Last Updated on May 25, 2022 by rabiamuzaffar
According to IMARC Group’s latest report, titled “Hybrid Power Solutions Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global hybrid power solutions market grew at a CAGR of around 7% during 2015-2020. Hybrid power solutions refer to combinations of various technologies used to produce power. They rely on loads, converters, generators, renewable energy sources, and storage systems to generate power.
Hybrid power solutions are currently available in several sizes, ranging from individual household power supplies of around one kilowatt to large island grids of several megawatts. Hybrid power solutions reduce the overall cost of energy production and minimize carbon footprints. As a result, they find extensive applications across numerous industries, such as municipalities, system operators, utilities, independent power producers (IPPs), etc.
The rising electricity consumption, growing environmental concerns, and the increasing demand for clean energy sources are primarily driving the hybrid power solutions market. Furthermore, the enhanced adoption of hybrid power solutions can also be attributed to the escalating need for storing excess power during supply shortages, oversupply, and sudden peaks in load demand.
Moreover, hybrid power solutions that distribute alternating current (AC) of fixed frequency are gaining popularity for supplying electric power in remote areas. As these solutions offer better reliability, improved flexibility, enhanced fuel efficiency, lower greenhouse gas (GHG) emissions, etc., the global market for hybrid power solutions is expected to propel in the coming years. Looking forward, IMARC Group expects the global hybrid power solutions market to exhibit moderate growth during the next five years.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally, and our estimates about the latest market trends and forecasts, are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- AEG Power Solutions GmbH
- Delta Electronics Inc.
- ENGIE EPS S.A.
- Huawei Technologies Co. Ltd.
- Pfisterer Holding Aktiengesellschaft
- Siemens AG
- Silver Power Systems Ltd.
- SMA Solar Technology AG
- Vergnet SA and ZTE Corporation.
Read More: Forensic Technologies Market Report and Forecast 2021-2022
Market Segmentation:
Breakup by System Type:
- Solar-Diesel
- Wind-Diesel
- Solar-Wind-Diesel
- Others
Breakup by Power Rating:
- Up to 10 KW
- 11 KW-100 KW
- Above 100 KW
Breakup by End User:
- Residential
- Commercial
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- The Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, and nanotechnology industries. We also provide cost model and manufacturing setup project reports through Syndicated Analytics, a subsidiary of IMARC Group.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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