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, 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

  • Industry : Power
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Summary

Report Description

Global hybrid power solutions market is expected to thrive during the forecast period 2024-2028. Hybrid power sources combine different power generation technologies. The term "hybrid" in energy technology refers to a combination of electricity and energy storage systems. Examples of generators used in hybrid energy include photovoltaics, wind turbines, and various types of motor generators. Hybrid power plants often include renewable energy components (such as PV) that are balanced through a second form of generation or storage such as diesel gensets, fuel cells, or battery systems. Some applications can also provide other forms of energy, such as heat. Hybrid systems, as the name suggests, combine two or more types of power generation, typically using renewable technologies such as photovoltaics (PV) and wind turbines. Hybrid energy systems are more reliable and secure than traditional power systems because they use a variety of energy sources. This means that they are less likely to be affected by disruptions in any one source. Hybrid systems often include storage systems, such as batteries or fuel cells, to further improve reliability. In some cases, they may also include a small fossil fuel generator as a backup.

Hybrid rеnеwablе еnеrgy systеms arе bеcoming morе popular for powеring rеmotе arеas bеcausе thеy arе morе rеliablе and affordablе than traditional fossil fuеl-basеd systеms. Advancеs in rеnеwablе еnеrgy tеchnology havе madе it possiblе to gеnеratе еlеctricity from solar, wind, and othеr rеnеwablе sourcеs at a lowеr cost than еvеr bеforе. Additionally, the rising price of petroleum products has madе it morе expensive to operate diesel generators that win arе oftеn usеd to powеr rеmotе arеas. A hybrid energy system or hybrid power usually consists of two or more renewable energy sources used together to ensure higher system efficiency and a more balanced energy supply.

A common type is a photovoltaic-diesel hybrid system that combines a photovoltaic (PV) with a diesel generator or a diesel generator. This is because PV has little marginal cost and is preferred on the grid. Diesel assemblies are used to continuously bridge the gap between the current load and the power actually produced by the photovoltaic system. Because solar power is variable and diesel generators are limited to a certain range of power generation capacity, storage batteries are often used to optimize the contribution of solar power to the overall power generation of a hybrid system.

A wind-diesel hybrid power generation system combines a diesel generator and a wind turbine, usually with ancillary equipment such as energy storage, power converters, and various control components to generate electricity. They are designed to increase power generation capacity in remote communities and facilities that are not connected to the grid, reducing power generation costs and environmental impacts.

Wide Usage of Technology Propels Market Growth

One of the key market drivers is the ability of hybrid power solutions to reduce pollution and CO2 emissions. Another market driver is the reduction in fuel consumption in the power generation sector. Additionally, the pursuit of more advanced and sustainable energy sources is a major driver of the market. For instance, China and the United States are focusing on using sustainable renewable energy sources. These are influencing rich countries to deploy alternative energy sources such as wind, solar, and hybrid energy solutions under different conditions.

The technology-driven hybrid power systems are characterized by high acquisition costs and low conversion costs. In developing countries, the demand for and adoption of hybrid propulsion systems are increasing due to the number of component manufacturers and various government incentives. The construction of these grids has recently increased due to the instability and lack of access to these grids in remote and rural areas. As renewable energy sources become popular, more energy companies are focusing on generating electricity from solar, wind, hydro, and fuel cells. Hybrid power solutions are becoming increasingly important in today's edge power generation due to their superior qualities such as low carbon emissions, abundant supply, and cost efficiency. A key factor driving the projected growth of the global hybrid power solutions market is the ability of hybrid powertrain systems to deliver maximum performance while reducing fuel consumption.

The market for hybrid power solutions is significantly impacted by the rapid rise of hybrid power generation in off-grid regions. As a result, during the predicted period of 2024–2028, rising political pressure to reduce CO2 emissions as well as low operating and maintenance costs and supportive governmental measures are also significant growth drivers. The market for hybrid power solutions is expanding favorably as a result of rising demand for both clean energy and off-grid electricity. The quick expansion of hybrid power generation in off-grid areas has a substantial impact on the market for hybrid power solutions. As a result, increasing political pressure to cut CO2 emissions, as well as low operating and maintenance costs and beneficial governmental initiatives, will serve as important growth drivers during the anticipated period. Due to the increased need for both clean energy and off-grid electricity, the market for hybrid power solutions is expanding favorably.

