The global hybrid power systems market is currently driven by the technology and is featured by low switching costs and high initial investments. In the recent years, the demand for hybrid power systems is been fuelled by the availability of manufacturers of components of hybrid power systems and the rising adoption of these systems, especially in developing nations. The unreliability of grid connectivity has further fuelled the demand for hybrid power systems.
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The global market for hybrid power systems is dominated by a few key companies who have established a considerable mark across all regions. The market is expected to perform well in the coming few years owing to the combined efforts of key companies. Some of the prominent players operating in the global hybrid power systems market are Bergey WindPower Co., Guangzhou HY Energy Technology Limited Corp., KYOCERA Corporation, Schneider Electric SE, Siemens AG, and Kestrel Renewable Energy.
The global hybrid power systems market stood at US$411.79 mn in 2015 and is expected to reach 703.55 mn by 2024, progressing at a 6.10% CAGR from 2016 to 2024.
Demand for Wind-solar-diesel Hybrid Power Systems Continues to Increase
The global hybrid power systems market is segmented on the basis of region, end use, and type. Based on type, the global market is classified into wind-solar-diesel hybrid power systems, PV-diesel power systems, and others. Hybrid power systems primarily combine various sources of energy such as solar and the wind. In 2015, the global market was led by the wind-solar-diesel hybrid power systems. In the recent past, wind-solar-diesel hybrid power systems have been used for rural electrification across many developing nations including India, South Africa, and China. However, the demand for PV-diesel powered hybrid power systems is expected to increase in the years to come.
Considering the many benefits of using hybrid power systems, governments of many nations have mandated its use. This is expected to give the global market a boost throughout the forecast period.
Asia Pacific to Become a Promising Market for Hybrid Power Systems
By region, the global market is divided into Asia Pacific, Europe, North America, the Middle East and Africa, and South and Central America. In 2015, Asia Pacific dominated the global market for hybrid power systems. Key players operating in Asia Pacific are concentrating on avoiding transmission costs by using hybrid power systems. In Asia Pacific, Japan is currently leading the demand for hybrid power systems owing to the rising commercial projects. Japan has recently witnessed an upsurge in companies selling hybrid power systems.
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The Middle East and Africa hybrid power systems market is expected to display a promising growth in the years to come owing to the rising demand in South Africa. The South African government has mandated the application of the national policy on regulatory agencies, rural electrification funds, rural electrification agencies, and commissions, which has served as a key driving factor. The Asia Development Bank in Africa and the World Bank have increased their funding for numerous hybrid power system projects, which is expected to propel the global market.
The introduction of new hybrid power systems by key companies is expected to propel the global market in the years to come. With rising competition from the startups, key companies aim to spread their services across many regions.