MARKET OVERVIEW
Hybrid power system are emerging power supply source, and are suited for off grid areas, isolated grids and islands where power supply through grid is not economical and viable option. Hybrid power solutions combine renewable power sources (wind and solar) along with diesel generators for efficient and reliable power supply. The growing power demand can be met through deploying hybrid power system designed according to individual power requirement of residential and non-residential customers. Hybrid power system combine diesel generator along with renewable sources (wind, solar or both). It ensures countinuity of power supply to off grid sites with less interruption.
MARKET SCOPE
The "Global Hybrid Power System Market Analysis to 2028" is a specialized and in-depth study of the renewable power generation with a special focus on the global market trend analysis. The report aims to provide an overview of the hybrid power system market with detailed market segmentation by product type, application and geography. The report provides key statistics on the market status of the leading hybrid power system market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of product type the market is segmented into Wind-Solar-Diesel-Hybrid, PV-Diesel-Hybrid, and others
- On the basis application, the market is segmented as Residential, Rural Facility Electrification, Commercial, and Others
MARKET DYNAMICS
Drivers
-Growing awareness for renewable energy sources to generate energy
-Growth in Hybrid Power Generation in Off-Grid Sites
Restraints
-Higher Initial Investment Restraints the Market Growth
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). The rise in demand for energy owing to increase in population and rapid urbanization in developing economies such as China, Indonesia, Malaysia, and India is anticipated to boost the market growth in coming years. The hybrid power system market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the hybrid power system market in these regions.
IMPACT OF COVID-19 ON HYBRID POWER SYSTEM MARKET
The outbreak of the COVID-19 has severely impacted the energy and power industries, which resulted a decline in market growth in the year 2020. The outbreak of the pandemic led to demand-supply gap, shutdown of several manufacturing industries across the globe, which in turn, caused disruptions in raw material procurement and further led to price volatility. The withdrawal of upcoming investments and hold on for ongoing projects in renewable energy has directly influenced the market growth. However, the global situation is getting recoverd at a slow & steady pace which is anticipated to increase in coming years. Furthermore, the key players engaged in the market are also focusing on investment in hybrid power system which is further strengthening the market growth in pandemic recovery period. For instance, in January 2021, Schneider Electric had introduced the energy center for distributed energy enabled homes which integrates the services for solar, batteries, EV chargers and whole-home energy controls. Thus, such initiatives from key players along with supportive government policies is fueling the market growth over the projected period. The increase in energy demand owing to rise in population, government initiatives encourages increased deployment of renewable technologies, and growing awareness among consumers leds adoption of renewable energy across the globe are some of the key factors anticipated to boost the demand for the hybrid power system market in the projected period.
MARKET PLAYERS
The report covers key developments in the hybrid power system market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the hybrid power system market are anticipated to provide lucrative growth opportunities in the future with the rising demand for hybrid power system in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the hybrid power system market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-General Electric
-MAN Energy Solutions SE
-Kestrel Renewable Energy
-KYOCERA Corporation
-Eaton
-Panasonic Corporation
-Schneider Electric
-Sharp Electronics
-Suzlon Group
-Siemens Gamesa
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.