Global Hybrid Power Solutions Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The increasing political pressure to reduce CO2 emissions coupled with low operational and maintenance costs as well as favorable government initiatives promotes market growth

• A hybrid energy system, or hybrid power, usually consists of two or more renewable energy sources used together to provide increased system efficiency as well as a greater balance in energy supply. The hybrid power system is a high-efficiency power generation system designed for the generation and usage of electricity.
• The hybrid power system combines various energy-generation methods, including auxiliary energy sources like diesel or fuel cells, with renewable energy sources. Carbon emissions from fossil fuel-based energy sources have a negative impact on both the ecosystem and human health. A few consequences of rising carbon emissions and other greenhouse gases include rising shoreline erosion rates, heat waves, increased flood risk, and rising temperatures. These factors have increased people's propensity for using hybrid power. Demand for hybrid power solutions is being driven by a rise in hybrid power generation, power generation using less fuel, and a decrease in carbon emissions. As renewable energy technologies improve and petroleum prices rise, hybrid power systems are becoming more prevalent. Manufacturer availability, as well as various government incentives, have expanded the use of hybrid power systems. Furthermore, cost savings, decreased pollution, and connectivity to other power sources, such as solar panels, are pushing the market to adopt hybrid power systems. The market is anticipated to expand as demand for renewable energy sources rises. Rising energy demand has resulted in increased carbon emissions from the power industry. The electricity industry is forward-thinking, and the penetration of hybrid solutions is increasing due to the exceptional properties and characteristics associated with the reduction of carbon emissions. In addition, these solutions utilize less fuel while providing maximum output. Furthermore, increasing awareness regarding global warming has prompted the market to shift its focus toward hybrid power solutions.
• However, hybrid power solutions typically require more components than single-source power solutions, such as additional batteries, electric motors, and control systems. These components can be expensive, contributing to the higher initial investment. Hybrid power solutions are more complex than traditional power solutions, which can make them more difficult to design, manufacture, and maintain. This complexity can add to the overall cost of the system. Hybrid power solutions may have a limited market compared to traditional power solutions, which can make it harder for manufacturers to achieve economies of scale and bring down the cost of production. These factors negatively impact segment growth.

Market Segmentations

• The Global Hybrid Power Solutions Market is segmented based on Type, Power Rating, End-User, applications, and Geography.
• Based on Type, the market is classified into Solar-Diesel, Wind-Diesel, and Solar-Wind-Diesel.
• The solar-diesel power systems segment is anticipated to have the largest market share of hybrid power systems by type. Because of the benefits and widespread acceptance of these systems, the market for solar-diesel hybrid power systems is anticipated to grow. By offering a stable power grid and cons solar-diesel supply, solar-diesel adds value to the consumer. It also saves gasoline because diesel generators can be shut off and PV generators can take over when enough sunlight is available. Such developments are expected to aid segment growth over the forecast term.
• Based on Power Rating, the market is classified into Up to 10kW, 11kW - 100kW, and Above 100kW.
• The largest growth in the Hybrid Power Solutions market tends to be the segment for power ratings above 100kW. This is because the demand for 100kW hybrid power solutions has increased due to several factors, including the growing need for reliable and sustainable power sources in remote or off-grid locations. Hybrid power solutions that combine renewable energy sources such as solar and wind power with conventional fuel-based generators can provide a consistent and stable power supply that is less dependent on external factors such as weather conditions. Additionally, the rise of electric vehicles has also contributed to the demand for higher-power hybrid solutions. As the demand for electric vehicles increases, the need for charging infrastructure and high-power charging stations also grows. A 100kW hybrid power solution can provide the necessary power to operate these charging stations, making it an attractive option for businesses and municipalities looking to invest in sustainable transportation infrastructure.

Based on End-User, the market is classified into Commercial, Residential, and Industrial

• The industrial segment is predicted to grow with the highest CAGR in the forecasting period. From this telecommunications industry is expanding globally, particularly in rural areas. Indonesia, for example, is facing network congestion, which is increasing energy consumption and CO2 emissions. Furthermore, defending the use of diesel as an ecologically friendly power generation option has become difficult. As a result, hybrid systems are less dependent on diesel generators, resulting in improved energy efficiency and cost control associated with fuel supply and power generators.
• Based on Geography, the market is classified as Americas, Europe, Middle East and Africa, and Asia-Pacific.
• The Asia Pacific holds the largest market share in the forecasting period. The rapidly growing use of renewable energy in the Asia Pacific region is fueling the development of hybrid power systems. Furthermore, the lack of grid-related infrastructure in the region, which is needed for traditional power generation technologies, is expected to be a significant market driver. End-user industries in the Asia Pacific region are concentrating on hybrid power solutions for energy supply, resulting in an increase in the number of hybrid power plants in the region.

Recent Development

• Doosan Enerbility announced that it had signed a contract with Turkistan LLP, a subsidiary of Kazakhstan’s sovereign wealth fund Samruk-Kazyna, for constructing the “Turkistan Combined Cycle Power Plant. The 1,000MW power plant will be built in Shymkent, a major industrial region located in southern Kazakhstan. - March 2023
• Siemens Gamesa, and Doosan Enerbility, formerly Doosan Heavy Industries announce the signing of a binding framework agreement for a strategic partnership for the South Korean offshore wind market. - February 2023

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Hybrid Power Solutions Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Hybrid Power Solutions Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Hybrid Power Solutions Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market