Hybrid Power Systems Market: Emerging Niche Segments and Regional Markets with Major changes in Market Dynamics

The new Hybrid Power Systems Industry Report has been published today. It provides updated in 2018 year analysis of energy and mining Industries.

Market Definition:

Hybrid power are combinations of different technologies to produce power. Hybrid power systems are majorly designed for the generation and use of electrical power. Hybrid powers are produced with the combination of different sources of renewable sources of energy such as Photovoltaic-wind turbines, diesel- LPG gen-sets, Wind-Photovoltaic-Diesel System, and others. The hybrid systems are planned with customized configurations for effective use of available renewable sources and to serve for power generation purpose.

The energy systems can capitalize on existing energy infrastructure and add components to help in costs reduction, environmental impacts and system disruptions. Hybrid power systems are market-focused rather than technology-focus, delivering more efficient and reliable methods for meeting the consumers’ requirement. As per the International Energy Agency (IEA), it has been forecasted that the global generation capacity will increase by more than 60%, and renewables will make up over 45% of the total capacity by 2040.

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Market Growth and Analysis:

Hybrid power systems reduces overall CAPEX per MW output and O&M costs by leveraging electrical infrastructure and Balance of Plant (BoP) equipment. Other factor associated with the technology is less CO2 emission with more energy production and lowered fuel costs from replacing diesel generation with renewables sources. For instance, in 2016, Vodafone announced to install several hybrid power systems in Qatar to reduce the carbon footprint and for improving energy efficiency. Hybrid power system offer various solutions such as Wind Integrated Solar Energy (WISE), Pumped Storage (PSP), wind-hydro hybrid, and Battery Energy Storage Solutions (BESS), anticipated to increase the demand in global market over the forecast period.

The absence of grid connectivity in remote areas particularly in emerging nations has driven end users to retrofit the conventional diesel generator set with efficient and cost-effective hybrid power systems. Hybrid power plants offer solution to various problems confronted by grid managers, power producers, and consumers. For instance, hybrid system couples the clean solar power with a reliable generator fueled with low-priced natural gas for generating the electricity. Wind power can be paired with compressed air for creating a reliable source, particularly for rural and isolated areas with limited transmission. Waste coal can be co-fired with waste wood from timbering to lower emissions. Some hybrid projects combine diesel generator sets with solar PV technology. Although, initial investments, higher payback time and huge installation costs paves hurdle for the companies from the setting up of hybrid power systems.

Market Segment:

The global hybrid power system market has been segmented on the basis of system type, power rating, and end-user. Based on system type segment, the market has been segregated as solar-diesel, wind-diesel, and solar-wind-diesel. Based on power ratings segment, hybrid power systems are bifurcated as upto 10kW, 11kW-100kW, and above 100kW. The end users segment includes residential, industrial, and commercial.

The solar-diesel segment has been anticipated to hold the largest market segment owing to diverse applications in various end-user segment such as telecom, oil & gas and mining. The solar-diesel segment has been propelled at a large scale in Asia-Pacific and Africa region owing to augmented applications of off-grid renewable power systems. Furthermore, the 11kW-100kW segment is predicted to acquire major market share owing to the application in power devices and hybrid electric vehicles. The hybrid electric vehicles such as Toyota Prius and Lexus RX 400h are made of gasoline engine and electric motor, possessing an ability to effectively control environmental issues such as CO2 emissions. Such factors have increased the overall demand for hybrid vehicles, and is projected to propel the segment growth over the forecast period.

The commercial segment is expected to hold the largest share in end-user segment over the forecast period. Commercial buildings such as hotels, schools, resorts, and hospitals located at on-grid and off-grid areas, highly dependent on diesel generators for their power consumption. Fuel and diesel availability is an alarming factor creating huge opportunity for hybrid power implementation in commercial sector.

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Regional Analysis:

The Middle East and Africa region is expected to adopt hybrid power solutions over the forecast period owing to rising awareness for higher efficiency and reduced carbon emissions. For instance, Cummins, Inc. delivered the first hybrid system to Zain Group in Kuwait, for telecom application in 2016. Such initiatives are projected to fuel the market for innovative power solutions. Asia Pacific region is predicted to grow at substantial rate owing to rising awareness for detrimental environmental effects of diesel power generators. Moreover, inadequate presence of grid-related infrastructure for hybrid power generation products is expected to drive the market in the region.

Market Key players:

Prominent market players operating in hybrid power systems industry include SMA Solar Technology AG, Siemens AG, Supernova Technologies Private Limited, Alpha Power Solutions, Danvest Energy A/S, ZTE Corporation, ReGen Powertech, UNITRON Energy System Pvt. Ltd, Polar Power, Inc., Alternate Energy Company, Alpha Windmills, Gamesa, and Grupo Dragon.

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