The growing acceptance of renewable energies and the electrification of rural areas through hybrid power solutions are expected to drive the growth of the market during the forecast period. This will result in increased revenue opportunities within the hybrid power solutions market, fueled by the rising demand for clean energy generation and competition from global industry players. The increasing popularity of hybrid solutions can be attributed to their exceptional characteristics in reducing carbon emissions and maximizing output with minimal fuel consumption. Additionally, the market has witnessed a shift toward hybrid power solutions due to heightened awareness of the environmental impact of global warming.

Latest investments fueling the growth of the global refractories market

  • India launched a 30GW power project in 2022. A solar-wind hybrid power generation system is expected to achieve an output of 30GW. The country aims to increase its renewable energy capacity to 175GW by 2022 and 450GW by 2030. Currently, the largest solar PV system is installed at 2.25 GW Bhadra Solar Park in Rajasthan, although plans for larger systems already exist. The land required for establishing the power generation system was sold to companies such as Solar Energy Corporation Government of India (SECI), energy company NTPC, power producer Adani Power, and wind turbine manufacturer Suzlon and Gujarat-based GSEC and GIPCL.
  • In April 2023, Vibrant Energy, a developer of renewable energy solutions for enterprises, secured project financing of over INR 220 crore (USD 30.8 million) from Power Finance Corporation Ltd. (PFC). The funding will help the company build 300MW(AC) wind-solar hybrid projects in Madhya Pradesh and Karnataka. Vibrant Energy claims the loan will be the largest project financing in India's renewable energy industry in 2023. PFC is India's leading public company and a leading non-bank financial institution owned by the Ministry of Energy. Vibrant Energy, a Macquarie Asset Management Green Investment Group (MAMGIG) portfolio company, currently operates and delivers over 2GW of renewable energy solutions to businesses. Danish wind energy group Vestas and Hyderabad-based company Vibrant Energy have signed contracts for two wind projects in India. Vestas will supply 36 of his V155-3.6 MW turbines as part of the order.
  • Levandpol Group's 200MW project is touted as Poland's first large-scale power plant combining solar and wind power with n-type solar panels, with a subordinated loan of up to USD 21 million until January 2023 (dollars from the fund). It is operated by the state-owned financial group Polski Fundus Rozłož (PFR). The Levanpol Group in Poland is building a 200MW solar and wind farm with n-type solar modules. The site will be built in a former mining area in the Konin district and Phase I is planned to connect a 193 MW photovoltaic system and a 19.2 MW wind turbine to the grid. A second phase expansion can include expanding solar power to around 250 MW, adding wind turbines and a warehouse. According to PFR, the Kretyev solar and wind farm will be one of the largest renewable energy parks in Central and Eastern Europe. It is planned to be built in a former mining area in the Konin district of Greater Poland.


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Market Segmentation

The global hybrid power solutions market is segmented on the system type, end-users, power rating and region. Based on system type, the market is bifurcated into solar-diesel, wind-diesel, solar-wind-diesel and others. Based on end-users, the market is further bifurcated into residential, commercial, telecom and others. Based on power rating, the market is bifurcated into up to 10 kw, 11 kw–100 kw and above 100 kw. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, and Middle East & Africa.

Market player

Major 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., and Suzlon Energy Limited.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

System Type  

Power Rating

End-Users

Region

Regional scope

North America, Asia-Pacific, Europe, South America, Middle East & Africa

Country scope

United States, Canada, Mexico, China, India, Japan, South Korea, Australia, Germany, United Kingdom, France, Spain, Italy, Brazil, Argentina, Colombia, Saudi Arabia, South Africa, and UAE

Key companies profiled

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., and Suzlon Energy Limited. 

