Hybrid power solutions source energy from multiple solutions and are gaining popularity as it overcomes the shortcomings of conventional power generation solutions. Increasing investments in renewable energy industry are expected to fuel demand for the product over the next couple of years. The report published by Market Research Future (MRFR) observes that the global hybrid power solution market is set to exhibit steady growth through the projection period 2016 to 2022.
The product combines two or more energy sources and offers advantages such as reliability, affordability, sustainability, etc. This, in turn, is anticipated to boost revenue generation in the hybrid power solution market in the forthcoming years. Also, the declining cost of solar energy generation is likely to favor the growth of the market in the years to come.
Implementation of favorable laws by the governments to prompt the generation of renewable energy is expected to revolutionize the growth trajectory of the hybrid power solution market over the next few years. The hybrid power solution market is poised to attract investments for meeting the rising energy demand owing to urbanization and industrialization. Also, the technological innovations being introduced in the industry are anticipated to lead the expansion of the market over the next few years.
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The segmental assessment of the global hybrid power solution market, on the basis of product, has been segmented into wind solar diesel, wind diesel, solar diesel, and others.
The segments of the hybrid power solution market, based on end-user, has been segmented into commercial, residential, telecom, and others.
The regional assessment of the global hybrid power solution market is covered in this report which identifies four regions further narrowed down to a country-level basis. The major regional segments are - North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). Asia Pacific holds the maximum share of the global market and is anticipated to retain it through the forecast period. Rapid industrialization and urbanization in fast-developing economies of the region are projected to contribute significantly to the expansion of the hybrid power solution market. Japan is assessed to invest huge amounts in the expansion of its hybrid power generation capacity, thus supporting market growth. Also, the support extended by the governments is likely to catalyze the growth of the hybrid power solution market in the region in the nearby future.