The hybrid power solutions market is expected to grow at a CAGR of 8.1% from 2016 to 2021, to reach a market size of USD 689.5 million by 2021. Growth in hybrid power generation in off-grid sites, reliable power generation with minimized fuel, and reduced operation and maintenance cost, and reduction in carbon emission are the major drivers of the hybrid power solutions market.
The hybrid power solutions market is dominated by a few global players that have an extensive regional presence and are established brand names. Leading players in the hybrid power solutions industry include SMA Solar Technology AG (Germany), Siemens AG (Germany), Huawei Technologies Co., LTD (China), ZTE Corporation (China), Flexenclosure AB, LTD (Sweden), and Heliocentris Energy Solutions AG (Germany) among others.
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- Growth in Hybrid Power Generation in Off-Grid Sites
- Reliable Power Generation With Minimized Fuel, and Reduced Operations and Maintenance Cost
- Reduction in Carbon Emission
- Higher Initial Investment
- Higher Payback Time Period
- Adoption of Renewable Energies
- 100% Rural Electrification Through Hybrid Power Solutions
- Complex System Integration
- Political Influence
Solar-diesel segment is estimated to be the fastest growing market for hybrid power solutions from 2016 to 2021. Solar-diesel hybrid power solutions are a combination of solar PV panels and diesel generators. Solar-diesel hybrid power solutions has maximum market share in total hybrid power solutions. The main reason behind maximum share is falling price of solar PV panels and huge availability of solar power in Africa and Asia-Pacific region. Availability of solar power is more than wind power which helps solar-diesel hybrid to capture most of the market share.
Upto 10 kW rated hybrid power systems are estimated to be the fastest growing market for hybrid power solutions during the forecast period. Upto 10 kW rated solar hybrid power solutions are largely applicable for residential or home network and a few commercial systems. Based on end-user, the residential segment is estimated to be the fastest growing market during the forecast period. Demand for residential systems is mainly driven in rural areas of Asia-Pacific and African countries for lighting and domestic purpose for small residential sector users.
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“The Middle East & Africa is the largest market for hybrid power solutions“
The Middle East & African market is projected to be the fastest growing for hybrid power solutions from 2016 to 2021. The Middle East & African market’s growth is driven by oil & gas industry operation and residential sectors. UAE, Nigeria, Mali, and Senegal are expected to witness significant growth during the forecast period. UAE is one of the key players in oil & gas industry. Approximately 40% of country’s GDP is contributed from oil and gas industry. UAE and the other Middle Eastern countries have low rural electrification rate, where installing hybrid power solutions will ensure reliable power supply, at oil and gas sites and residential sectors situated at off grid areas.