New York, Aug. 20, 2021 (GLOBE NEWSWIRE) -- Hybrid Power Solutions Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Hybrid Power Solutions Market Research Report: Information by Product, by End Use - Forecast to 2028” , the market size is projected to grow approximately at a CAGR of more than 9.71% during the forecast period 2021-2028.
Increasing Demand for Hybrid Power Solutions Define Growing Market Landscape
The hybrid power solutions market is growing at a rapid pace. Rising demand for renewable energy and increase in hybrid power generation are major trends impacting the market growth. Besides, the rising focus on minimizing fuel consumption and carbon footprints creates substantial market demand. Advances in technologies and the rise in sustainable energy generation accelerate the market shares.With the demand for renewable, clean, and sustainable energy led by the continually growing population, urbanization, and industrialization worldwide, the market is projected to grow exponentially over the next few years
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Competitive Analysis
List of the Key Companies Profiled in the Hybrid Power Solutions Market Research Report are:
- Mitsubishi Power Systems Europe Ltd.
- MJB International
- Siemens AG
- NYE Thermodynamics Corporation
- Doosan Heavy Industries & Construction Co. Ltd.
- SMA Solar Technology AG
- Huawei Technologies Co.LTD
- ZTE Corporation.
The hybrid power solutions market perceives several strategic approaches, such as collaboration, mergers & acquisitions, product launches, and expansion. Major players are also making strategic investments to drive research and development activities and expansion plans.
For instance, recently, on August 07, 2021, Grasim Industries Limited (India), a textile company of the Aditya Birla Group, announced the acquisition of a 26% stake in Renew Surya Uday and ReNew Green Energy Solutions to procure renewable energy access hybrid power.
The company confirmed that it would invest USD 2.06 MN to procure power from ReNew’s solar-wind hybrid open-access project. At the same time, ReNew Green Energy Solutions would invest USD 5.87 MN to develop the 17.6 MW solar-wind hybrid project in Gujarat for captive consumption by Grasim through the open access mechanism.
Browse In-depth Market Research Report (185 pages) on Hybrid Power Solutions
https://www.marketresearchfuture.com/reports/hybrid-power-solution-market-2053
Growing Renewable Energy Generation Boost Market Size
The hybrid power solutions market outlook appears extremely promising. Increasing environmental Initiatives substantiate the market growth, creating the demand for renewable energy generation that can lower CO2 emissions. Moreover, government initiatives to overhaul a large part of the economy by slashing greenhouse gas emissions dramatically stimulate the market size.
Technological advances and increasing demand for hybrid power solutions foster the market size. Advantages of hybrid power solutions include cost-effective output and fuel-saving. Increasing consumer awareness for the benefits of renewables propels market growth, generating a vast pool of market opportunities across the world. Also, substantial investments by the governments of major countries to integrate renewable energy sources, such as solar power and wind energy, push the market growth.
Fluctuating Prices Components is a Major Headwind
High prices of components used in large-scale hybrid power solutions are major factors impeding market growth. Also, fluctuating prices and the demand-supply gap in key raw materials and components pose significant challenges to market players. Nevertheless, rising demand for grid connectivity in remote and rural areas would support the market growth throughout the assessment period.
COVID-19 Impact
The COVID-19 pandemic hit the hybrid power solutions industry severely, disrupting supply chains. Technology providers faced problems, such as obtaining raw materials & components required for the production, attracting workers from quarantines, and delivering end products. Many countries postponed hybrid power plants installation due to lockdown mandates.
Besides, strict lockdown mandates put a brake on manufacturing component and device production, which spiked overall product prices and lowered market demand. However, the hybrid power solutions market is rapidly returning to normalcy, witnessing a substantial demand. The market demand is estimated to rise further following the uplift of the lockdown in many countries.
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Segmentation
The market is segmented into technologies, end-uses, and regions. The technology segment is sub-segmented into wind diesel, wind solar diesel, solar diesel, and others. The end-use segment is sub-segmented into residential, commercial, telecom, and others. The region segment is sub-segmented into Europe, North America, Asia-Pacific, and rest-of-the-world.
Geographical Analysis
Asia Pacific leads the global hybrid power solutions market. Major hybrid power solutions market trends include rising technological advances and focus on integrating renewable energy production with the electricity mix. Besides, the availability of cost-effective potent technologies is a key driving force behind the hybrid power solutions market growth.
Increased government regulations to reduce vehicle emissions, alongside the proliferation of hybrid vehicles, substantiate the hybrid power solutions market size. Moreover, increasing R&D investments to develop new products and improve performances of existing product lines boost the region’s hybrid power solutions market shares. Furthermore, the presence of many notable players in the region fosters the growth of the market.
Segmentation of Market covered in the research:
Hybrid Power Solutions Market Research Report: Information by Product (Wind Diesel, Wind Solar Diesel, Solar Diesel and Others), by End Use (Residential, Commercial, Telecom and Others) - Forecast to 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
