Hybrid Power Solutions Market To Reach $4.74 Billion By 2030

Hybrid Power Solutions Market Growth & Trends

The global hybrid power solutions market size is estimated to reach USD 4.74 billion by 2030, expanding at a CAGR of 10.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. Hybrid power solutions are increasingly used owing to advantages such as less fuel consumption and low electrification rates. 

Hybrid power solution systems incorporate more than one type of power source and designed for the generation of centralized electricity grid. They are used to provide energy to many remote areas in developing countries such as India. In addition, the system possesses an ability to offset disadvantages such as fuel flexibility, CO₂ emissions, and reliability. The systems are manufactured to achieve desired attributes at lower cost and maximum efficiency, which in turn is expected to fuel the market growth over the forecast period.

Solar-diesel system type was the largest segment in 2016 and valued at USD 216.1 million. The solar energy and diesel hybrid systems provide energy by using solar irradiance, which is both free & abundant. These systems can be used in various industrial applications such as road lighting and fishing boats. In comparison to gensets systems, solar-diesel provide numerous advantages as they have the capability to minimize CO2 emissions and also reduce the risks associated with increasing fuel prices.

Several companies in the U.S., such as Bergey Wind Power Company (BWC); Integrated Power Corporation (IPC); and New World Power Corporation (NWPC), are investing heavily in the product and market development activities, which includes the development of equipment necessary for providing electricity to remote areas. In a bid to lure more customers, companies are focusing on novel product development.

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Hybrid Power Solutions Market Report Highlights

• The global hybrid power solutions market size was valued at USD 2.41 billion in 2023 and is projected to grow at a CAGR of 10.2% from 2024 to 2030.

• The wind-diesel system segment is expected to register significant growth with a CAGR of 10.3% over the forecast period.

• Commercial end users held the highest revenue share of 38.6% in 2023. Companies require a constant power supply to ensure uninterrupted business operations.

• Asia Pacific hybrid power solutions market dominated the global hybrid power solutions market with a revenue share of 42.3% in 2023. Countries such as China and India are undergoing rapid urbanization, requiring reliable power supply.

• Key players of the market include Siemens AG; SMA Solar Technologies AG; Doosan Corporation; ZTE Corporation; and Delta Electronics, Inc.. These players often engage in the research & development activities in order to expand their product portfolios and gain larger market shares.

Hybrid Power Solutions Market Segmentation

Grand View Research has segmented the global hybrid power solutions market based on system, power rating, end use, and region: 

Hybrid Power Solutions System Outlook (Revenue, USD Million, 2018 - 2030)

• Solar-Diesel

• Wind-Diesel

• Solar-Wind-Diesel

• Others

Hybrid Power Solutions Power Rating Outlook (Revenue, USD Million, 2018 - 2030)

• Up to 10 kW

• 11 kW-100 kW

• Above 100 kW

Hybrid Power Solutions End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Residential

• Commercial

• Telecommunication

• Others

Hybrid Power Solutions Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • Russia

  • UK

  • Spain

  • Italy

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in Hybrid Power Solutions Market

• Siemens Energy

• MITSUBISHI HEAVY INDUSTRIES, LTD.

• Doosan Corporation

• MJB International Limited LLC

• ZTE Corporation

• Huawei Digital Power Technologies Co., Ltd.

• SMA Solar Technology AG

• Wärtsilä

• Delta Electronics, Inc.