Product Code: 12855
Market Overview
The global hybrid power solutions market value is estimated to have stood at USD 2,506.2 million in 2023, and it is expected to reach USD 5,020.3 million by 2030, advancing at a CAGR of 10.6% during 2024-2030.
The demand is for the power to be increased because the extent of industrialization is growing. Water the expansion in the energy field, the influence of sustainability has seen a rise in the blend of fresh sources into the existing traditional sources of power.
This implies, on the other hand, that operators invest to develop zero-operational-emission technologies. Say, the goal of India had been to achieve 175 GW of renewable capacity by 2022 and that mainly included 100 GW of solar power. To that end, the government enacted several policy measures, put out requests for tenders, and went for a whopping USD 100 billion investment. These power supply systems are ideal in settings where accessing the main grid is problematic and mainly in remote or isolated areas.
Such infrastructure includes a set of diverse power plants that use different sources of energy like wind, solar, and natural gas. Its main advantage comes from the decrease in the emission of carbon, which is at the top place among the factors of greenhouse gases and thus, leads to the reliance on fossil fuels.
Key Insights
In 2023, the wind-solar-fossil category had a leading industry share of 35%.
This development is mainly notable in emerging countries such as China, Indonesia, India, and South Africa.
Governments in such nations are actively encouraging rural electrification steps, propelling the deployment of such power generation systems.
These systems are utilized in remote areas and regions without grid connections, confronting power requirements in these locations.
They are also usually utilized in installations such as mining operations and telecom towers because of their capability to work in off-grid settings.
A PV-diesel hybrid system comprises key components like a diesel generator, a PV system (solar panels), and advanced management systems.
These elements are designed to collaborate in coordinating solar energy supplied in the real-time power demand for equal and smooth functioning.
But during times of peak demands PV system compliments the power from the diesel generator reducing overload on the generator and finally chopping off the fuel consumption.
In the future, excess energy is expected to be stored in large-capacity batteries, maximizing the hybrid system productivity even at night time.
The residential category positions as the second major within the end-user segment for PV-diesel hybrid systems.
This development is propelled by the fast acceptance of solar systems combined with diesel generators, particularly in off-grid locations.
Residential users profit from using renewable power sources, leading to savings on power bills.
Improvements in renewable power techs government arrangements and investments in sustainability have made the installation of solar panels and wind turbines easier and more reasonable.
The Asia-Pacific region is estimated to uphold industry supremacy with a revenue share of 55% in 2030.
This domination is because of government steps encouraging power generation from renewable sources.
Growing knowledge regarding the ecological and health impacts of diesel generators further boosts industry development.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by system type
- 1.4.2. Market size breakdown, by capacity
- 1.4.3. Market size breakdown, by grid connectivity
- 1.4.4. Market size breakdown, by end user
- 1.4.5. Market size breakdown, by region
