Global Hybrid Power Systems Market projected to Discern Stable Expansion During 2025
The hybrid power system is defined as the energy system which is designed or fabricated to extract power by using two or more energy sources. It is the combination of more than one energy sources for giving to the load. The hybrid power system has less emission, good reliability, efficiency, and lower cost. Some of the hybrid power systems use solar and wind power to generate power. Wind and solar energy sources have good benefits than any other non-conventional energy sources. These energy sources are easily available in all areas. It needs lower cost. To install this power system, one need not find special location. The hybrid power system can consist of two types of power generation that are wind turbine generator and the diesel generator. The energy storage may act as a generator or as a load depending upon the need. The diesel generator gives smooth output power, while the power generated by wind turbine depends on the wind velocity.
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The constantly increasing need for electricity and the limited availability of fossil fuel reserves has induced several countries to import vast quantities of crude oil and gas, impacting the growth of their economies. Moreover, the combustion of fossil fuels also leads to greenhouse gas emissions, which will compel these countries to adopt renewable sources such as solar, wind, and bio-fuels for power generation as they can be quickly deployed as decentralized systems. Renewable resources are inherent in nature. This can be overcome by using renewable technologies in a hybrid form where these systems use energy storage systems to store the additional electricity generated for use whenever there is a shortfall in power production.
APAC is estimated to account for most of the total share of the market by the end of 2025 and also dominate the market over the forecast period. Unreliable grid infrastructures and the presence of several islands drive the need for micro and mini-grids to supply power to both the residential and non-residential sectors. Additionally, the governments of countries such as India and Indonesia are also supporting the adoption of standalone hybrid systems, which will augment the demand for the growth of the next four years. India, China, and other Southeast Asian countries are the major growth contributors for the hybrid power generation systems market in this region.
In 2018, the global Hybrid Power Systems market size was 41600 million US$ and it is expected to reach 62140 million US$ by the end of 2025, with a CAGR of 5.9% during 2019-2025.
This report focuses on the global Hybrid Power Systems status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Hybrid Power Systems development in North America, Europe, China, Japan, Southeast Asia, India and Central & South America.
The key players covered in this study
AEG Power Solutions
Electro Power Systems
Urban Green Energy
Wind Stream Technologies
Bergey Wind Power Company (BWC)
Integrated Power Corporation (IPC)
New World Power Corporation (NWPC)
PFISTERER Holding AG
Market segment by Type, the product can be split into
Market segment by Application, split into
Up to 10kW
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Market segment by Regions/Countries, this report covers
Central & South America
The study objectives of this report are:
To analyze global Hybrid Power Systems status, future forecast, growth opportunity, key market and key players.
To present the Hybrid Power Systems development in North America, Europe, China, Japan, Southeast Asia, India and Central & South America.
To strategically profile the key players and comprehensively analyze their development plan and strategies.
To define, describe and forecast the market by product type, market and key regions.
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