NEW YORK, Aug. 21, 2018 (GLOBE NEWSWIRE) -- The global hybrid power solutions market is projected to witness a CAGR of 9.6% over the forecast period. The market is likely to expand from USD 658.0 million in 2017 to USD 1,302.0 million by 2024. The aforementioned growth can be majorly attributed to the growth in hybrid power generation in off-grid sites. Augmenting political pressure across the globe in order to bring down the carbon emissions is projected to boost the industry demand over the forecast period. Moreover, the growing demand for renewable due to rise in sustainability concerns has also led to the market expansion over the years.
Additionally, hybrid power generation offers low operational as well as maintenance cost, thereby propelling its demand over the years to come. Furthermore, the technological advancements in equipment, computing, as well as growing experience have improved the costs of hybrid power plants over time. The key players are focusing on installation of right control systems along with equipment optimization so as to produce energy at competitive prices.
Key findings from the report:
Solar-Diesel system type dominated the global market on account of various industrial applications.
Hybrid power solutions incorporate more than one type of source of energy in order to generate a centralized grid of electricity. Thereby, various system types that can be used to generate hybrid power primarily include solar-diesel, wind-diesel, and solar-wind-diesel. Among them, solar-diesel system type accounted for the largest share of the market in 2017 and the trend is likely to continue over the period of forecast. Solar-diesel segment is apt for provision of a stable power grid that ensures the regular availability of power. In addition, these can be used for various industrial applications and aid in minimizing the carbon emissions.
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Hybrid Power Solutions Market - Regional insight
The Middle East & Africa (MEA|) region is anticipated to emerge as the largest market over the next seven years. Growing initiatives of the government towards the promotion of energy generation through renewable sources is projected to fuel the industry demand from 2018 to 2024. There has been increasing awareness regarding the reduction of carbon emissions across the globe and is thereby boosting the demand furthermore. Also, the rising demand for hybrid power solutions from countries such as China, Japan and India has fostered growth in Asia Pacific region.
The report segments hybrid power solutions market on the basis of system type, power rating, end use and region.
By System Type
By Power Rating
By End -use
By Region
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