The global hybrid power systems market from 2019 – 2023

Factors such as widespread adoption and benefits of solar-diesel hybrid power will help the solar-diesel segment to maintain its market position. Also, Reportlinker’s market report looks at factors such as a rise in global electricity demand, increase in demand for clean energy source, and favourable government support. However, intermittency and fluctuations in renewable power generation, challenges associated with the use of hybrid power systems, and grid integration challenges may hamper the growth of the hybrid power systems industry over the forecast period.

Increase in demand for clean energy sources

The rise in carbon emissions adversely impacts health and impairs productivity improvements. This leads to a rapid increase in the adoption of clean energy technologies such as solar PV and wind. Therefore, the rise in demand for clean energy sources and benefits of using renewables such as solar and wind energy will lead to the expansion of the global hybrid power systems market at a compound annual growth rate (CAGR) of over 8% during 2019 – 2023.

Developments in BESS batteries are the most commonly used energy storage systems, as the costs of batteries have been declining significantly. This price reduction can be attributed to the improvements in hardware and standardisation of system design and engineering. The rising sales of batteries have increased economies of scale, reducing the prices of battery systems. Thus, the declining costs of battery systems have been boosting the adoption of BESS in hybrid power systems, thereby increasing its operational efficiency. This development is expected to have a positive impact on the overall market growth.

Competitive landscape

With the presence of several major players, the global hybrid power systems market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading hybrid power systems manufacturers, that include General Electric Co., Schneider Electric SE, Shanghai Ghrepower Green Energy Co. Ltd., Siemens AG, SMA Solar Technology AG, Vertiv Group Corp. Also, the hybrid power systems market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategise and leverage on all forthcoming growth opportunities.

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