About Hybrid Power Solutions
Hybrid power solutions are the combination of two power generation sources for a reliable power supply. Hybrid energy solutions of various energy generation technologies such as wind and solar photovoltaics with a diesel engine or generator. Fossil fuel-based energy sources produce carbon emissions which in turn have a negative impact on the environment and human health. Rising temperatures, heat waves, increased risk of flooding, and increased coastal erosion are some of the impacts of increased CO2 and other greenhouse gas emissions. These factors have led to an increasing trend toward using a hybrid power solution.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Hybrid Power Solutions is a fragmented market due to the presence of various players. Major industry players have shifted their focus toward emerging innovations pertaining to sustainable energy to generate energy on a large scale and are acquiring massive projects in partnerships with other companies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that Asia Pacific Manufacturers will contribute the maximum growth to Global Hybrid Power Solutions market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
SMA Solar Technology AG (Germany), Siemens AG (Germany), ZTE Corporation (China), Mitsubishi Power Systems Europe Ltd. (United Kingdom), Danvest Energy A/S (Denmark), Flexenclosure AB, LTD (Sweden), Huawei Technologies Co., LTD (China), Heliocentris Energy Solutions AG (Berlin), Alpha Power Solutions (India) and Huawei Technologies Co., LTD (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Flex enclosure AB, LTD (Singapore), NYE Thermodynamics Corporation (United State), Doosan Heavy Industries & Construction Co. Ltd (South Korea) and MJB International (Dubai).
Segmentation Overview
AMA Research has segmented the market of Global Hybrid Power Solutions market by Type (Solar-Diesel, Wind-Diesel and Solar-Wind-Diesel) and Region.
On the basis of geography, the market of Hybrid Power Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End users, the sub-segment i.e. Residential will boost the Hybrid Power Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Capacity, the sub-segment i.e. Up to 10kW will boost the Hybrid Power Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Grid type , the sub-segment i.e. On-Grid will boost the Hybrid Power Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Adoption of Renewable Energy across the Globe, Adoption of Hybrid Power in Industrial Sector to Minimize CO2 Emissions and Company Inclined Towards Sustainable Solution
Market Growth Drivers:
Rising Demand for Uninterrupted Power Supply and Increasing Demand for Electricity from Residential
Challenges:
Lack of Awareness among Consumers
Restraints:
Requirement of High Initial Investment
Opportunities:
Growing Infrastructure in Emerging Nations and Growing Government Initiatives towards Sustainability
Market Leaders and their expansionary development strategies
In October 2022, Siemens acquired Dade Behring. Dade Behring is a company that manufactured testing machinery and supplies for the medical diagnostics industry, based in Deerfield, Illinois, and Glasgow, Delaware.
In December 2021, The Berkeley lab released its annual update of operating hybrid plants. There were nearly 300 hybrids with greater than 1 MW of capacity operating across the United States. totaling nearly 36 GW of generating capacity and 3.2 GW/8.1 GWh of energy storage. Solar-plus-storage facilities are the most common, the largest such plants are in California, Texas, and Florida.
Key Target Audience
Battery Manufactures, Backup Power Providers, Regional Renewable Energy Association, Government Organization, R&D Institutions and Solar and Wind Energy Associations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.