LONDON--(BUSINESS WIRE)--The global hybrid power systems market size is poised to grow by USD 231.14 million during 2019-2023, according to a new report by Technavio, progressing at a CAGR of over 8% during the forecast period.
Read the 143-page research report with TOC on "Hybrid power systems Market Analysis Report by technology (solar-diesel, solar-wind-diesel, wind-diesel, and others), end-users (non-residential and residential), and geography (the Americas, APAC, and EMEA) 2019 - 2023" Request Free Sample Pages
The market is driven by the increasing demand for clean energy sources. In addition, the rise in global electricity demand is expected to further boost the growth of the hybrid power systems market.
The rise in carbon emissions which adversely impacts health and impairs productivity, is propelling the demand for clean energy sources, such as solar PV and wind. However, solar PV and wind power face challenges in terms of efficiency, as power generated using these technologies is dependent on various factors, including the geographical location and weather condition. Thus, solar and wind are used in a combination as hybrid power systems to overcome such challenges. Therefore, the rising demand for clean energy sources will boost the adoption of hybrid power systems.
Robust economic growth, along with the rapidly growing world population has led to a significant increase in the demand for electricity. This has paved the way for the development of technologies and solutions that can considerably accelerate the growth trajectory of electricity access. Thus, the popularity of energy storage systems, including batteries is increasing in a bid to expand the access to electricity. Thus, the rising energy demand will fuel the growth of the hybrid power systems market during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- General Electric Co.
- Schneider Electric SE
- Shanghai Ghrepower Green Energy Co. Ltd.
- Siemens AG
- SMA Solar Technology AG
- Vertiv Group Corp.
Market Segmentation by Technology:
The hybrid power systems market can be broadly categorized into the following segments:
Key Regions for the Hybrid Power Systems Market:
Featuring a breakdown of region-wise market shares until 2019.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
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