Hybrid Power System Market Size, Share and Global Trend By Type (Solar PV-Diesel, Wind-Diesel, Others), By Location (On-Grid, Off-Grid), By End-Use (Residential, Commercial, Industrial) and Regional Forecast, 2024-2032

The hybrid power system is a high-efficiency power generation system designed for the generation and usage of electricity. The hybrid power system is not dependent on the electricity grids and is comprised of more than one power source. Hybrid power systems are very efficient for supplying power in remote locations or islands such as pacific or Caribbean Islands where grid connectivity is not accessible.

Unlike the other power generation systems, hybrid power generation systems can overcome the voltage fluctuations and energy losses. Due to the presence of two power generation systems, the efficiency of the hybrid power systems more as compared to the other power systems.

By type, the hybrid power system market is categorized based on the technology used, which is solar photovoltaic with a diesel generator, wind with diesel generators, and hybrid concentrated thermal power systems among others. The solar photovoltaic systems with diesel generators are a combination of power generation systems where energy from solar PV and power output from diesel generators are used to meet the power demands of the consumer.

In a wind-diesel hybrid power system, electricity is generated from the wind turbines together with diesel generator sets. The wind-diesel hybrid power system is generally used to supply power to the houses. By location, the hybrid power system market is bifurcated on the basis of the installation of hybrid power systems which is on-grid and off-grid.

Depending on the location which can be remote or one with an integrated grid, on-grid and off-grid hybrid power systems are selected. The off-grid segment is expected to dominate the hybrid power system by location owing to higher demand from the remote locations. By end-use, the hybrid power system market is bifurcated on the basis of applications of the hybrid power systems in residential, commercial and industrial sectors.

The hybrid power system is a mix of two or more power generation systems. Hybrid power systems such as solar and wind hybrid power system can generate electricity at day time through the solar photovoltaic panels and at night time, they use wind turbines when the wind is blowing at higher rates as compared to the day time in some regions.

Owing to this, higher efficiency is achieved as compared to other power generation systems. This is expected to add to the healthy growth of the hybrid power system market in the coming years. The telecom operators use hybrid power systems to power the off-grid applications and the growth of the telecom industry is expected to create a platform for the growth of the hybrid power system market during the forecast period.

The operation of the hybrid power systems is complicated as compared to the operation of solar photovoltaic and wind energy plants. Owing to the complications in controlling the operations of the hybrid power system, the growth of the hybrid power system is likely to have a negative impact in the near future.

Key Players Covered

Some of the major companies that are present in the global hybrid power system market are Siemens Energy, GE Power, SunWize Power & Battery, LLC, Aggreko, Eaton, Hybrid Power by Energy Solutions, Wärtsilä, UNIPOWER - Powering Technology, Man Energy Solutions, Eni, WindStream Technologies, Inc., Delta Electronics, Huawei Enterprise, Polar Power Inc., Coslight India Pvt Ltd., Teksan™, and Windsrip among others.

SEGMENTATION 

Regional Analysis

The global hybrid power system market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The telecom industry in the U.S has witnessed considerable growth over the recent past. Introduction of 5G has boosted the growth of the telecommunication industry in the U.S. Owing to this the hybrid power system market is expected to grow at healthy rates in the North America region. Latin America region has a weak power distribution and grid connectivity in remote areas such as the Caribbean Islands. In order to strengthen the power supply, the region is focused on adopting renewable sources of energy. This is likely to aid in boosting the growth of the hybrid power system market in Latin America over the forecast period. Europe region has installed high capacities of solar and wind energy and is now focused on adopting other more efficient energy sources. For instance, in November 2018, Hitachi Power Solutions Co., Ltd and NKG Insulators, Ltd started operation of a large scale hybrid power plant in Germany. Owing to the growth of renewable energy installations in the region the demand for hybrid power systems is expected to remain high in the Europe region. The Middle East and Africa region is focused on increasing its power generation capacities owing to meet the energy demand across different countries such as Saudi Arabia, the United Arab Emirates, and Kuwait among others. Lack of grid connectivity in some parts of Africa along with increasing power generation capacities in the GCC countries is expected to provide significant opportunities for the growth of the hybrid power system market in the region during the forecast period. Japan is among the key regions focused on adopting renewable and other conventional energy sources. China and India are also engaged in installations of new power generation capacities in order to meet the increasing electricity demands form the residential and industrial sectors. Owing to this the hybrid system market is expected to gain traction in the Asia Pacific region in the near future.

Key Industry Developments

• In August 2019, Nidec ASI announced that it has developed a power management system for yacht wider 165. The company has also announced that the power management system which is a hybrid power system will supply power to meet the energy needs of propulsion systems, rechargeable batteries, and cabins
• In July 2019, Controllis launched a new hybrid power unit under the brand name Smart-48. The hybrid power unit is expected to aid mobile and telecom operators to save fuel costs and carbon footprint
• In January 2019, an Indian state has announced its plans to install 18GW capacity of solar, wind and solar-wind hybrid power plants by 2022. The state is focused on targeting US$ 40 billion investments in the next decade for the renewable capacities