The report, now available on ASDReports, recognizes the following companies as the key players in the global hybrid power systems market: Emerson, Heliocentris, Shanghai Ghrepower Green Energy, Siemens, and SMA.
Other Prominent Vendors in the market are: AEG Power Solutions, Alpha Power, Danvest, Electro Power Systems, Elgris Power, Eltek Power, KLiUX Energies, ReGen Powertech, Repowering Solutions, Schneider Electric, SFC Energy, Urban Green Energy, and WindStream Technologies.
Commenting on the report, an analyst said: “Increasing deployment of microgrids will be a key trend for market growth. A microgrid is a composition of multiple energy generation sources such as solar, wind, biomass, geothermal and fossil fuel generators that are connected to the grid as a single point of load. It may function either as a hybrid or independently to supply power to a local community, university or a military base. Microgrids usually have energy storage systems to address the intermittent nature of renewable power, and the entire network is managed using an energy management system.“
According to the report, one of the key drivers for market growth will be the increasing need for electrification for economic growth. Electricity consumption is proportional to the economic development of a country; although it is a complex relationship, electricity is a pre-requisite for economic growth, driving infrastructure and social development. However, a majority of people in developing countries, especially in rural areas, lack access to grid power, which indirectly affects economic growth.
Further, the report states that the distributed way of power generation will be a challenge for the market. Distributed generation refers to small-scale power generation through the use of generators or renewables at the point of consumption. This technology is gaining popularity due to the reduction it offers in the cost of energy systems such as solar PVs, and wind turbines. Besides, this trend is receiving support from various governments due to its economic and lower-emission advantages.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Source: ASDReports - Market Research
Date: Jul 29, 2016