With the emergence and long-term Impact of COVID-19, Global Hybrid Power Solutions Market to reach USD 1393.47 Million by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Hybrid Power Solutions Market points towards a potential rise to USD 1393.47 Billion by 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 utilizing 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.
Geographically, the global Hybrid Power Solutions market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). 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.
The global Hybrid Power Solutions market is highly competitive owing to the presence of several key manufacturers such as 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 and others.
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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
Key findings of the study suggest:
- Global Hybrid Power Solutions Market is anticipated to grow with a healthy growth rate of more than 8.13% over the forecast period 2023-2030.
- In the System Type segment, Solar-Wind-Diesel emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth 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 at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By System type:
By Power Rating:
- Up to 10 kW
- 11 kW-100 kW
- Above 100 kW
By End User:
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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