Hybrid Power Generation Market: Overview
The global market for hybrid power generation is poised to expand at a healthy pace over the years as more and more consumers and industries realize the environmental and economic benefits of this technology. The focus has been shifting from developed nations, where advanced renewable technologies to curb carbon emissions are already in place, to developing economies, where the demand for cheap, reliable, and uninterrupted energy is on the rise.
The vendor landscape in the hybrid power generation market is defined by the presence of many large global and regional players. Increased competition in this market is owing to extensive portfolios of energy management solutions, companies customizing their offerings to cater to evolving consumer needs, and regular investments in research and development activities. It has been noted that new players will find it particularly difficult to compete with established companies due to high capital resource requirements.
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Hybrid Power Generation Market: Trends and Opportunities
As indicated above, the urgent need to limit greenhouse gas emissions has been driving the adoption of hybrid power generation methods. Also boosting the uptake of these methods is the need to restrict the dependency on fossil fuels. Fossil fuels such as coal and crude oil have been rapidly depleting, compelling industries to look for alternative methods of power generation to cater to the ever-rising demand for energy. Hybrid renewable energy systems come into play in such cases and the market for the same is likely to benefit from this trend.
On the down side, it has been estimated that the high prices of components for capturing renewable energy, such as solar panels, in several countries act as a major barrier to the large-scale adoption of hybrid power generation methods. Moreover, the fluctuating cost of natural gas and oil will limit its market. Nevertheless, TMR predicts that the demand for hybrid power generation is only slated to grow in the coming years and any hurdles in the growth trajectory of this market will be overcome by ongoing technological advancements to bring down the costs.
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Hybrid Power Generation Market: Regional Outlook
Of the main regional segments studied in the report, Asia Pacific is one of the leading contributors to the growth of the global hybrid power generation market. It is predicted that this region will likely continue its trend throughout the forecast period. The growing demand for power across residential and non-residential sectors, supported by unreliable power grid infrastructures, is the primary factor driving the hybrid power generation market in Asia Pacific. In addition to this, the role of the government in supporting standalone hybrid power systems in several emerging countries such as Indonesia and India is boosting the uptake of this method of electricity generation.
Europe as well as the Middle East and Africa also present a healthy outlook owing to rising demand for the same in the residential sector. Hybrid power plants are used across these regions mainly for the generation of thermal power. Across the Americas, the growing need to curb carbon emissions and the falling price of technology are supporting the adoption of hybrid renewable power generation in several large-scale industries.