The global hybrid power solutions market is expected to be valued at USD 1.35 billion by 2025, 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, CO 2 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.
Read more on ASDreports !
Source: ASDReports - Market Research
Date: Nov 23, 2017