Global Hybrid Power Systems Market is accounted for $436.9 million in 2016 and expected to grow at a CAGR of 7.2% to reach $664.5 million by 2022. Research and development of new products & technological innovations, renewable energy production as well as reducing the carbon footprint will fuel the market growth. High transmission costs in the rural areas will hamper market growth. However, CO2 (Carbon Dioxide) emission and energy security are major challenges faced by the market.
Solar-diesel hybrid power systems dominated the market owing to increased popularity of portable power systems. Non-residential segment commanded the largest market among end users due to adoption of hybrid/smart grid power technologies. Asia Pacific is the fastest growing market due to presence of several micro and mini-grids. Additionally, countries such as India, China and Indonesia are sustainably adopting standalone hybrid systems. In Asia Pacific, many islands are accompanying distributed power generation. Europe and North American markets are growing significantly as hybrid projects are being developed to meet the renewable energy production. In addition, off-grid applications in mining and support for advanced research Projects for solar hybrid projects are fueling the market in these regions.
Some of the key players in global Hybrid Power Systems market are AEG Power Solutions, Alpha Power, Danvest, Electro Power Systems, Elgris Power, Eltek Power, Emerson, Heliocentris, KLiUX Energies, ReGen Powertech, Repowering Solutions, Schneider Electric, SFC Energy, Shanghai Ghrepower Green Energy, Siemens and WindStream Technologies.
End Users Covered:
Rural Facility Electrification
Other End Users
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