The global hybrid power systems market isexpected to witness substantial growth over the period of forecast, 2016 to2024. The market is likely to gather prominence with the prevalence of low rateof electrification in many of the developing countries and off grid generationof power as a substitute for diesel generators.
Analysts at Transparency Market Research (TMR) have done a comprehensivemarket survey hybrid power systems. The experts prophesize that the marketwould rise at a healthy growth rate of 6.1% CAGR duringforecast period, 2016 to 2024. The market is likely to acquire prominenceacquiring market valuation worth US$ 703.55 mn through 2024.
Preference on Renewable Energy Sources to ImproveMarket Adoption
The global hybrid power systems market is expected to attain prominenceowing to growing popularity of renewable sources of energy worldwide. Limitedavailability of conventional sources of power together with augmented concernfor environmental pollution is likely to spell growth for the market over theforecast period, from 2016 to 2024.
Hybrid power systems combine renewable energy sources such as wind andsolar and energy produced by conventional means such as diesel generators. Bytype, hybrid power systems include wind-solar-diesel hybrid, PV-diesel hybrid,and others such as wind-hydro-diesel hybrid, solar thermal, and hybrid-solarbiomass. In 2015, wind-solar-diesel hybrid power systems dominated the overallmarket and although this segment is predicted to lose a slight share in themarket by the end of the forecast period, it will retain its dominance overother segments. Over the past few years, wind-solar-diesel hybrid systems forrural electrification have been enormously developed by various stakeholdersacross developing countries such as Indonesia, India, China, and South Africa.Market analysis of PV-Diesel-Hybrid Power Systems shows that it also has beenattracting significant funding from various agencies of late.
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As renewable sources gain prominence, more power generating companiesshift their focus on generating electricity out of sun, wind, water, and fuelcell. With lesser amount of carbon emissions and outstanding properties such asabundance of supply and cost effectiveness, hybrid power solutions areacquiring significance in modern day power generation. Hybrid power systemgenerates maximum output utilizing less fuel, which is one of the reasons forthe expansion of the global hybrid power systems market in years to come. Thetechnology-driven hybrid power systems market is characterized by high initialinvestments and low switching costs. The abundant availability of componentmanufacturers as well as numerous government incentives have fueled the demandfor and adoption of hybrid power systems across developing economies. The lackof grid connectivity in remote and rural areas and its sheer unreliability hasboosted the installation of these power systems in recent years.
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North America to Continue Dominating Global Marketin Coming Years
The global hybrid power systems market is segmented into the majorregions of Asia Pacific, Middle East and Africa, Latin America, North America,and Europe. The regional classifications offer a comprehensive view of thegrowth factors that could define the course of the market at regional levelover the period of forecast. From the geographical perspective, Middle East andAfrica is estimated to reign over the global hybrid power systems market overthe assessment period. Prominence of the market in this part of the worldis mainly due to the augmented initiatives on part of the government togenerate electricity utilizing renewable sources. Rural electrification isanother significant growth factor that is expected to propel growth of thehybrid power systems market in Middle East and Africa. North America is likelyto to project moderate growth over the period of review due to growingawareness about the adverse effects of diesel power generators on people andenvironment.
Some of the well-known companies in the global hybrid power systems areSMA Solar Technology AG, Pfisterer Holding AG, Heliocentris Energy SolutionsAG, Siemens AG, Flexenclosure AB, Ltd., and Danvest Energy A/S
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