Hybrid Power Solutions Market is Expected to Register a Steady CAGR
The
global hybrid power solutions market is expected to grow due to the rising
popularity of renewable sources to generate energy during the forecast period.
According
to TechSci Research report, Hybrid Power Solutions Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018–2028, the global
hybrid power solutions market is anticipated to register robust growth during
the forecast period 2024-2028. Hybrid
power systems combine multiple types of energy generation and/or storage or use
two or more types of fuel to power generators. Hybrid energy systems are a
valuable way to transition away from fossil fuel-based economies. Especially in
the short term, new technologies should contribute to better integration of
renewable energy.
The
energy source is still developing, but supporting renewable energy production
with conventional thermal power can actually contribute to the expansion of
renewable energy use. Hybrid power systems include AC diesel generators, DC
diesel generators, AC distribution systems, DC distribution systems, loads,
renewable energy sources (wind turbines or solar power sources), energy storage
devices, power converters, and rotary converters. The system may also include a
dump load, load management option, or supervisory control system. Hybrid power
systems may also include biomass generators and hydroelectric generators.
Hybrid
power systems can leverage existing power infrastructure and add components to
reduce costs, environmental impact, and system disruption. Plans for hybrid
power systems are focused on the market rather than technology. The priority is
to select the combination of energy technologies that most efficiently and
reliably meets user needs. Generally, at least one fuel source used to power
the generator is renewable. Such systems improve the reliability (and thus ease
of use) of renewable energy sources by enabling redundant generation of energy
from conventional power sources or more efficiently storing power from
intermittent sources. Hybrid power systems can reduce reliance on fossil fuels
and increase the share of renewable energy sources, including intermittent
sources, thereby improving the eco-efficiency and energy security of power
generation. Hybrid power systems can reduce long-term energy costs by balancing
fossil fuel consumption with renewable energy production.
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"Global Hybrid Power Solutions Market"
The
global hybrid power solutions market is bifurcated on the basis of system type,
power rating, end-users, and region. Based on system type, the market is
further bifurcated into solar-diesel, wind-diesel, solar-wind-diesel, and
others. During the forecast period, the solar-diesel segment is expected to be
the dominating segment. Photovoltaic-diesel hybrid (PV) systems are typically
intelligently managed to ensure that the PV array, diesel generator set, and
amount of solar energy supplied to the system exactly matches current needs. PV
systems complement diesel aggregates to provide additional energy at high loads
or reduce aggregates to minimize fuel consumption. In the future, surplus
energy can optionally be stored in batteries, which will allow hybrid systems
to use more solar power at night. Such factors will drive the market during the
forecast period.
As of 2018, nearly 40% of Nigeria's population lacked access
to grid-connected electricity, and Nigeria's electricity supply is estimated to
be only one-third of the country's minimum requirements. This has increased the
demand for hybrid power solutions for residential backup power. India had set a
goal of reaching 175GW of renewable energy installed capacity, including 100GW
of solar PV, by 2022. To achieve this, the government implemented policies,
conducting tenders and promoting the global hybrid power solutions market with
a target investment of USD 100 billion. In addition, hybrid power systems can
take advantage of the best characteristics of each energy source and provide
'grid-quality' power with outputs ranging from 1 kilowatt (kW) to hundreds of
kilowatts. Therefore, growing awareness of hybrid energy solutions and
government initiatives to increase the use of renewable energy sources are
expected to drive the market in the coming years.
Key market
players in the global hybrid power solutions market are:
- Siemens
Gamesa Renewable Energy SA
- General
Electric Company (GE)
- Huawei
Technologies Co., Ltd.
- Eltek
Ltd.
- SMA
Solar Technology AG
- Vergnet
SA
- Clear
Blue Technologies Inc.
- Man
Energy Solutions SE
- Iberdrola,
S.A.
- Suzlon
Energy Limited
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“During
the forecast period, the solar-diesel segment is expected to be the dominating
segment as PV systems complement diesel aggregates to provide additional energy
at high loads or reduce aggregates to minimize fuel consumption. Moreover,
hybrid power systems can take advantage of the best characteristics of each
energy source and provide 'grid-quality' power with outputs ranging from 1
kilowatt (kW) to hundreds of kilowatts,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Hybrid
Power Solutions Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028, Segmented By System Type (Solar-diesel, Wind-diesel,
Solar-wind-diesel, and Others), By Power Rating (Up to 10 kW, 11 kW–100 kW, and
Above 100 kW), By End-Users (Residential, Commercial, Telecom, and Others), By
Region” has evaluated
the future growth potential of the global hybrid power solutions market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global hybrid power solutions market.
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