangzhou HY Energy Technology Limited Corp.
Kestrel Renewable Energy
KYOCERA Corporation
Eaton Corporation
Panasonic Corporation
Schneider Electric
Sharp Electronics
Suzlon Group
Siemens Gamesa

Recent Developments in the Market:
In November 2022,Newly launched solar inverter and solutions provider Solinteg has launched a range of new PV products in recent months as it expands its international presence and targets 2GW of production capacity next year, rising to 10GW in 2025. A wide variety of 3-50kW hybrid inverters, including single-phase 3-8kW, three-phase 4-12kW, three-phase 10-20kW, and three-phase 25-50kW, are available from the firm. The firm just finished a Series A investment round, which was organised by TCL Ventures and other monetary investors, to assist its further expansion.

In January 2023, EU and Industry launch new project charting the way for interconnected offshore wind farms and energy islands By 2050, Europe hopes to have constructed 450 GW of offshore wind. By then, the EU intends to have 300 GW on its own. The achievement of this goal will depend increasingly on so-called hybrid offshore wind farms.

Global Hybrid Power Solutions Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - System Type, Power Rating , End User, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By System type:
Solar-Diesel
Wind-Diesel
Solar-Wind-Diesel
Others
By Power Rating:
Up to 10 kW
11 kW-100 kW
Above 100 kW
By End User:
Residential
Commercial
Telecom
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
MAN Energy Solutions SE
Guangzhou HY Energy Technology Limited Corp.
Kestrel Renewable Energy
KYOCERA Corporation
Eaton Corporation
Panasonic Corporation
Schneider Electric
Sharp Electronics
Suzlon Group
Siemens Gamesa

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