Hybrid Power Solutions Market Forecasts to 2030 – Global Analysis By Product (Grid Connected, Standalone and Other Products), System Type (Solar-Wind Diesel, Solar Diesel, Wind Diesel and Other System Types), Power Rating, Configuration, End User and By G

Hybrid Power Solutions Market Forecasts to 2030 – Global Analysis By Product (Grid Connected, Standalone and Other Products), System Type (Solar-Wind Diesel, Solar Diesel, Wind Diesel and Other System Types), Power Rating, Configuration, End User and By Geography

According to Stratistics MRC, the Global Hybrid Power Solutions Market is accounted for $31.28 billion in 2023 and is expected to reach $61.46 billion by 2030 growing at a CAGR of 10.13% during the forecast period. Power is produced by loads, generators, converters, storage devices, and renewable energy sources in hybrid power solutions. Currently, these systems come in a variety of scales, from massive island grids with several megawatts to small domestic power supplies with about a kilowatt. Hybrid power solutions have a wide range of applications in utilities, municipalities, independent power producers (IPPs), and system operators around the world because they minimize carbon footprints and lower overall energy costs.

Market Dynamics

Driver

Surge in use in automotive applications

Many people in developing nations live in isolated or off-the-grid places. Remote areas have far higher installation and distribution costs, and massive investment is needed in these areas to electrify them completely. The global telecom business is expanding, but particularly in distant areas like Indonesia, where network obstructions are causing energy consumption and CO2 emissions. Diesel generators and renewable energy (wind, solar, or a combination of both) are combined in hybrid power solutions to ensure uninterrupted, 24-7 power supplies to off-grid locations.

Restraint

High installation costs and less battery life

A hybrid solar energy system has a higher initial investment than solar energy alone, despite having lower maintenance costs. The system's home batteries may have a shorter lifespan because they are frequently exposed to heat, cold, or rain. If it is chosen as the ideal location for installation, then this is less of a challenge. (Another justification for employing an established installation team!)

Opportunity

New product launch

SMA, a German maker of PV inverters, introduces the Sunny Boy Storage 3.7/5.0/6.0 battery inverter. SMA's most recent products feature improved digital services as inverter manufacturers strive to set their products apart from the competition. Additionally, the battery inverter allows for the connection of up to three batteries, and as stated by the organization, the process to accomplish so is designed to be quick and easy. SMA says installers and operators will have the option to use the SMA Smart Connected help, which emphasizes systems and sends out automatic notifications when maintenance work is required. SMA is focused on batteries from diverse manufacturers being connected with its system.


Threat

Slow recharging of solar generators and limited power supply

Batteries for solar generators can only be recharged while the sun is rising. Even then, the solar panels need some time to fully charge the battery. Most mid-sized solar generator batteries would require more than 9 hours to fully charge using a solar panel with a 100-watt power output. The solar generator's battery capacity will also have an impact on how much power it can produce. The entire residence probably won't be able to be powered by a solar generator. On the other hand, it can briefly power small appliances and charge phones and laptops. Since gas generators can be regenerated at any moment, there are less restrictions on what and how long they can power.

Covid-19 Impact

The COVID-19 epidemic had significant adverse effects on the global market for hybrid power systems. A majority of the main countries had slower economic growth as a result of the COVID-19 epidemic, which had an impact on consumer purchasing habits. The supply-demand gap has widened as a result of the lockdown that has been enacted in a number of nations' transportation systems, which has adversely affected both domestic and international supply chains. Thus, it is anticipated that a lack of raw materials will slow down the manufacture of hybrid power solutions, which will have a negative effect on the market's expansion.

The Solar-Diesel segment is expected to be the largest during the forecast period

The Solar-Diesel segment is expected to have the largest share over the forecast period. The consumer benefits from solar-diesel because it offers a reliable power grid and a constant energy supply. Additionally, it makes it possible to save gasoline by switching from diesel generators to PV generators when there is enough sunlight. Additionally, it has the capacity to maintain a balance between the demand for electricity and the supply of energy at night, when there is no sunlight. Over the forecast period, it is anticipated that these developments will support segment growth.

The 11kW-100kWsegment is expected to have the highest CAGR during the forecast period

11kW-100kW segment is expected to have the highest CAGR during the forecast period. Power equipment and hybrid electric vehicles both use these kinds of solutions. The gasoline engine and electric motor used in hybrid electric vehicles allow them to successfully reduce environmental problems like air pollution brought on by CO2 emissions. These reasons have raised the demand for hybrid automobiles as an entire segment, which is projected to propel the segment's expansion.

Region with largest share

Due to growing awareness of the superior product features, including low carbon emissions and high efficiency, the Middle East and Africa are currently adopting hybrid power solutions. Middle East & Africa is poised to have dominant share over the projection period. In 2016, the Middle East witnessed the installation of the first hybrid system for a telecom application, which Cummins, Inc. had delivered to the Zain Group in Kuwait. This aspect is expected to promote the use of creative power solutions in the region.

Region with highest CAGR

Due to growing awareness of the negative environmental effects of diesel power generators, the market in Asia Pacific is predicted to expand at a high rate. Additionally, a major factor in the region's market growth is anticipated to be a shortage of grid-related infrastructure needed for conventional power generation products. The overall regional demand is also being boosted by rising demand from nations like Japan, China, and India.

Key players in the market

Some of the key players in Hybrid Power Solutions market include Blue Pacific Solar Products Inc., ContourGlobal plc, Huawei Technologies Co. Ltd., Danvest Energy A/S, Eaton Corp., Electro Power Systems SA, Eltek Ltd., Flexenclosure AB, LTD, MPower Group, General Electric Company, Heliocentris Energy Solutions AG, PFISTERER Holding AG, MAN Energy Solutions SE, Huawei Investment & Holding Co., Ltd, Polar Power Inc., SMA Solar Technology AG, Supernova Technologies Pvt. Ltd., PowerOasis Limited, ReGen Powertech Pvt Ltd., Schneider Electric SE, Shanghai Ghrepower Green Energy Co. Ltd., Unitron Energy Systems Pvt. Ltd., Siemens Gamesa Renewable Energy SA, ZTE Corporation, Vergnet SA, Zenith Solar Systems and Vertiv Group Corp.

Key Developments

In September 2022, Qatar Energy signed a Memorandum of Understanding (MOU) with General Electric (GE) to collaborate on developing a carbon capture roadmap for the energy sector in Qatar. The focus of the MOU is to explore the feasibility of developing a world-scale carbon hub at Ras Laffan Industrial City.

In December 2021, GE Digital has entered into an agreement to acquire Opus One Solutions Energy Corporation (“Opus One”), a software company that helps electric utilities optimize energy planning, operations, and market management.

In November 2016, Flexenclosure launched maintenance free hybrid power system eSite x10 for telecom industry.

In December 2015, Electro Power Systems acquired Elvi Energy (Italy) to become market leader in integrated storage system.

Products Covered
• Grid Connected
• Standalone
• Other Products

System Types Covered
• Solar-Wind Diesel
• Solar Diesel
• Wind Diesel
• Other System Types

Power Ratings Covered
• Upto 10kW
• 11 kW - 100 kW
• Above 100 kW

Configurations Covered
• Solar Plus Wind Plus Generator
• Wind Plus Generator
• Solar Plus Generator
• Other Configurations

End Users Covered
• Telecommunication
• Residential
• Commercial
• Industrial
• Utility
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances