Hybrid Power System Market Share Analysis Report, 2023-2032
The global hybrid power system market size was exhibited at USD 6.96 billion in 2022 and is projected to hit around USD 13.26 billion by 2032, growing at a CAGR of 6.66% during the forecast period 2023 to 2032.
Hybrid Power Systems Market: Overview
Hybrid power systems (HPS) are designed for the generation and use of electrical power. They are independent of a large, centralized electricity grid and incorporate more than one type of power source.
Switching between sources when one is inactive reduces the unpredictability inherent in renewable energy and improves the stability of the electricity supply. Thus, the power on the supply point is ensured. Hybrid power systems may range in size from relatively large island grids of many megawatts to individual household power supplies in the order of one kilowatt.
Hybrid power systems (HPS) assure continuous power supply to end users. These systems consist of more than one energy source such as wind-diesel, solar photovoltaic-diesel, wind-photovoltaic, and wind-photovoltaic-diesel, with and without battery backup. Hybrid power systems are reliable, efficient, low cost, and have minimal greenhouse gas emissions.
Hybrid Power System Market Report Scope
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Report Coverage |
Details |
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Market Size in 2023 |
USD 7.42 Billion |
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Market Size by 2032 |
USD 13.26 Billion |
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Growth Rate From 2023 to 2032 |
CAGR of 6.66% |
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Base Year |
2022 |
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Forecast Period |
2023 to 2032 |
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Segments Covered |
By Type and By End-User |
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Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
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Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
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Key Companies Profiled |
Siemens Energy, General Electric, SunWize Power & Battery, LLC, Aggreko, Eaton, Energy Solutions (UK) Ltd., Wärtsilä, UNIPOWER, MAN Energy Solutions, Eni, WindStream Technologies, Delta Electronics, Inc., Huawei Technologies Co., Ltd, Polar Power Inc., Customized Energy Solutions India Pvt Ltd, Teksan, Windstrip and Others. |
Rising Popularity of Renewable Energy Sources to Boost Market Growth
The global hybrid power systems market is significantly driven by the rising popularity of renewable sources to generate energy. An increase in pollution levels across the globe and limited availability of conventional sources of power are factors likely to drive the global market over the forecast period. Hybrid power systems combine renewable energy sources such as wind and solar and energy produced by conventional means such as diesel generators. Hybrid power systems include wind-solar-diesel hybrid, PV-diesel hybrid, and others such as wind-hydro-diesel hybrid, solar thermal, and hybrid-solar biomass.
Wind-solar-diesel hybrid power systems for rural electrification have been enormously developed by various stakeholders across developing countries such as Indonesia, India, China, and South Africa. Market analysis of PV-Diesel-Hybrid Power systems shows that it also has been attracting significant funding from various agencies of late.
Increase in Applications of Hybrid Power Systems in Various End-use Industries
The rising applications of hybrid power solutions in residential, commercial, telecommunication, mining, and oil & gas industries are driving the global hybrid power systems market during the forecast period. Off-grid sites are one of the major areas of application for hybrid power systems. These are the sites where electricity access is not available through a grid connection. It may include telecom towers, industrial units, and remote villages. Hybrid power solutions are designed to fulfill the power requirements in these regions. The rise in carbon emissions across the globe, along with increasing awareness of clean energy is driving the global hybrid power systems market. The rapid adoption of clean energy technologies such as solar PV and wind and the rise in awareness of renewable sources such as solar and wind energy are contributing to the growth of the global market.
Rise in Investments in Hybrid Power Solutions by Various Governments
The technology-driven hybrid power systems market is characterized by high initial investments and low switching costs. The abundant availability of component manufacturers as well as numerous government incentives have fueled the demand for and adoption of hybrid power systems across developing economies. The lack of grid connectivity in remote & rural areas and its sheer unreliability has boosted the installation of these power systems in recent years. As renewable sources gain prominence, more power-generating companies shift their focus on generating electricity out of sun, wind, water, and fuel cell. With lesser amounts of carbon emissions and outstanding properties such as an abundance of supply and cost-effectiveness, hybrid power solutions are acquiring significance in modern-day power generation. Hybrid power system generates maximum output utilizing less fuel, which is one of the reasons for the expansion of the global hybrid power market in the near future.
