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Allied Market Research

Hybrid Power Solutions Market: Global Opportunity Analysis and Industry Forecast 2020-2027

A08600
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Jun 2021 | 172 Views
 
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COVID-19

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 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

Report Metric

Details

  Market size available for years

  2019 –2027    

  Base year considered

  2019                   

  Forecast period

  2020–2027                            

  Forecast units

  Millions (USD)

  Segments covered

  Type, power rating, end-use industry and regions

  Regions covered

North America (US and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa

  Companies covered

Key players involved in market include SMA Solar Technology AG (Germany), Siemens AG (Germany), Huawei Technologies Co., LTD (China), ZTE Corporation (China), Flexenclosure AB, LTD (Sweden), and Heliocentris Energy Solutions AG (Germany)

 

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:

Segments

Subsegments

  Type

  • Solar- Diesel

  • Wind-Diesel

  • Solar-Wind-Diesel

  Power Rating

  • Up to 10kW

  • 11kW – 100kW

  • Above 100kW

  End-use Industry

  • Commercial

  • Residential

  • Telecommunication

  • Others

 

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. 
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
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  • Regional government and statistical databases for macro analysis
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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

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  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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