India Hybrid Power Solutions Market is Expected to Register a Significant CAGR During the Upcoming Years 2025-2029F
Reduction in carbon emissions and
reliable power generation with minimized fuel are likely to propel the market
for Hybrid Power Solutions market across the country during 2025-2029F.
According
to TechSci Research report, “India Hybrid Power Solutions Market - By
Region, Competition Forecast & Opportunities, 2019-2029F”. the India Hybrid
Power Solutions market is predicted to proliferate during the forecast period
2025-2029F, owing to growth in hybrid power generation
in off-grid sites, reduction in carbon emission, reduced operations &
maintenance cost, among others. The
market for hybrid power solutions is being driven by an increase in hybrid
power generation, power generation using less fuel, and a reduction in carbon
emissions. Hybrid power systems are also becoming more common as a result of
improvements in renewable energy sources and rising petroleum prices. Hybrid
power systems are being used more often because of manufacturers' accessibility
and various government incentives. In addition, the market is being
encouraged to use hybrid power systems by factors including cost savings,
decreased pollution, and connection to other power sources such as solar
panels. As the need for renewable energy sources rises, the market is
anticipated to expand. In order to lessen the harmful health impacts of carbon
emissions, the power industry is gradually adopting renewable energy
technologies including solar PV and wind. On the other hand, the electricity
produced by solar PV and wind power systems is influenced by several variables,
such as climate and geographic location. Hybrid power systems help in
overcoming such difficulties by supplying constant electricity from a
combination of solar and wind power sources. The benefits of
integrating renewables and the rising demand for clean energy technologies are
anticipated to boost the India hybrid power solutions market. On the
contrary, greater initial expenditures is one of the obstacles to the India
market for hybrid power solutions.
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The
India Hybrid Power Solutions market is segmented into system type, power rating,
sales channel, end user, and region. Based on System Type, the market Is
segmented into solar-diesel, wind-diesel, solar-wind-diesel, and others. Based
on power rating, the market is segmented into up to 10 kW, 11 kW–100 kW and
above 100 kW. Based on end user, the market is segmented into residential,
commercial, telecom, and others. Based on
regional analysis, the market is segmented into North India, South India, West
India, and East India.
Based on
power rating, the India hybrid power solutions market is segmented into up to
10 kW, 11 kW–100 kW and above 100 kW. The 11 kW–100 kW power rating has the
largest market share in the upcoming years. The 11 kW–100 kW power capacity is utilized
in hybrid electric vehicles and power equipment solutions. In addition, the
electric motor and gasoline engine enable hybrid electric vehicles allowing
them to successfully reduce environmental pollution such as air pollution
caused by excess amount of CO2 emissions. These factors have increased the demand
for hybrid cars, which is expected to propel the demand for the hybrid
power solutions market throughout the forecast period.
Based on
systems type, the India hybrid power solutions market is segmented into solar-diesel,
wind-diesel, solar-wind-diesel, and others. The solar-diesel systems type is
expected to boost in the upcoming years 2024-2028F. Solar diesel offers
consumers benefits because of its reliable power grid and continual energy
supply. Switching from diesel gensets to PV generators when there is enough
sunlight, also enables fuel-saving. Additionally, it has the ability to
maintain equilibrium between the supply and demand of energy during the night,
when there is no sunlight.
Key
market players in the India hybrid power solutions market include:
- Siemens
Gamesa Renewable Energy SA
- GE
Power India Limited
- Huawei
Technologies Co. Ltd
- Eltek
Ltd
- SMA Solar India Private Limited
- Vertiv
Energy Pvt. Ltd
- ZTE Corporation
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“The India
hybrid power solutions market is expected to boost in the upcoming years, owing
to strict government policies regarding the environment, rising the adoption of
renewable energy, rapidly increasing adoption of hybrid power in the industrial
sector to control the CO2 emission, among others, across the country. Various mergers
and acquisitions between the major market players help to raise the market of hybrid
power solutions in the forecast period. For instance, in October 2022, Siemens
AG, acquired Dade Behring. Dade Behring is a company that manufactures testing
machinery and supplies for the medical diagnostics industry, based in
Deerfield, Illinois, and Glasgow, Delaware. Additionally, the Indian government
also invested in renewable energy sector, for instance, the union government
allotted approximately USD 2.4 billion to a national hydrogen mission to
produce 5 MMT by the end of 2030. Additionally, USD 36 million was allocated in
the budget 2023. Therefore, the above-mentioned factors are responsible for the
rising market of India hybrid power solutions in the upcoming years as well,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“India Hybrid
Power Solutions Market, 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 Sales Channel (Direct, and Indirect), By End User
(Residential, Commercial, Telecom and Others), By Region, Competition Forecast
& Opportunities, 2029F”, has evaluated the future growth potential of hybrid
power solutions and provides statistics and information on market structure,
size, share, and future 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 India hybrid power
solutions market.
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