According to IMARC Group’s latest report, titled “Hybrid Power Solutions Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global market grew at a CAGR of around 7% during 2015-2020. Hybrid power solutions refer to combinations of various technologies used to produce power. They rely on loads, converters, generators, renewable energy sources, and storage systems to generate power. Hybrid power solutions are currently available in several sizes, ranging from individual household power supplies of around one kilowatt to large island grids of several megawatts. Hybrid power solutions reduce the overall cost of energy production and minimize carbon footprints. As a result, they find extensive applications across numerous industries, such as municipalities, system operators, utilities, independent power producers (IPPs), etc.
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The rising electricity consumption, growing environmental concerns, and the increasing demand for clean energy sources are primarily driving the hybrid power solutions market. Furthermore, the enhanced adoption of hybrid power solutions can also be attributed to the escalating need for storing excess power during supply shortages, oversupply, and sudden peaks in load demand. Moreover, hybrid power solutions that distribute alternating current (AC) of fixed frequency are gaining popularity for supplying electric power in remote areas. As these solutions offer better reliability, improved flexibility, enhanced fuel efficiency, lower greenhouse gas (GHG) emissions, etc., the global market for hybrid power solutions is expected to propel in the coming years. Looking forward, IMARC Group expects the global hybrid power solutions market to continue its robust growth during the forecast period (2021-2026).
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- AEG Power Solutions GmbH
- Delta Electronics Inc.
- ENGIE EPS S.A.
- Huawei Technologies Co. Ltd.
- Pfisterer Holding Aktiengesellschaft
- Siemens AG
- Silver Power Systems Ltd.
- SMA Solar Technology AG
- Vergnet SA and ZTE Corporation.
Market Segmentation:
Breakup by System Type:
- Solar-Diesel
- Wind-Diesel
- Solar-Wind-Diesel
- Others
Breakup by Power Rating:
- Up to 10 KW
- 11 KW-100 KW
- Above 100 KW
Breakup by End User:
- Residential
- Commercial
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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