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, the global hybrid power solutions market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

            ·         Hybrid Power Solutions Market, By System Type:

o   Solar diesel

o   Wind-diesel

o   Solar-wind-diesel

o   Others

            ·         Hybrid Power Solutions Market, By Power Rating:

o   Up to 10 kW

o   11 kW–100 kW

o   Above 100 kW

            ·         Hybrid Power Solutions Market, By End-Users:

o   Residential

o   Commercial

o   Telecom

o   Others

            ·         Hybrid Power Solutions Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Australia

o   Europe

§  Germany

§  United Kingdom

§  France

§  Spain

§  Italy

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East

§  Saudi Arabia

§  South Africa

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global hybrid power solutions market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

The global hybrid power solutions market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Baseline Methodology

2.2.  Key Industry Partners

2.3.  Major Association and Secondary Sources

2.4.  Forecasting Methodology

2.5.  Data Triangulation & Validation

2.6.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    Global Hybrid Power Solutions Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By System Type (Solar-diesel, Wind-diesel, Solar-wind-diesel, and Others)

5.2.2.    By Power Rating (Up to 10 kW, 11 kW–100 kW. and Above 100 kW)

5.2.3.    By End-Users (Residential, Commercial, Telecom and Others)

5.3.  By Company (2022)

5.4.  Market Map

6.    North America Hybrid Power Solutions Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By System Type

6.2.2.    By Power Rating

6.2.3.    By End-Users

6.2.4.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States Hybrid Power Solutions Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.            By Value 

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.            By System Type

6.3.1.2.2.            By Power Rating

6.3.1.2.3.            By End-Users

6.3.2.    Canada Hybrid Power Solutions Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.            By Value 

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.            By System Type

6.3.2.2.2.            By Power Rating

6.3.2.2.3.            By End-Users

6.3.3.    Mexico Hybrid Power Solutions Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.            By Value 

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.            By System Type

6.3.3.2.2.            By Power Rating

6.3.3.2.3.            By End-Users

7.    Asia-Pacific Hybrid Power Solutions Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By System Type

7.2.2.    By Power Rating

7.2.3.    By End-Users

7.2.4.    By Country

7.3.  Asia-Pacific: Country Analysis

7.3.1.    China Hybrid Power Solutions Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.            By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.            By System Type

7.3.1.2.2.            By Power Rating

7.3.1.2.3.            By End-Users

7.3.2.    India Hybrid Power Solutions Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.            By Value 

7.3.2.2.        Market Size & Forecast

7.3.2.2.1.            By System Type

7.3.2.2.2.            By Power Rating

7.3.2.2.3.            By End-Users

7.3.3.    Japan Hybrid Power Solutions Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.            By Value 

7.3.3.2.        Market Size & Forecast

7.3.3.2.1.            By System Type

7.3.3.2.2.            By Power Rating

7.3.3.2.3.            By End-Users

7.3.4.    South Korea Hybrid Power Solutions Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.            By Value 

7.3.4.2.        Market Size & Forecast

7.3.4.2.1.            By System Type

7.3.4.2.2.            By Power Rating

7.3.4.2.3.            By End-Users

7.3.5.    Australia Hybrid Power Solutions Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.            By Value 

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.            By System Type

7.3.5.2.2.            By Power Rating

7.3.5.2.3.            By End-Users

8.    Europe Hybrid Power Solutions Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By System Type

8.2.2.    By Power Rating

8.2.3.    By End-Users

8.3.  Europe: Country Analysis

8.3.1.    Germany Hybrid Power Solutions Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.            By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.            By System Type

8.3.1.2.2.            By Power Rating

8.3.1.2.3.            By End-Users

8.3.2.    United Kingdom Hybrid Power Solutions Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.            By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.            By System Type

8.3.2.2.2.            By Power Rating

8.3.2.2.3.            By End-Users

8.3.3.    France Hybrid Power Solutions Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.            By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.            By System Type