- 1.4.6. Market size breakdown, by country
- 1.5. Market Data Reporting Unit
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
- 5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
- 5.2. Impact of COVID-19
- 5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes
Chapter 6. Global Market
- 6.1. Overview
- 6.2. Market Revenue, by System Type (2017-2030)
- 6.3. Market Revenue, by Capacity (2017-2030)
- 6.4. Market Revenue, by Grid Connectivity (2017-2030)
- 6.5. Market Revenue, by End User (2017-2030)
- 6.6. Market Revenue, by Region (2017-2030)
Chapter 7. North America Market
- 7.1. Overview
- 7.2. Market Revenue, by System Type (2017-2030)
- 7.3. Market Revenue, by Capacity (2017-2030)
- 7.4. Market Revenue, by Grid Connectivity (2017-2030)
- 7.5. Market Revenue, by End User (2017-2030)
- 7.6. Market Revenue, by Country (2017-2030)
Chapter 8. Europe Market
- 8.1. Overview
- 8.2. Market Revenue, by System Type (2017-2030)
- 8.3. Market Revenue, by Capacity (2017-2030)
- 8.4. Market Revenue, by Grid Connectivity (2017-2030)
- 8.5. Market Revenue, by End User (2017-2030)
- 8.6. Market Revenue, by Country (2017-2030)
Chapter 9. APAC Market
- 9.1. Overview
- 9.2. Market Revenue, by System Type (2017-2030)
- 9.3. Market Revenue, by Capacity (2017-2030)
- 9.4. Market Revenue, by Grid Connectivity (2017-2030)
- 9.5. Market Revenue, by End User (2017-2030)
- 9.6. Market Revenue, by Country (2017-2030)
Chapter 10. LATAM Market
- 10.1. Overview
- 10.2. Market Revenue, by System Type (2017-2030)
- 10.3. Market Revenue, by Capacity (2017-2030)
- 10.4. Market Revenue, by Grid Connectivity (2017-2030)
- 10.5. Market Revenue, by End User (2017-2030)
- 10.6. Market Revenue, by Country (2017-2030)
Chapter 11. MEA Market
- 11.1. Overview
- 11.2. Market Revenue, by System Type (2017-2030)
- 11.3. Market Revenue, by Capacity (2017-2030)
- 11.4. Market Revenue, by Grid Connectivity (2017-2030)
- 11.5. Market Revenue, by End User (2017-2030)
- 11.6. Market Revenue, by Country (2017-2030)
Chapter 12. U.S. Market
- 12.1. Overview
- 12.2. Market Revenue, by System Type (2017-2030)
- 12.3. Market Revenue, by Capacity (2017-2030)
- 12.4. Market Revenue, by Grid Connectivity (2017-2030)
- 12.5. Market Revenue, by End User (2017-2030)
Chapter 13. Canada Market
- 13.1. Overview
- 13.2. Market Revenue, by System Type (2017-2030)
- 13.3. Market Revenue, by Capacity (2017-2030)
- 13.4. Market Revenue, by Grid Connectivity (2017-2030)
- 13.5. Market Revenue, by End User (2017-2030)
Chapter 14. Germany Market
- 14.1. Overview
- 14.2. Market Revenue, by System Type (2017-2030)
- 14.3. Market Revenue, by Capacity (2017-2030)
- 14.4. Market Revenue, by Grid Connectivity (2017-2030)
- 14.5. Market Revenue, by End User (2017-2030)
Chapter 15. France Market
- 15.1. Overview
- 15.2. Market Revenue, by System Type (2017-2030)
- 15.3. Market Revenue, by Capacity (2017-2030)
- 15.4. Market Revenue, by Grid Connectivity (2017-2030)
- 15.5. Market Revenue, by End User (2017-2030)
Chapter 16. U.K. Market
- 16.1. Overview
- 16.2. Market Revenue, by System Type (2017-2030)
- 16.3. Market Revenue, by Capacity (2017-2030)
- 16.4. Market Revenue, by Grid Connectivity (2017-2030)
- 16.5. Market Revenue, by End User (2017-2030)
Chapter 17. Italy Market
- 17.1. Overview
- 17.2. Market Revenue, by System Type (2017-2030)
- 17.3. Market Revenue, by Capacity (2017-2030)
- 17.4. Market Revenue, by Grid Connectivity (2017-2030)
- 17.5. Market Revenue, by End User (2017-2030)
Chapter 18. Spain Market
- 18.1. Overview
- 18.2. Market Revenue, by System Type (2017-2030)
- 18.3. Market Revenue, by Capacity (2017-2030)
- 18.4. Market Revenue, by Grid Connectivity (2017-2030)
