CHICAGO, July 27, 2023 /PRNewswire/ -- Hybrid Power Solutions Market is projected to reach USD 4.0 billion in 2028 from USD 2.4 billion in 2023 at a CAGR of 10.4% according to a new report by MarketsandMarkets. Hybrid power solutions are essential because they provide a reliable and stable energy supply by harnessing the benefits of both renewable sources and conventional energy, ensuring energy security, reducing environmental impact by reduction in carbon emissions, and supporting sustainable development across various sectors.
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Hybrid Power Solutions Market Scope:
Report Coverage | Details |
Market Size | USD 4.0 billion in 2028 |
Growth Rate | 10.4% of CAGR |
Largest Market | North America |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | System Type, Grid Connectivity, Power Rating, End User Industry, and Region |
Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Reduction of carbon emissions |
Key Market Drivers | Growth in hybrid power generation in off-grid locations |
The Industrial, by end user, is expected to grow be the largest segment during the forecast period.
Based on end user, the Hybrid Power Solutions Market has been split into residential, commercial, and industrials. The industrial segment is anticipated to be the largest during the forecast period. Industrial segment is growing in Hybrid Power Solutions Market due to the increased emphasis on meeting emission reduction targets and achieving environmental sustainability. Industrial facilities, characterized by higher energy demands and carbon footprints, find hybrid power solutions particularly compelling in aligning with their sustainability objectives and reducing environmental impact.
The 100kW-1MW segment, by capacity segment, is expected to grow at the second-highest CAGR during the forecast period.
This report segments the Hybrid Power Solutions Market based on capacity into three segments: upto 100kW, 100kW-1MW, and above 1MW. The 100kW-1MW segment is expected to be the second-fastest growing segment during the forecast period. The 100kW-1MW segment is growing more in the commercial sector due to its suitable power capacity for various operations and equipment, cost-effectiveness, and technological advancements, making it a preferred choice for businesses.
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Asia Pacific is expected to be the largest region in the Hybrid Power Solutions Industry
Asia Pacific is expected to be the largest Hybrid Power Solutions Market during the forecast period. The region's increasing focus on renewable energy, coupled with supportive government policies and incentives, has driven the development of significant solar-wind projects in the region, specifically India. These large-scale projects contribute to the rapid expansion of the Hybrid Power Solutions Market in the Asia Pacific, attracting investments, fostering innovation, and establishing the region as a key player in the global transition towards sustainable energy solutions.
Key Market Players:
Some of the major players in the Hybrid Power Solutions Companies are General Electric (US), Vertiv Group Corp. (US), Vestas (Denmark), Wärtsilä (Finland), and SMA Solar Technology AG (Germany). The major strategies adopted by these players include sales contract, product launches, investments, collaborations, partnerships, and expansions.
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Recent Developments
- In July 2023, General Electric Company signed a Memorandum of Understanding (MoU) with Fortune Electric Co., Ltd. to manufacture its Battery Energy Storage Solutions (BESS) in Taiwan. This MoU enhances General Electric Company's market position in Taiwan by the introduction of its energy storage portfolio in the country.
- In November 2023, Siemens Energy was awarded the project to construct a hybrid power plant in French Guiana, located near Saint-Laurent-du-Maroni in northeast South America. The plant will utilize solar power exclusively to generate climate-neutral electricity, ensuring a continuous supply to approximately 10,000 households. In addition, Siemens Energy will provide operation and maintenance services for a period of 25 years, including remote control capabilities for the plant.
- In December 2020, Vestas and Mitsubishi Heavy Industries (MHI) finalized their agreement to expand their partnership in sustainable energy. As part of the agreement, Vestas has acquired MHI's shares in the MHI Vestas Offshore Wind (MVOW) joint venture, while MHI has acquired a 2.5% stake in Vestas and will be nominated to a seat on Vestas' board of directors.
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