8.3.3.2.2.            By Power Rating

8.3.3.2.3.            By End-Users

8.3.4.    Italy Hybrid Power Solutions Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.            By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.            By System Type

8.3.4.2.2.            By Power Rating

8.3.4.2.3.            By End-Users

8.3.5.    Spain Hybrid Power Solutions Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.            By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.            By System Type

8.3.5.2.2.            By Power Rating

8.3.5.2.3.            By End-Users

9.    South America Hybrid Power Solutions Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By System Type

9.2.2.    By Power Rating

9.2.3.    By End-Users

9.2.4.    By Country

9.3.  South America: Country Analysis

9.3.1.    Brazil Hybrid Power Solutions Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.            By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.            By System Type

9.3.1.2.2.            By Power Rating

9.3.1.2.3.            By End-Users

9.3.2.    Argentina Hybrid Power Solutions Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.            By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.            By System Type

9.3.2.2.2.            By Power Rating

9.3.2.2.3.            By End-Users

9.3.3.    Colombia Hybrid Power Solutions Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.            By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.            By System Type

9.3.3.2.2.            By Power Rating

9.3.3.2.3.            By End-Users

10.  Middle East & Africa Hybrid Power Solutions Market Outlook

10.1.   Market Size & Forecast

10.1.1. By Value

10.2.   Market Share & Forecast

10.2.1. By System Type

10.2.2. By Power Rating

10.2.3. By End-Users

10.2.4. By Country

10.3.   Middle East & Africa: Country Analysis

10.3.1. Saudi Arabia Hybrid Power Solutions Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By System Type

10.3.1.2.2.         By Power Rating

10.3.1.2.3.         By End-Users

10.3.2. South Africa Hybrid Power Solutions Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By System Type

10.3.2.2.2.         By Power Rating

10.3.2.2.3.         By End-Users

10.3.3. UAE Hybrid Power Solutions Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By System Type

10.3.3.2.2.         By Power Rating

10.3.3.2.3.         By End-Users

11.  Market Dynamics

11.1.   Drivers

11.2.   Challenges

12.  Market Trends & Developments

13.  Company Profiles

13.1.   Siemens Gamesa Renewable Energy SA

13.1.1. Business Overview

13.1.2. Key Revenue and Financials

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2.   General Electric Company (GE)

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3.   Huawei Technologies Co., Ltd.

13.3.1. Business Overview

13.3.2. Key Revenue and Financials

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services

13.4.   Eltek Ltd.

13.4.1. Business Overview

13.4.2. Key Revenue and Financials

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services

13.5.   SMA Solar Technology AG

13.5.1. Business Overview

13.5.2. Key Revenue and Financials

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6.   Vergnet SA

13.6.1. Business Overview

13.6.2. Key Revenue and Financials

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7.   Clear Blue Technologies Inc.

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

13.8.   Man Energy Solutions SE 

13.8.1. Business Overview

13.8.2. Key Revenue and Financials

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services

13.9.   Iberdrola, S.A.

13.9.1. Business Overview

13.9.2. Key Revenue and Financials

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services

13.10. Suzlon Energy Limited  

13.10.1.               Business Overview

13.10.2.               Key Revenue and Financials

13.10.3.               Recent Developments

13.10.4.               Key Personnel

13.10.5.               Key Product/Services

14.  Strategic Recommendations

15.  About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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A hybrid power solution combines two power generation sources into one reliable power source. Hybrid energy solutions combine renewable energy sources, such as wind and solar power, with engines and generators that run on diesel fuel.

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A system consisting of a wind turbine and a diesel generator set is called a wind diesel system.

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A PV-diesel hybrid system generates electricity by combining a photovoltaic system and a diesel generator. A solar power system provides power during the day, and a diesel generator provides backup power at night or when there is no sunlight.

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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., and Suzlon Energy Limited are the major market players in the global hybrid power solutions market.

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Parvati Sharma

Account Manager BD
Press Release

Hybrid Power Solutions Market is Expected to Register a Steady CAGR

Aug, 2023

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.

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