The hybrid power systems market share is expected to increase by USD 276.53 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 8.63%.
This hybrid power systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hybrid power systems market segmentations by technology (solar-diesel, solar-wind-diesel, wind-diesel, and others), end-user (non-residential and residential), and geography (APAC, Europe, North America, MEA, and South America). The hybrid power systems market report also offers information on several market vendors, including Delta Electronics Inc., elgris UG, General Electric Co., Huawei Investment and Holding Co. Ltd., MAN Energy Solutions SE, Schneider Electric SE, Shanghai Ghrepower Green Energy Co. Ltd., Siemens AG, SMA Solar Technology AG, and Vertiv Holdings Co. among others.
What will the Hybrid Power Systems Market Size be During the Forecast Period?
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Hybrid Power Systems Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a impact on the market growth during and post COVID-19 era. The increase in demand for clean energy sources is notably driving the hybrid power systems market growth, although factors such as intermittency and fluctuations in renewable power generation may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hybrid power systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hybrid Power Systems Market Driver
One of the key factors driving growth in the hybrid power systems market is the rising global electricity demand. In 2018, the global electricity demand grew by 4% to more than 23,000 TWh compared with 2017. When compared to 2017, worldwide power demand increased by 4% to over 23,000 TWh in 2018. Despite the fact that worldwide power demand is increasing, a large portion of the world's population, particularly in Africa and Asia, lack electricity access. According to the IEA, approximately 1 billion people worldwide did not have access to electricity in 2017. Furthermore, 350 million individuals in developing Asian countries, or 9% of the population, do not have access to electricity. This has prepared the path for the creation of technology and solutions such as Off-grid Solar Power Systems that can significantly accelerate the expansion of power access. Thus, off-grid energy solutions, such as solar PV and wind, coupled with energy storage systems, including batteries, have been gaining popularity in the expansion of electricity access.
Key Hybrid Power Systems Market Trend
Developments in BESS is another factor supporting the hybrid power systems market share growth. Batteries are the most commonly used energy storage systems globally, as the costs of battery systems have been declining significantly since 2010. This price reduction can be attributed to improvements in hardware and the standardization of systems design and engineering. Battery system prices, such as high temperature, lead-acid, flow batteries, and lithium-ion are predicted to fall further during the forecast period. Furthermore, various scientific advancements in battery technology have been made to optimize and improve energy density, safety, and efficiency. Unlike traditional organic lithium-ion batteries, which have a limited life and are deemed unsafe due to multiple fire occurrences in grid applications and consumer electronic gadgets, technological advancements have resulted in the development of efficient batteries. Thus, such technological advances and the declining cost of BESS are expected to boost market growth during the forecast period.
Key Hybrid Power Systems Market Challenge
One of the key challenges to the hybrid power systems market growth is the intermittency and fluctuations in renewable power generation. Renewable energy resources, such as wind and solar power, face challenges in terms of availability as appropriate wind flow is required for generating wind power. Similarly, the availability of high-intensity sunlight is essential for solar power generation. Solar output is intermittent and depends on several factors, such as solar irradiation, panel efficiency, and the degree of shade. These factors vary during the day and according to the climate. Solar PV systems are capable of producing power for only one-half of the day. Furthermore, the efficiency can decline during cloudy and rainy weather conditions. The availability of sunlight also varies with the geographic location. Although solar PV technology has been evolving, its conversion rate cannot be compared with that of fossil fuels, owing to the variability in the availability of sunlight. Such intermittency and fluctuations in renewable power generation can limit the growth of the market in focus.
This hybrid power systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global hybrid power systems market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hybrid power systems market during the forecast period.
Who are the Major Hybrid Power Systems Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Delta Electronics Inc.
- elgris UG
- General Electric Co.
- Huawei Investment and Holding Co. Ltd.
- MAN Energy Solutions SE
- Schneider Electric SE
- Shanghai Ghrepower Green Energy Co. Ltd.
- Siemens AG
- SMA Solar Technology AG
- Vertiv Holdings Co.
This statistical study of the hybrid power systems market encompasses successful business strategies deployed by the key vendors. The hybrid power systems market is fragmented and the vendors are deploying growth strategies such as strategic mergers, acquisitions, joint-venture, and partnership programs to compete in the market.
Product Insights and News
- Delta Electronics Inc. - The company offers hybrid power systems such as diesel generators, solar panels, wind turbines and others.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The hybrid power systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Hybrid Power Systems Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the hybrid power systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of renewable electricity market includes the following core components:
- Inputs
- Operations
- Distribution and logistics
- Marketing and sales
- Aftermarket and service
- Industry innovations
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Hybrid Power Systems Market?
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50% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for hybrid power systems market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Factors such as unreliable grid infrastructure and the presence of several islands will facilitate the hybrid power systems market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
What are the Revenue-generating Technology Segments in the Hybrid Power Systems Market?
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The hybrid power systems market share growth by the solar-diesel will be significant during the forecast period. A solar-diesel hybrid power system consists of a solar PV system, diesel gensets, and intelligent management in order to ensure that the amount of solar energy fed into the systems exactly matches the demand at that point in time. The solar PV systems complement the diesel gensets and supply additional energy when the loads are high, thus relieving the gensets by minimizing fuel consumption. Hence, factors such as the benefits of solar-diesel hybrid power systems and the widespread adoption are driving the growth of the segment of the market in focus.
Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the hybrid power systems market size and actionable market insights on post COVID-19 impact on each segment.
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Hybrid Power Systems Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.63% |
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Market growth 2021-2025 |
USD 276.53 million |
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Market structure |
Fragmented |
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YoY growth (%) |
6.93 |
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Regional analysis |
APAC, Europe, North America, MEA, and South America |
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Performing market contribution |
APAC at 50% |
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Key consumer countries |
China, US, Germany, Japan, and India |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Delta Electronics Inc., elgris UG, General Electric Co., Huawei Investment and Holding Co. Ltd., MAN Energy Solutions SE, Schneider Electric SE, Shanghai Ghrepower Green Energy Co. Ltd., Siemens AG, SMA Solar Technology AG, and Vertiv Holdings Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Hybrid Power Systems Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive hybrid power systems market growth during the next five years
- Precise estimation of the hybrid power systems market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the hybrid power systems industry across APAC, Europe, North America, MEA, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of hybrid power systems market vendors
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