Hybrid Power Solutions Industry: 2018 Global Market Size, Share,Growth
Hybrid Power Solution Market Companies Analyzed in report are: Siemens AG, Mitsubishi Power Systems Europe Ltd., NYE Thermodynamics Corporation, Doosan Heavy Industries & Construction Co. Ltd., and MJB International, ZTE Corporation, Huawei Technologies Co., LTD, SMA Solar Technology AG.
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Growth in hybrid power generation, power generation with minimized fuel, and reduction in carbon emission are the major factors which are driving the demand for hybrid power solutions market. Moreover, recent trends shows that hybrid power systems are becoming popular because of factors such as advance renewable energy technologies and rise in prices of petroleum products. The abundant availability of manufacturers as well as numerous government incentives have fueled the demand for adoption of hybrid power systems. The lack of grid connectivity in remote and rural areas and sheer unreliability has boosted the installation of these power systems in recent years. Moreover, Factors such as fuel saving, lower atmospheric contamination and connected to other power supplies such as solar panels are moving market towards adoption of Hybrid power system. Whereas, high prices of components for capturing renewable energy acts as a major barrier to the large-scale adoption of hybrid power solutions.
Solar energy is identified as the best replacement to other conventional fossil fuel energy sources and is used to reduce carbon emission, by effectively meeting the electricity needs. Increasing demand for clean power acts as a major driver for the growth of the market. Moreover, improvements in technology have shifted generation of power to zero-carbon technologies such as significantly decreasing inverter size and weight while achieving record efficiency. With a growing number of investments in countries such as U.S., China and India with renewable targets and policies push the market towards growth.
According to UN Environmental programme, 2015 was a new record for the global investment in renewable energy with a total investment of USD 285.9 Billion. The clean technology energy generation accounted for 10% of the world’s electricity. Of the renewables, a total of 134 GW in 2015, solar photovoltaic accounted for 56GW. In 2016, the global investment in solar energy totalled USD 113.7 billion, with a record 75 GW of installed capacity. This is predominantly due to increasing solar installations in countries such as China and India. These countries have recently surpassed the U.S. as the top destination for solar energy market with substantial investment in the solar energy sector. This will lead to the development of hybrid energy solution in near future.
Industry/ Innovation/ Related News:
On December 2017, Siemens expanded its leadership role in industrial digitalization. Siemens is the first company to set up 20 centres for digital customer in industrial sector.
On December 2017, Mitsubishi Hitachi Power Systems, Ltd. has launched a new integrated fuel cell and gas turbine hybrid power generation system that will integrates solid oxide fuel cell stacks (SOFC) with micro gas turbines (MGT).
On 2017, SMA Solar Technology AG (SMA) will open a new subsidiary in Mexico. The facility in Mexico will support sales and service and establish a local SMA presence that will serve the requirements of the customers.
Hybrid Power Solution Market Segmentation:
- The global Hybrid Power Solution market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
- Segmentation by Product: Comprises Wind Diesel, Wind Solar Diesel, Solar Diesel and Others
- Segmentation by End Use: Comprises Residential, Commercial, Telecom and Others
- Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Hybrid Power Solution Market Regional Analysis:
Asia pacific held the largest share and is projected to dominate the market of hybrid power system. The integration of renewable energy production with the electricity mix also reduces the cost of transporting fuel to remote areas. Moreover, Japan is the leading contributor in the APAC hybrid power systems market, with the surge in renewable energy and commercial projects expected to drive demand for Hybrid power solution market. Moreover, Government is also supporting to make such systems more reliable and cost-effective.
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