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Global Hybrid Power Solutions Market to reach USD 1393.47 million by the end of 2030.

Global Hybrid Power Solutions Market Size study & Forecast, by System Type (Solar-Diesel, Wind-Diesel, Solar-Wind-Diesel, Others), Power Rating (Up to 10 kW, 11 kW-100 kW, and Above 100 kW), End-User (Residential, Commercial, Telecom, Others) and Regional Analysis, 2023-2030

Product Code: EPPGS-71010245
Publish Date: 4-08-2023
Page: 200

Global Hybrid Power Solutions Market is valued approximately at USD 745.64 million in 2022 and is anticipated to grow with a growth rate of more than 8.13% over the forecast period 2023-2030. Hybrid Power Solutions is a hybrid power plant or microgrid that combines renewable energy sources, thermal power generation, and energy storage devices. Storing excess energy and utilising rapid power top-ups from engine and turbine GenSets fed by petrol, liquid fuels or even synthetic or bio fuels can improve the reliability of wind and solar power systems. 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. Additionally, as renewable energy technologies advance and petroleum prices rise, hybrid power systems are rising in prominence. The availability of manufacturers, as well as various government incentives, has encouraged the use of hybrid power systems. Furthermore, factors such as cost effectiveness, decreased maintenance requirements and increased efficiency are also driving demand for hybrid power systems market.

A photovoltaic (PV) diesel hybrid system typically comprises of a PV system, diesel generators, and sophisticated management to guarantee that the solar energy delivered into the system precisely meets the demand at that particular moment. According to the iea.org in 2022, Solar Photovoltaic (PV) generation experienced an unprecedented surge, surpassing 1,000 TWh in total power generation in 2021. This remarkable achievement was fueled by a record-breaking increase of 179 TWh, representing a growth rate of 22% compared to the previous year. Notably, solar PV accounted for 3.6% of global electricity generation, underscoring its significant contribution to the global energy mix. As a result, the government is enacting regulations and issuing bids with a USD 100 billion investment goal, so launching the hybrid power market. Additionally, growing adoption of renewable energy and supportive government initiatives and investment is anticipated to create the lucrative opportunity for the market during forecast period.. However, the higher initial investment in hybrid power solutions stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Hybrid Power Solutions Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 with largest market share owing to the advancement of renewable energy technology, the rise in petroleum product costs and power generation with reduced fuel and supportive government initiatives and investments in renewable energy. Europe is expected to grow significantly during the forecast period, owing to rising adoption of renewable energy in the region, growing investments in in hybrid solar and wind energy projects, cohesive government initiatives, and growing awareness to reduction in carbon emission in the region is anticipated to support the market growth.

