The hybrid power solutions market is expected to grow from an estimated USD 466.5 Million in 2016 to USD 689.5 Million by 2021, registering a CAGR of 8.1% from 2016 to 2021. The global market is witnessing significant growth due to growth in hybrid power generation in off-grid sites, reliable power generation with minimized fuel, reduced operation and maintenance cost, and reduction in carbon emission.
Solar-diesel segment is expected to hold the largest share of the hybrid power solutions
The solar-diesel segment led the overall hybrid power solutions industry in 2015. Solar-diesel systems are applicable in all types of end-users: residential, commercial, and industries like telecom, mining, and oil & gas among others. Increased applications of off-grid renewable power systems is driving the market of solar-diesel hybrid power solutions, which are being proposed at a large scale in Asia-Pacific and Africa.
Solar-diesel segment is estimated to be the largest market owing to rising awareness and installation solar power systems across the globe, especially in developing countries.
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Commercial end-users are expected to hold the largest market share
The commercial segment is expected to hold the largest share in the hybrid power solutions market during the forecast period. Commercial sector include hotels, resorts, schools, or hospitals located at islands or off-grid areas, which do not have grid power supply and are highly dependent on diesel generators for their power requirements. Dependence on diesel and fuel availability is a concern factor which may affect power supply in crucial moments: this creates huge opportunity for implementing hybrid power solutions in commercial sector.
The global market has also been segmented based on power rating into three sub-segments: upto 10 kW, 11 kW-100 kW, and above 100 kW. The 11 kW-100 kW segment is the largest market; due to their major applications in commercial sector, where these systems offer more design flexibility and provide reliable power in comparison with traditional diesel based power generation solutions.
The Middle East & Africa is the largest market for hybrid power solutions
In this report, the hybrid power solutions market has been analyzed with respect to four regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Middle East & Africa is estimated to be the largest market for hybrid power solutions till 2021. African countries have lowest electrification rate in the world, which provides a huge opportunity to implement hybrid power solutions at large scale.
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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the hybrid power solutions market. These players 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. Leading players are trying to penetrate the markets in rural areas of developing economies and are adopting various strategies to increase their market share.