Burlingame, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The global Hybrid Power System Market Size to Grow from USD 704.2 Million in 2024 to USD 1,072.9 Million by 2031, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Rising concerns over carbon emissions and climate change, there is an increasing push towards adopting cleaner and greener sources of energy. Hybrid power systems provide a sustainable solution which leverages both renewable sources like solar and wind as well as non-renewable sources like diesel or natural gas to power remote areas and even large institutions.
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Market Dynamics:
The hybrid power system market is driven by the rising focus of governments around the world on generating sustainable and reliable power. Hybrid power systems provide a reliable source of power by combining two or more power generating technologies like solar PV, wind turbine, diesel generators etc. They provide a cost-effective solution to generate power, especially in remote areas that are not connected to the main grid. Moreover, declining costs of solar PV modules and wind turbines is also contributing to the growing popularity of hybrid power systems. However, high initial setup costs remain a challenge for widespread adoption of hybrid power systems.
Market Trends:
The increasing adoption of microgrids is a key trend in the hybrid power system market. Microgrids allow for local distribution of power and increase energy resilience. They help integrate renewable energy resources like solar and wind at a localized level. With growing concerns around power outages and disruptions, microgrids supported by hybrid power systems are emerging as a reliable option. Furthermore, the deployment of hybrid power systems for off-grid applications in rural and remote areas without access to centralized power infrastructure is also gaining traction. Various government electrification programs across developing nations are focused on providing decentralized renewable power through hybrid systems. This is expected to create new opportunities for players in the hybrid power system market over the forecast period.
Hybrid Power System Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $704.2 million |
| Estimated Value by 2031 | $1,072.9 million |
| Growth Rate | Poised to grow at a CAGR of 6.2% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By End-use |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increasing global concerns over environmental pollution • Rising electricity needs of remote communities |
| Restraints & Challenges | • High initial investments • Intermittency issues with renewable sources |
The global hybrid power system market is anticipated to witness a CAGR of 6.2% during the forecast period 2024-2031, owing to rapid industrialization and growing need for uninterrupted power supply across various end use verticals.
By type, the solar-diesel hybrid segment is expected to hold a dominant position over the forecast period owing to rising deployment of solar PV modules along with diesel generators to reduce fuel consumption and emissions. Solar-diesel hybrid systems utilize solar energy during the day and switch to diesel generators automatically during nights and cloudy conditions, making them a cost effective and reliable option.
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On the basis of end use, the commercial segment is expected to hold the largest share of the global hybrid power system market during the forecast period. Growing commercial establishments such as malls, office buildings, and warehouses are driving the adoption of hybrid power systems to reduce electricity bills and ensure backup during power outages. These systems can fulfill around 60-70% of the average power requirement of commercial buildings through solar energy during daytime.
By region, North America is expected to dominate the global hybrid power system market owing to stringent government regulations regarding carbon emissions and focus on the deployment of clean and green energy sources across utilities and off-grid applications in the region.
Some of the major players operating in the hybrid power system market include Vertiv, General Electric, MAN Energy Solutions SE, Guangzhou HY Energy Technology Limited Corp., Kestrel Renewable Energy, KYOCERA Corporation, Eaton, Iberdrola, Panasonic Corporation, Schneider Electric, Sharp Electronic, Suzlon Group, Siemens Gamesa, Vestas, and Wartsila. These players are focusing on new product launches and strategic collaborations to strengthen their market position and tap growth opportunities.
In conclusion, increasing demand for reliable and uninterrupted power coupled with focus on renewable energy integration is expected to drive significant growth in the global hybrid power system market during the forecast period.
Hybrid Power System Industry News
In February 2024, NTPC Launced 1 GW wind-solar hybrid tender.
In March 2024, Hydrid Power Solutions Inc. announced the expansion of its product offering with the launch of its inaugural Power as A Service Contract, catering to a major metropolitan computer line.
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Detailed Segmentation-
By Type:
- Solar-diesel Hybrid
- Wind-diesel Hybrid
- Hydro-diesel Hybrid
- Others
By End-use:
- Commercial
- Industrial
- Residential
- Others
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
