Global Hybrid Power Solutions Market, By Product [Standalone, Grid Connected], By Technology [Solar-Wind-Diesel, Solar-Wind, Solar-Diesel, Wind-Diesel], By Power Rating [Up to 10kW, 11kW - 100kW, Above 100kW], By End User [Residential, Commercial, Industrial], By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Forecast & Opportunities, 2014-2027

Market Overview

Global Hybrid Power Solutions Market is expected to grow over US$ 700 million by 2027 due to the growing need for renewable energy and increasing power demand.

Hybrid power solutions refer to the combination of one or more energy sources to generate power and electricity. The hybrid power solution offers energy security by combining several energy sources and deploys storage system. They are commercially sustainable and viable as they vary in size from large grids to domestic power supplies.

Growing electricity demand, government initiatives in encouraging renewable energy adoption and environmental measures to reduce carbon emissions are key factors driving the growth of the Hybrid Power Solutions Market globally.

However, high initial investment and lack of awareness are hindering the growth of the global Hybrid Power Solutions Market. 

Market Segmentation

Global Hybrid Power Solutions Market can be segmented into Product, Technology, Power Rating, End User and Region.

By Product, Global Hybrid Power Solutions Market can be segmented into Standalone, Grid Connected. The Grid-connected segment is expected to grow significantly during the forecasted period of 2020-27 due to the increasing demand for 24/7 power supply. Features like Grid stabilization potential, Easy installation, effective capacity utilization factor, and high capacity generation are key factors inducing the growth of the segment.

By Technology, Global Hybrid Power Solutions Market can be segmented into Solar-Wind-Diesel, Solar-Wind, Solar-Diesel, Wind-Diesel. The solar wind segment is expected to grow significantly during the forecasted period of 2020-27 due to the increasing demand for reliable and sustainable power for residential and commercial applications. Moreover, increasing deployment of renewable energy systems will induce the growth of the market.

By Power Rating, Global Hybrid Power Solutions Market can be segmented into Up to 10kW, 11kW - 100kW, Above 100kW. The 11kW - 100kW segment accounts for the largest market share due to its wide adoption in power devices and hybrid electric vehicles.

By End User, Global Hybrid Power Solutions Market can be segmented into Residential, Commercial, Industrial. The commercial segment holds the largest market share owing to the high demand for power. Growing population and urbanization are influencing this market segment to grow.

 By Region, Global Hybrid Power Solutions Market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Regional Analysis

Asia Pacific Hybrid Power Solutions Market is expected to grow significantly during the forecasted period of 2020-27. Due to the abundant availability of solar and wind energy, Governments in the region are encouraging to adopt renewable energy through various initiatives and subsidies. Moreover, increasing urbanization and industrialization coupled with the ongoing measures to reduce emissions is contributing to the growth of the Hybrid Power Solutions Market in this region.

Competitor Analysis

The key players in Global Hybrid Power Solutions Market are General Electric, ReGenPowertech, Siemens, Vestas, Gamesa Renewable Energy, Vattenfall AB, Suzlon Energy Limited, Goldwind, Blue Pacific Solar Products, UNITRON Energy System, Zenith Solar Systems, Alternate Energy Company, Polar Power Inc., Supernova Technologies Private Limited, MPower, SMA Solar Technology, CONTOURGLOBAL PLC, Enel Green Power, Danvest Holding A/S.