The hybrid power solutions global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Hybrid Power Solutions Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The hybrid power solutions market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to investments in infrastructure for energy storage, the growing trend of urbanization and the electrification of various sectors, government incentives and subsidies for clean technology adoption, upgrades and retrofits of existing energy systems with hybrid technologies, and flexibility in energy production.
The hybrid power solutions market size is expected to see strong growth in the next few years. It will grow to $2.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to decreasing costs of renewable energy technologies, increasing consumer preference for sustainable and reliable energy sources, increased awareness of environmental issues and consumer preferences, evolving regulatory frameworks that support clean energy and energy efficiency, and rapid urbanization increases the demand for reliable and efficient power solutions. Major trends in the forecast period include innovations in energy technologies, advanced energy storage technologies, integration of hybrid power systems with emerging technologies such as artificial intelligence (AI) and the internet of things (IoT), advanced analytics and performance monitoring in hybrid systems, and growing investment in research and development for hybrid technologies.
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Scope Of Hybrid Power Solutions Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Hybrid Power Solutions Market Overview
Market Drivers –
The rising importance of reducing carbon emissions is expected to propel the growth of the hybrid power solutions market going forward. The rising importance of reducing carbon emissions is due to several factors, such as combating climate change, meeting international climate agreements, improving public health, enhancing energy efficiency, and ensuring long-term environmental sustainability. Hybrid power solutions reduce carbon emissions by combining renewable energy sources with traditional power, optimizing energy efficiency, and lowering reliance on fossil fuels. For instance, in December 2023, according to the Stanford Doerr School of Sustainability, a US-based school at Stanford University focusing on climate change and sustainability, the world’s emissions of carbon dioxide will exceed 40 billion tons in 2023, including nearly 37 billion tons from fossil fuels. Overall emissions are up 1.1% compared to 2022 levels and 1.5% compared to pre-pandemic levels. Therefore, the rising importance of reducing carbon emissions is driving the growth of the hybrid power solutions market.
Market Trends –
Major companies operating in the hybrid power solutions market are focusing on developing advanced products, such as smart energy technology, to gain a competitive edge in the market. Smart energy technology involves advanced systems and solutions that use digital tools, data analytics, and automation to optimize energy generation, distribution, and consumption. For instance, in June 2024, SolarEdge Technologies, Inc., an Israel-based company that developed a DC-optimized inverter system, launched a next-generation three-phase solar inverter and dedicated home battery for the European residential market. SolarEdge’s next-generation inverter is designed to reach a higher power class of up to 20 kW and for full home backup applications. The incorporation of the latest advancements in silicon carbide (SiC) switches is expected to significantly decrease the size and weight of the new inverter per kW while boosting efficiencies and power density to achieve the highest efficiency in its category currently on the market.
The hybrid power solutions market covered in this report is segmented –
1) By Grid Type: Off-Grid, On-Grid
2) By Configuration: Solar-Diesel, Wind-Diesel, Solar-Wind, Other Configurations
3) By Power Rating: Up To 10 kW, 11 kW To 100 kW, Above 100 kW
4) By Application: Residential, Rural Facility Electrification, Commercial, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the hybrid power solutions market in 2023. The regions covered in the hybrid power solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the hybrid power solutions market are Mitsubishi Corporation, General Electric Company, Schneider Electric SE, Siemens Energy AG, Hitachi Power Solutions Co. Ltd., Eaton Corporation plc, ZTE Corporation, Vestas Wind Systems A/S, SMA Solar Technology AG, SolarEdge Technologies, Ingeteam, MAN Energy Solutions, ReNew, DEIF A/S, Edina, KP Group Inc., Clarke Energy, Axis Energy, DHYBRID Power Systems GmbH, Solar Stik Inc., Hybrid Power Solutions Inc., New Sun Road
Table of Contents
- Executive Summary
- Hybrid Power Solutions Market Characteristics
- Hybrid Power Solutions Market Trends And Strategies
- Hybrid Power Solutions Market – Macro Economic Scenario
- Global Hybrid Power Solutions Market Size and Growth
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- Key Mergers And Acquisitions In The Hybrid Power Solutions Market
- Hybrid Power Solutions Market Future Outlook and Potential Analysis
- Appendix
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