Market Research Future (MRFR)’s latest study reveals that the global hybrid power solution market is poised to grow steadily throughout the forecast period 2016 to 2022. Hybrid power solutions have gained popularity in the recent times which has led to an increase in the generation of hybrid power. It is likely to augment the hybrid power solution market in the foreseeable future.
The shift towards the renewable energy has accelerated the revenue collection of the hybrid power solution market players. Furthermore, the reduction in the cost of solar power has boosted the market for hybrid power solution. This is anticipated to continue influencing the market growth positively.
The intensified need for fuel efficiency is expected to generate demand in the hybrid power solution market over the next couple of years. Additionally, the initiatives undertaken by the governments for containing the harmful effects of carbon emissions have also promoted the adoption of hybrid power solutions. It has catapulted the market on an upward trajectory.
The competitive landscape of the hybrid power solution market represents a healthy competition, and the presence of a large number of players are expected to catalyze the market proliferation through the assessment period. However, the high price of components remains an impediment to the market.
By product, the global hybrid power solution market has been segmented into wind diesel, wind solar diesel, solar diesel, and others.
By end-use, the hybrid power solution market is segmented into residential, commercial, telecom, and others.
By region, the global hybrid power solution market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific held and controlled the most significant share of the market. It is estimated to hold its pole position over the next couple of years. The surge in renewable energy generation coupled with government support is expected to fuel demand in the Asia Pacific hybrid power solution market. Japan is projected to lead the regional market during the forecast period.
Europe and North America are important growth pockets of the global market. They are likely to remain highly lucrative markets in the foreseeable future. The inclination towards renewable energy as well as commercial and government projects are expected to propel demand in Europe market.
The Rest of the World resonates strong opportunities for growth and is projected to exhibit a steep rise in the growth of the hybrid solutions market. The growth is attributable to the government initiatives undertaken for the adoption of hybrid power solutions.
Some of the key players profiled in the report are Siemens AG, Doosan Heavy Industries & Construction Co. Ltd., MJB International, ZTE Corporation, Huawei Technologies Co., LTD, Mitsubishi Power Systems Europe Ltd., NYE Thermodynamics Corporation, and SMA Solar Technology AG.
In August 2018, Hoglund, a global marine automation and system integration company, has launched two new divisions Høglund Gas Solutions and Høglund Power Solutions for focusing on LNG-fuelled, electric and hybrid vessels.
In August 2018, Rolls-Royce introduced a lithium-ion-based hybrid power for ships.