The global hybrid power solutions market is expected to grow at a CAGR of more than 15% 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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Hybrid Power Solutions Market Segmentation
By System Type
Solar-Diesel
Wind-Diesel
Solar-Wind-Diesel
Others
By Power Rating
Upto 10 kW
11 kW–100 kW
Above 100 kW
By End-User
Residential
Non-Residential
Regional Analysis
North America
United States
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.
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