Hybrid power refers to combinations of different technologies to produce power. Hybrid systems, as the name infers, combine two or more modes of electricity generation together, usually using renewable technologies such as solar photovoltaic (PV) and wind turbines. Hybrid systems provide a high level of energy security through the mixture of generation methods, and often will incorporate a storage system (battery and fuel cell) or small fossil fuelled generator to ensure maximum supply reliability and security. Fossil fuel-based energy resources generate carbon emissions, which impact on environment and human health.  These solutions use less fuel, while providing maximum output. Hybrid power finds its applications in residential, commercial, and telecommunication sectors among others,

Market scope and structure analysis

COVID-19 scenario analysis:

• The global market for hybrid power solutions is severely impacted by the outbreak of the COVID-19 pandemic. 
• The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns. 
• Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
• Thus, insufficiency in raw material supply is expected to hamper the production rate of hybrid power solutions, which negatively impact the market growth.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Several factors contribute to the growth of the market. Hybrid power is in high demand in off-grid sites. Off-grid sites refer to rural locations, those sites where electricity access is not available through grid connection. These sites are in remote areas. Combination of generator with renewable resources provides 24*7 power supply. Off-gird sites boost the hybrid power market. It is a reliable power generation method which also enables fuel savings. Hybrid power is an eco-friendly system as it reduces carbon-emissions and this raises its demand.  Hybrid power requires higher initial investments which restrain its growth. Contrarily high investment in 100% rural electrification presents the new pathways for hybrid power market. In addition, increasing alertness regarding global warming has encouraged the market to move its focus toward hybrid power solutions system.

New product launches to flourish the market 

German PV inverter manufacturer SMA launches its battery inverter – Sunny Boy Storage 3.7/5.0/6.0. SMA's latest offerings highlights enhanced digital services as inverter makers battle to differentiate their items in market. Moreover, up to three batteries can be connected with the battery inverter and as indicated by the organization the way toward connecting batteries is intended to be simple and should be possible at any second. SMA centres around batteries from various manufacturers can be connected with its system and says installers and operators will have the option to utilize the SMA Smart Connected help, which shows systems and sends out automatic notifications when maintenance work is needed.

Surge in use in automotive applications

In developing countries, a large number of population lives in remote or off grid areas. Installation and distribution costs are considerably higher for remote areas and these regions for 100% electrification requires huge investment. Telecom industry is growing over the world, specifically in remote territories, for example, Indonesia are confronting network blockage, which in turn is activating energy utilization and CO2 emissions. Hybrid power solutions combine diesel generators along with renewable sources (wind, solar, or both). With ensuring 24*7 power supplies to off grid sites with less interruption. 

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global Hybrid Power Solutions market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Hybrid Power Solutions market.
• The current market is quantitatively analysed from 2020 to 2027 to highlight the global Hybrid Power Solutions market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global Hybrid Power Solutions market analysis based on competitive intensity and how the competition will take shape in coming years.