Pune, India, December, 2017/MRFR Press Release/- Market Research Future published a Half Cooked research report on “Global Hybrid Power Solution Market Research Report - Forecast to 2022”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Hybrid Power Solution Global Market – Overview
Hybrid Power Solution is the combined power and energy storage solution. There are various types of hybrid solution provided by various competitors such as wind diesel, wind solar diesel, solar diesel and others. As the world economy continues to undergo intense growth and restructuring, natural resources are being depleted at alarming rates and irreversible damage has been done to the environment. Fossil fuels remain in high demand as their availability reduces and environmental concerns rise. Recently, the largest growth in the renewable energy sector has been in the production and the use of wind power. Offshore wind resources are abundant, stronger, and blow more consistently than land-based wind resources. With rise in wind power production, competition between countries has increased and wind turbine manufacturers are working to gain the upper hand as they design, test, and manufacture more effective models. Improvements in the cost and performance of wind power technologies, increase in demand for renewable energy and state renewable portfolio standards play a role in driving the wind sector towards growth. According to a recent study report published by the Market Research Future, The global market of Hybrid Power Solution is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2022).
Solar energy is identified as the best replacement to other conventional fossil fuel energy sources and is used to reduce carbon emission, by effectively meeting the electricity needs. Increasing demand for clean power acts as a major driver for the growth of the market. Moreover, improvements in technology have shifted generation of power to zero-carbon technologies such as significantly decreasing inverter size and weight while achieving record efficiency. With a growing number of investments in countries such as U.S., China and India with renewable targets and policies push the market towards growth.
According to UN Environmental programme, 2015 was a new record for the global investment in renewable energy with a total investment of USD 285.9 Billion. The clean technology energy generation accounted for 10% of the world’s electricity. Of the renewables, a total of 134 GW in 2015, solar photovoltaic accounted for 56GW. In 2016, the global investment in solar energy totalled USD 113.7 billion, with a record 75 GW of installed capacity. This is predominantly due to increasing solar installations in countries such as China and India. These countries have recently surpassed the U.S. as the top destination for solar energy market with substantial investment in the solar energy sector. This will lead to the development of hybrid energy solution in near future.
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Aro Metal Stamping co. (U.S.), Kenmode Precision Metal Stamping (U.S.), Martinrea International Inc. (Canada), Shiloh Industries, Inc. (U.S.), Acro Metal Stamping Co. (U.S.), Manor Tool & Manufacturing Company (U.S.), American Industrial Company (U.S.), Wisconsin Metal Parts, Inc. (U.S.), and Clow Stamping Co. (U.S.). and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Hybrid Power Solution market.
Industry/ Innovation/ Related News:
The key strategies followed by most companies within the global Hybrid Power Solution market are that of new product development.
On December 2017, Siemens expanded its leadership role in industrial digitalization. Siemens is the first company to set up 20 centres for digital customer in industrial sector.
On December 2017, Mitsubishi Hitachi Power Systems, Ltd. has launched a new integrated fuel cell and gas turbine hybrid power generation system that will integrates solid oxide fuel cell stacks (SOFC) with micro gas turbines (MGT).
On 2017, SMA Solar Technology AG (SMA) will open a new subsidiary in Mexico. The facility in Mexico will support sales and service and establish a local SMA presence that will serve the requirements of the customers.
Hybrid Power Solution Market – Segmentation
The global Hybrid Power Solution market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Product: Comprises Wind Diesel, Wind Solar Diesel, Solar Diesel and Others
Segmentation by End Use: Comprises Residential, Commercial, Telecom and Others
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Hybrid Power Solution Market: Regional Analysis
In Asia Pacific, Asia-Pacific is one of the largest markets for solar in the world. There is an increasing demand for energy because of the growing population and rising disposable income in the region. Moreover, these rapidly growing economies in this region are also the top polluters in the world. Solar energy is identified as the best replacement to other conventional fossil fuel energy sources and is used to reduce carbon emission by effectively meeting the electricity needs. China is the world’s most populated country and recently the country has become the largest producer of solar energy in the world. According to the National Energy Administration of China, in 2016, the installed PV capacity was 77.42 gigawatts and solar plants in the country generated 66.2 billion kilowatt-hours of power last year. The country has further plans to add 110 gigawatts within the next three years, which is driving the market for the solar Inverter in the country. This growing solar industry will lead to the growth of the market during the forecast period.