The latest report on Hybrid Power Solutions Market by Infinium Global Research gives complete coverage of the Hybrid Power Solutions Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of Hybrid Power Solutions such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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The Hybrid Power Solution is Able to Provide a Sufficient Amount of Electrical Power to the Rural and Remote Areas
Hybrid power solution is an electric system that consists of a combination of both power and energy storage systems use to produce energy. The hybrid power solutions especially use renewable energy sources for power generation such as photovoltaic panels, wind or small hydro turbines; and from conventional technologies, usually, diesel or LPG. The hybrid power solution provides cleaner, safer and more effective portable electric system used across various industries including mining, construction, marine, railway, and many others. The rural areas are in great need of affordable and reliable electricity to achieve development. The Hybrid power solution is a suitable and cost-competitive solution for rural electrification.
The hybrid power solution is able to provide a sufficient amount of electrical power to the rural and remote areas that are driving the growth of hybrid power solutions market. The hybrid power generation system uses various energy sources to give eco-friendly solutions to the off Grid sites. The rapidly growing use of hybrid power generation systems in off Grid sites is likely to boost the growth of hybrid power solutions market. In addition, besides from the independent, economic and environmentally friendly solution, the hybrid power solutions also offer a reduction in the fuel, maintenance and operational costs that are anticipated to escalate the growth of hybrid power solution market.
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High Initial Investments May Hamper the Growth of Hybrid Power Solution
For instance, The Horizon 2020 SUNINBOX project has introduced a photovoltaic generator that is able to provide a clean, renewable and economical source of energy that can help reduce consumption of fossil fuels to mitigate global warming. It provides energy off-grid to remote communities with no electricity or as part of a hybrid energy generation system. However, high initial investments may hamper the growth of hybrid power solution market. Moreover, the rapidly increasing adoption of renewable energy across the globe is projected to create various opportunities for companies working in the hybrid power solutions market over the forecast period.
Among the regions, the Asia Pacific region accounted for the maximum market share in the hybrid power solutions market in 2017 and is expected to remain dominant throughout the forecast period. The rapidly growing use of renewable energy in Asia Pacific region drives the growth of hybrid power solution in this region. The end-user industries in the Asia-Pacific region are focusing on the adoption of hybrid power solution to provide the power that led to the rising number of hybrid power plants across this region. For instance, In May 2018, a prolific trio of major companies in natural gas, energy storage, and renewable energy project development have united to take on Asia’s energy storage market, with Japan’s JERA, Australia’s Lyon Group and US-headquartered multinational Fluence announced a partnership.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Hybrid Power Solutions.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.