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 percent from 2016 to 2021, said a new report from MarketsandMarkets.
The market is driven by the 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, the report said.
Solar-diesel segment is expected to hold the largest share of the Hybrid Power Solutions Market, by system type, during the forecast period
The solar-diesel segment led the overall Hybrid Power Solutions Market 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.
Commercial end-users are expected to hold the largest market share of the Hybrid Power Solutions Market, by end-users, during the forecast period, according to the report.
The commercial segment, which includes hotels, resorts, schools, or hospitals located in remote or off-grid areas and do not have access to grid power, is expected to hold the largest share in the Hybrid Power Solutions Market during the forecast period.
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 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.
Leading players in the hybrid power solutions market 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.