The hybrid power solutions market is expected to grow from an estimated USD 2.4 billion in 2023 to USD 4.0 billion by 2028, at a CAGR of 10.4% during the forecast period.
Hybrid power solutions are emerging power supply source, and are suited for off grid or bad grid areas, isolated grids and islands.
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 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
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
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
The hybrid power solutions market is expected to grow at a CAGR of 8.1% from 2016 to 2021, to reach a market size of USD 689.5 million by 2021.
The global market is witnessing significant growth due to growth in hybrid power generation in off-grid sites, reliable power generation with minimized fuel, reduced operation and maintenance cost, and reduction in carbon emission.
Commercial segment is the largest end-user of hybrid power solutions owing to the growing number of small-to-medium scale industries in off-grid areas.
The global market is witnessing significant growth due to growth in hybrid power generation in off-grid sites, reliable power generation with minimized fuel, reduced operation and maintenance cost, and reduction in carbon emission.
The global market is witnessing significant growth due to growth in hybrid power generation in off-grid sites, reliable power generation with minimized fuel, reduced operation and maintenance cost, and reduction in carbon emission.