Hybrid Power Solutions Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Hybrid Power Solutions Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global hybrid power solutions market size reached US$ 980 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,580 Million by 2028, exhibiting a growth rate (CAGR) of 8.3% during 2022-2028.

Hybrid power solutions rely on loads, generators, converters, storage systems and renewable energy sources to generate power. These solutions are presently available in varying sizes, ranging from large island grids of many megawatts to individual household power supplies of around one kilowatt. As they minimize carbon footprint and reduce the overall cost of energy, hybrid power solutions find extensive application in utilities, municipalities, independent power producers (IPPs) and system operators worldwide.

The increasing consumption of electricity, in confluence with the escalating demand for clean energy sources on account of rising environmental concerns, represents one of the key factors bolstering the market growth. Moreover, the increasing adoption of hybrid power solutions can be attributed to the rising need for storing excess power during oversupply, supply shortages and sudden peaks in load demand. Furthermore, hybrid power solutions that deliver alternating current (AC) of fixed frequency are gaining traction for supplying electric power in remote locations. Apart from this, as these solutions offer increased reliability, enhanced flexibility and fuel efficiency, lower greenhouse gas (GHG) emissions and a wide range of operating modes, their application is expanding in various end use industries. Moreover, the leading market players are focusing on reducing the cost of battery energy storage systems (BESS) while improving hardware, energy density, safety and efficiency of hybrid power solutions. This, in turn, is anticipated to positively influencing the growth of the market in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global hybrid power solutions market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on system type, power rating and end user.

Breakup by System Type:

Solar-Diesel

Wind-Diesel

Solar-Wind-Diesel

Others



Breakup by Power Rating:

Up to 10 KW

11 KW-100 KW

Above 100 KW



Breakup by End User:

Residential

Commercial

Others



Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa



Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being AEG Power Solutions GmbH, Delta Electronics Inc., ENGIE EPS S.A., Huawei Technologies Co. Ltd., Pfisterer Holding Aktiengesellschaft, Siemens AG, Silver Power Systems Ltd., SMA Solar Technology AG, Vergnet SA and ZTE Corporation.

Key Questions Answered in This Report:

How has the global hybrid power solutions market performed so far and how will it perform in the coming years?

What has been the impact of COVID-19 on the global hybrid power solutions market?

What are the key regional markets?

What is the breakup of the market based on the system type?

What is the breakup of the market based on the power rating?

What is the breakup of the market based on the end user?

What are the various stages in the value chain of the industry?

What are the key driving factors and challenges in the industry?

What is the structure of the global hybrid power solutions market and who are the key players?

What is the degree of competition in the industry?