- 18.5. Market Revenue, by End User (2017-2030)
Chapter 19. Japan Market
- 19.1. Overview
- 19.2. Market Revenue, by System Type (2017-2030)
- 19.3. Market Revenue, by Capacity (2017-2030)
- 19.4. Market Revenue, by Grid Connectivity (2017-2030)
- 19.5. Market Revenue, by End User (2017-2030)
Chapter 20. China Market
- 20.1. Overview
- 20.2. Market Revenue, by System Type (2017-2030)
- 20.3. Market Revenue, by Capacity (2017-2030)
- 20.4. Market Revenue, by Grid Connectivity (2017-2030)
- 20.5. Market Revenue, by End User (2017-2030)
Chapter 21. India Market
- 21.1. Overview
- 21.2. Market Revenue, by System Type (2017-2030)
- 21.3. Market Revenue, by Capacity (2017-2030)
- 21.4. Market Revenue, by Grid Connectivity (2017-2030)
- 21.5. Market Revenue, by End User (2017-2030)
Chapter 22. Australia Market
- 22.1. Overview
- 22.2. Market Revenue, by System Type (2017-2030)
- 22.3. Market Revenue, by Capacity (2017-2030)
- 22.4. Market Revenue, by Grid Connectivity (2017-2030)
- 22.5. Market Revenue, by End User (2017-2030)
Chapter 23. South Korea Market
- 23.1. Overview
- 23.2. Market Revenue, by System Type (2017-2030)
- 23.3. Market Revenue, by Capacity (2017-2030)
- 23.4. Market Revenue, by Grid Connectivity (2017-2030)
- 23.5. Market Revenue, by End User (2017-2030)
Chapter 24. Brazil Market
- 24.1. Overview
- 24.2. Market Revenue, by System Type (2017-2030)
- 24.3. Market Revenue, by Capacity (2017-2030)
- 24.4. Market Revenue, by Grid Connectivity (2017-2030)
- 24.5. Market Revenue, by End User (2017-2030)
Chapter 25. Mexico Market
- 25.1. Overview
- 25.2. Market Revenue, by System Type (2017-2030)
- 25.3. Market Revenue, by Capacity (2017-2030)
- 25.4. Market Revenue, by Grid Connectivity (2017-2030)
- 25.5. Market Revenue, by End User (2017-2030)
Chapter 26. Saudi Arabia Market
- 26.1. Overview
- 26.2. Market Revenue, by System Type (2017-2030)
- 26.3. Market Revenue, by Capacity (2017-2030)
- 26.4. Market Revenue, by Grid Connectivity (2017-2030)
- 26.5. Market Revenue, by End User (2017-2030)
Chapter 27. South Africa Market
- 27.1. Overview
- 27.2. Market Revenue, by System Type (2017-2030)
- 27.3. Market Revenue, by Capacity (2017-2030)
- 27.4. Market Revenue, by Grid Connectivity (2017-2030)
- 27.5. Market Revenue, by End User (2017-2030)
Chapter 28. U.A.E. Market
- 28.1. Overview
- 28.2. Market Revenue, by System Type (2017-2030)
- 28.3. Market Revenue, by Capacity (2017-2030)
- 28.4. Market Revenue, by Grid Connectivity (2017-2030)
- 28.5. Market Revenue, by End User (2017-2030)
Chapter 29. Competitive Landscape
- 29.1. List of Market Players and their Offerings
- 29.2. Competitive Benchmarking of Key Players
- 29.3. Product Benchmarking of Key Players
- 29.4. Recent Strategic Developments
Chapter 30. Company Profiles
- 30.1. Vertiv Group Corp.
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
- 30.2. General Electric Company
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
- 30.3. Siemens AG
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
- 30.4. SMA Solar Technology AG
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
- 30.5. Eaton Corporation plc
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
- 30.6. MAN Energy Solutions SE
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
- 30.7. Panasonic Corporation
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary
- 30.8. Engie SA
- 30.8.1. Business overview
- 30.8.2. Product and service offerings
- 30.8.3. Key financial summary
- 30.9. ABB Ltd.
- 30.9.1. Business overview
- 30.9.2. Product and service offerings
- 30.9.3. Key financial summary
Chapter 31. Appendix
- 31.1. Abbreviations
- 31.2. Sources and References
- 31.3. Related Reports