According to the new market research report “Hybrid Power Solutions Market by System Type (Solar-Diesel, Wind-Diesel, Solar-Wind-Diesel), Power Rating (Upto 10 kW, 11 kW–100 kW, and Above 100 kW), End-User (Residential, Commercial, Telecom), and Region – Global Forecast to 2021“, published by MarketsandMarkets™, the global hybrid power solutions market was valued at USD 432.0 million in 2015, and is expected to grow from USD 466.5 million in 2016 to USD 689.5 million, at a CAGR of 8.13% from 2016 to 2021.
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Hybrid power solutions are emerging power supply source, and are suited for off grid or bad grid areas, isolated grids and islands where power supply through grid is not economical and viable option. Hybrid power solutions combine renewable power sources (wind and solar) along with diesel generators for efficient and reliable power supply. These hybrid power solutions find its applications in the residential, commercial, telecommunication, mining, and oil & gas sectors among others. The base year considered for the study is 2015, and the forecast has been provided for the period between 2016 and 2021.
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Growth of hybrid power generation in off-grid sites drives the global hybrid power solutions market
Off grid sites are those sites where electricity access is not available through grid connection. Off gird sites may be telecom towers, industrial units and small villages, which are located in remote areas and do not have grid connectivity. Laying down grid network in these regions for 100% electrification requires huge investment. The growing power demand can be met through deploying hybrid power solutions designed according to individual power requirement of residential and non-residential customers. Hybrid power solutions combine diesel generator along with renewable sources (wind, solar or both). It ensures 24*7 power supply to off grid sites with less interruption.
Hybrid power solutions applications at the off-grid sites drive the growth of hybrid power solutions market
In developing countries, a large number of population live in remote or off grid areas. Installation and distribution costs are considerably higher for remote areas. Laying down grid network in these regions for 100% electrification requires huge investment. One of the primary needs for social and economic development of any country is efficient and regular power supply to its residents. Hybrid power solutions combine diesel generator along with renewable sources (wind, solar or both). It ensures 24*7 power supply to off grid sites with less interruption. Thus, the public authorities can achieve 100% electrification by deploying hybrid power solutions in remote or off grid areas.
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Hybrid power solutions market has been segmented based on end-users into residential, commercial, telecom, and others.
Telecommunication is one of major industry in terms of electricity consumption. Today energy saving is a key sustainability focus for telecom industry. This implies, especially, in rural areas where electricity consumption contributes up to 70% of total network operating cost. With increasing number of mobile subscribers, the electricity consumption by telecom sector is set to increase in the next five years. To provide network coverage, telecom companies are setting telecom towers in remote areas where grid connection is not available to provide mobile access to their customers. The setting up of towers at off grid areas, are driving growth of hybrid power solutions in telecommunication industry.
Commercial sector includes hotels, resorts, schools, or hospitals which are located at islands or off grid areas. These islands do not have grid power supply and highly dependent on diesel generators for their power requirements. Dependence on diesel adds huge operating cost in their annual expenditure. These concern factors create huge opportunity for implementing hybrid power solutions in commercial sector.
Residential sector is one of the key users of hybrid power solutions. Electricity production cost is very high in islands areas due to high price of fuel. Integration of renewable power sources with diesel generators provides reliable and cleaner power by reducing carbon emissions. Further, the less availability of land space for gird infrastructure drives the hybrid power solutions at the residential sector.
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