Hybrid power solutions are designed in order to create electricity by combining different types of technologies. It uses renewable source of energy in combination with secondary sources such as diesel or fuel cell. Solar-diesel, wind-diesel, and solar-wind-diesel are the major types of these systems that are used in residential, commercial, and telecommunication sectors.
Commercial Sector to be the Largest Consumer
Hybrid power solutions have maximum demand from the commercial segment, which includes hospitals, schools, hotels, and resorts, situated at off-grid areas or islands. The segment accounted for the largest market share of 37.4 % in 2016 and is expected to grow at a CAGR of 9 % during the forecast period (from 2018 to 2025). The residential segment is also expected to grow significantly during the forecast period.
The power usage in residential applications is usually higher in the day time. However, diesel generators alone fail to satisfy the requirement in rural areas due to restrictions such as high fuel consumption and hybrid power systems enable over-night supply. This will create growth opportunities for these systems in rural residential areas augmenting the segment development. The telecom sector is developing at a greater pace all over the world, particularly in remote areas. This will increase the product demand for hybrid power systems in this segment.
Market Overview
According to Grand View Research, Inc.; the worldwide hybrid power solutions market is anticipated to reach at USD 1.35 billion by 2025. The market is expected to register a CAGR of 9.5 % during the forecast years. High demand for electricity due to growing population is the key factor driving this market. Rising awareness regarding global warming and stringent government guidelines for reducing CO2 emissions would also spur the market demand. Moreover, low operating and maintenance costs of these systems are also likely to have a positive impact on the market growth.
Some of the key players operating in the global market include Siemens AG; PFISTERER Holding AG; SMA Solar Technology AG; Alpha Power Solutions; and AEG Power Solutions. Product development and M&A are the key market strategies undertaken by the market pioneers. Off Grid Energy recently launched a portable power supply called Grid to Go. It can be used together with a generator in order to cut running hours and reduce fuel consumption. It can also be modified to optional features such as solar PV input, remote monitoring, and other customer specified features.
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