Lucrative Growth Opportunities for Market Players in Asia Pacific
Asia Pacific is expected to hold a major share of the hybrid power systems market during the forecast period. The prominence of the market in this part of the world is mainly due to the augmented initiatives on part of the governments to generate electricity utilizing renewable sources. The Asia Pacific market is driven by the growing awareness of the adverse effects of diesel power generators on people and the environment. Players in Asia Pacific are setting up hybrid power systems as standalone mini-grids in order to avoid transmission costs. Japan is the leading player in the hybrid power market in the Asia Pacific. Rising utility-scale and commercial projects in Japan are likely to drive market growth in the upcoming years. The Middle East & Africa hybrid power market is also estimated to show significant growth during the forecast period. Rural electrification is the growth factor expected to propel this market in Middle East & Africa.
Government Mandates on Rural Electrification Boosting Hybrid Power Systems Industry in Asia Pacific and Middle East & Africa
Rural electrification initiatives have increased exponentially over the years. Many developing economies such as India and China have a large areas where electricity is not accessible. Government bodies of these countries are implementing novel schemes for achieving 100% rural electrification. The Government of India’s Deen Dayal Upadhyaya Gram Jyoti Yojana is one of the classic instances of such initiatives, which is expected to have a profound impact on the growth of the hybrid power market.
The global market for hybrid power systems has been geographically segmented into North America, Latin America, Asia Pacific, Middle East & Africa, and Europe. Asia Pacific held the largest share of the global market in 2020 and is projected to continue its dominance throughout the forecast period.
Market players in Asia Pacific can avoid transmission costs by setting up hybrid power systems as standalone mini-grids. Integration of renewable energy production with the electricity mix also reduces the cost of transporting fuel to remote areas in the region. Japan is the leading contributor to this market in the Asia Pacific, with the surge in utility-scale and commercial projects expected to drive demand in the country in the next few years.
Over the past few years, the country has witnessed a rapid increase in the number of companies registering to sell retail power. This has further driven the hybrid power systems market in Japan.
Middle East & Africa is also key market for hybrid power systems, fuelled mainly by the rapid progress in South Africa. The mandatory implementation of the national policy on rural electrification across national electricity companies, regulatory agencies and commissions, rural electrification funds, and rural electrification agencies across Africa has served as a major driving force.
In addition, the World Bank and the Asian Development Bank (ADB) in Africa fund various hybrid power projects for the implementation of PV arrays in existing diesel power plants
Wind-Solar-Diesel Hybrid Power Systems to Maintain Lead
Some of the prominent players in the Hybrid Power System Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Hybrid Power System market.
By Type
By End-User
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Hybrid Power System Market
5.1. COVID-19 Landscape: Hybrid Power System Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Hybrid Power System Market, By Type
8.1. Hybrid Power System Market, by Type, 2023-2032
8.1.1. Solar PV-Diesel
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Wind-Diesel
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Others
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Hybrid Power System Market, By End-User
9.1. Hybrid Power System Market, by End-User, 2023-2032
9.1.1. Residential
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Commercial
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Industrial
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Hybrid Power System Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Type (2020-2032)
10.1.2. Market Revenue and Forecast, by End-User (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.1.3.2. Market Revenue and Forecast, by End-User (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.1.4.2. Market Revenue and Forecast, by End-User (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.2. Market Revenue and Forecast, by End-User (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.3.2. Market Revenue and Forecast, by End-User (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.4.2. Market Revenue and Forecast, by End-User (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.5.2. Market Revenue and Forecast, by End-User (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.6.2. Market Revenue and Forecast, by End-User (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.2. Market Revenue and Forecast, by End-User (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.3.2. Market Revenue and Forecast, by End-User (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.4.2. Market Revenue and Forecast, by End-User (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.5.2. Market Revenue and Forecast, by End-User (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.6.2. Market Revenue and Forecast, by End-User (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.2. Market Revenue and Forecast, by End-User (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.3.2. Market Revenue and Forecast, by End-User (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.4.2. Market Revenue and Forecast, by End-User (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.5.2. Market Revenue and Forecast, by End-User (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.6.2. Market Revenue and Forecast, by End-User (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.5.2. Market Revenue and Forecast, by End-User (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.5.3.2. Market Revenue and Forecast, by End-User (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.5.4.2. Market Revenue and Forecast, by End-User (2020-2032)
Chapter 11. Company Profiles
11.1. Siemens Energy
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. General Electric
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. SunWize Power & Battery, LLC
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Aggreko
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Eaton
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Energy Solutions (UK) Ltd.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Wärtsilä
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. UNIPOWER
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. MAN Energy Solutions
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Eni
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers