Hybrid power solutions market is expected to grow at a CAGR of 15.3% during the forecast period. The major factors contributing to the growth of the market include the increasing demand for renewable energy sources and rapid industrialization across the globe. As per the International Renewable Energy Agency (IRENA), China’s total operating solar PV capacity reached 175 GW in 2018. By 2020, the target for solar PV capacity is expected to be between 210–270 GW.
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As per the IRENA, Japan solar energy capacity reached 55.5 GW in Japan in 2018. This is led by the most attractive Feed-in-Tariffs (FITs) and utility-scale power plants. Japan’s Government passed a FIT for business users and residential, requiring electric utilities to purchase excess solar power from these users in 2009. In 2012, a new FIT system was started by the government, based on the Renewable Energy Electric Procurement by Operators of Electric Utilities Law. According to the law, the regional electricity operators are required to connect renewable energy generation facilities to their grids and purchase the generated renewable energy at FITs. The growth in the installation of solar panels is supporting the adoption of hybrid power solutions.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Hybrid Power Solutions Market by System Type
- Solar-Diesel
- Wind-Diesel
- Solar-Wind-Diesel
- Others
Global Hybrid Power Solutions Market by Power Rating
- Upto 10 kW
- 11 kW–100 kW
- Above 100 kW
Global Hybrid Power Solutions Market by End-User
- Residential
- Non-Residential
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Blue Pacific Solar Products Inc.
- ContourGlobal plc
- Danvest Energy A/S
- Eaton Corp.
- General Electric Co.
- Huawei Technologies Co. Ltd.
- MAN Energy Solutions SE
- MPower Group
- PFISTERER Holding AG
- Polar Power Inc.
- ReGen Powertech Pvt Ltd.
- Schneider Electric SE
- Shanghai Ghrepower Green Energy Co. Ltd.
- Siemens AG
- SMA Solar Technology AG
- Supernova Technologies Pvt. Ltd.
- Unitron Energy Systems Pvt. Ltd.
- Vertiv Group Corp.
- Zenith Solar Systems
- ZTE Corp.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global hybrid power solutions market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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