The global hybrid power solutions market is projected to grow at a CAGR of 8.13% from 2016 to 2021, to reach a market size of USD 689.5 million by 2021. The growth is attributed to growth in hybrid power generation in off-grid sites, reliable power generation with minimized fuel, and reduced operation and maintenance cost, and reduction in carbon emission.
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Hybrid Power Solutions: Hybrid power solutions means combining two power generation sources together to reliable power supply. Hybrid power solutions combine renewable sources like wind and solar photovoltaic with engines or generators run by diesel fuel. Hybrid power solutions minimize diesel operating cost and carbon emission by reducing diesel generators run time. Hybrid power solutions are suitable for off grid or remote areas, isolated grids and islands where power supply through grid is not economical and viable option.
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The report segments the hybrid power solutions market based on end-users into residential, commercial, telecom, and others. Commercial segment is the largest end-user of hybrid power solutions owing to the growing number of small-to-medium scale industries in off-grid areas.
The report segments the hybrid power solutions market based on system type into solar-diesel, wind-diesel, solar-wind-diesel, and others. 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.
Growth of hybrid power generation in off-grid sites drives the global hybrid power solutions market
Off grid sites are those sites where electricity access is not available through grid connection. Off gird sites may be telecom towers, industrial units and small villages, which are located in remote areas and do not have grid connectivity. Laying down grid network in these regions for 100% electrification requires huge investment. The growing power demand can be met through deploying hybrid power solutions designed according to individual power requirement of residential and non-residential customers. Hybrid power solutions combine diesel generator along with renewable sources (wind, solar or both). It ensures 24*7 power supply to off grid sites with less interruption.
Hybrid power solutions applications at the off-grid sites drive the growth of hybrid power solutions market
In developing countries, a large number of population live in remote or off grid areas. Installation and distribution costs are considerably higher for remote areas. Laying down grid network in these regions for 100% electrification requires huge investment. One of the primary needs for social and economic development of any country is efficient and regular power supply to its residents. Hybrid power solutions combine diesel generator along with renewable sources (wind, solar or both). It ensures 24*7 power supply to off grid sites with less interruption. Thus, the public authorities can achieve 100% electrification by deploying hybrid power solutions in remote or off grid areas.
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