Major market player included in this report are:
MAN Energy Solutions SE
Guangzhou HY Energy Technology Limited Corp.
Kestrel Renewable Energy
KYOCERA Corporation
Eaton Corporation
Panasonic Corporation
Schneider Electric
Sharp Electronics
Suzlon Group
Siemens Gamesa
Recent Developments in the Market:
Ø In November 2022,Newly launched solar inverter and solutions provider Solinteg has launched a range of new PV products in recent months as it expands its international presence and targets 2GW of production capacity next year, rising to 10GW in 2025. A wide variety of 3-50kW hybrid inverters, including single-phase 3-8kW, three-phase 4-12kW, three-phase 10-20kW, and three-phase 25-50kW, are available from the firm. The firm just finished a Series A investment round, which was organised by TCL Ventures and other monetary investors, to assist its further expansion.
Ø In January 2023, EU and Industry launch new project charting the way for interconnected offshore wind farms and energy islands By 2050, Europe hopes to have constructed 450 GW of offshore wind. By then, the EU intends to have 300 GW on its own. The achievement of this goal will depend increasingly on so-called hybrid offshore wind farms.
Global Hybrid Power Solutions Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – System Type, Power Rating , End User, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By System type:
Solar-Diesel
Wind-Diesel
Solar-Wind-Diesel
Others
By Power Rating:
Up to 10 kW
11 kW-100 kW
Above 100 kW
By End User:
Residential
Commercial
Telecom
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Million)
1.2.1. Hybrid Power Solutions Market, by region, 2020-2030 (USD Million)
1.2.2. Hybrid Power Solutions Market, by System Type, 2020-2030 (USD Million)
1.2.3. Hybrid Power Solutions Market, by Power Rating, 2020-2030 (USD Million)
1.2.4. Hybrid Power Solutions Market, by End User, 2020-2030 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Hybrid Power Solutions Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Hybrid Power Solutions Market Dynamics
3.1. Hybrid Power Solutions Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Reliable power generation with minimized fuel, and reduced operations
3.1.1.2. Growth in hybrid power generation in off-grid sites
3.1.2. Market Challenges
3.1.2.1. High initial investment Cost of Hybrid Power Solutions
3.1.2.2. Maintenance and Operational Challenges
3.1.3. Market Opportunities
3.1.3.1. Installation of renewable energy
3.1.3.2. Power generation with minimized fuel Reduction in carbon emission
Chapter 4. Global Hybrid Power Solutions Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economic
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Hybrid Power Solutions Market, by System Type
5.1. Market Snapshot
5.2. Global Hybrid Power Solutions Market by System Type, Performance – Potential Analysis
5.3. Global Hybrid Power Solutions Market Estimates & Forecasts by System Type 2020-2030 (USD Million)
5.4. Hybrid Power Solutions Market, Sub Segment Analysis
5.4.1. Solar-Diesel
5.4.2. Wind-Diesel
5.4.3. Solar-Wind-Diesel
5.4.4. Others
Chapter 6. Global Hybrid Power Solutions Market, by Power Rating
6.1. Market Snapshot
6.2. Global Hybrid Power Solutions Market by Power Rating, Performance – Potential Analysis
6.3. Global Hybrid Power Solutions Market Estimates & Forecasts by Power Rating 2020-2030 (USD Million)
6.4. Hybrid Power Solutions Market, Sub Segment Analysis
6.4.1. Up to 10 kW
6.4.2. 11 kW-100 kW
6.4.3. Above 100 kW
Chapter 7. Global Hybrid Power Solutions Market, by End User
7.1. Market Snapshot
7.2. Global Hybrid Power Solutions Market by End User, Performance – Potential Analysis
7.3. Global Hybrid Power Solutions Market Estimates & Forecasts by End User 2020-2030 (USD Million)
7.4. Hybrid Power Solutions Market, Sub Segment Analysis
7.4.1. Residential
7.4.2. Commercial
7.4.3. Telecom
7.4.4. Others
Chapter 8. Global Hybrid Power Solutions Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Hybrid Power Solutions Market, Regional Market Snapshot
8.4. North America Hybrid Power Solutions Market
8.4.1. U.S. Hybrid Power Solutions Market
8.4.1.1. System Type breakdown estimates & forecasts, 2020-2030
8.4.1.2. Power Rating breakdown estimates & forecasts, 2020-2030
8.4.1.3. End User breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Hybrid Power Solutions Market
8.5. Europe Hybrid Power Solutions Market Snapshot
8.5.1. U.K. Hybrid Power Solutions Market
8.5.2. Germany Hybrid Power Solutions Market
8.5.3. France Hybrid Power Solutions Market
8.5.4. Spain Hybrid Power Solutions Market
8.5.5. Italy Hybrid Power Solutions Market
8.5.6. Rest of Europe Hybrid Power Solutions Market
8.6. Asia-Pacific Hybrid Power Solutions Market Snapshot
8.6.1. China Hybrid Power Solutions Market
8.6.2. India Hybrid Power Solutions Market
8.6.3. Japan Hybrid Power Solutions Market
8.6.4. Australia Hybrid Power Solutions Market
8.6.5. South Korea Hybrid Power Solutions Market
8.6.6. Rest of Asia Pacific Hybrid Power Solutions Market
8.7. Latin America Hybrid Power Solutions Market Snapshot
8.7.1. Brazil Hybrid Power Solutions Market
8.7.2. Mexico Hybrid Power Solutions Market
8.8. Middle East & Africa Hybrid Power Solutions Market
8.8.1. Saudi Arabia Hybrid Power Solutions Market
8.8.2. South Africa Hybrid Power Solutions Market
8.8.3. Rest of Middle East & Africa Hybrid Power Solutions Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. MAN Energy Solutions SE
9.3.1.1. Key Information
9.3.1.2. Overview
9.3.1.3. Financial (Subject to Data Availability)
9.3.1.4. Product Summary
9.3.1.5. Recent Developments
9.3.2. Guangzhou HY Energy Technology Limited Corp.
9.3.3. Kestrel Renewable Energy
9.3.4. KYOCERA Corporation
9.3.5. Eaton Corporation
9.3.6. Panasonic Corporation
9.3.7. Schneider Electric
9.3.8. Sharp Electronics
9.3.9. Suzlon Group
9.3.10. Siemens Gamesa
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

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Data Collection:
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Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
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In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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