Hybrid Power Systems Market Plying for Significant Growth During 2024



Investing in emerging economies and setting up hybrid power systems and rural electrification programs in the remote areas of Asia Pacific and the Middle East and Africa are key growth strategies for players in the hybrid power systems market, observes Transparency Market Research (TMR). For instance, Borg Energy invested a heavy sum in India in January 2014 in several projects centered on rural electrification and engineering, procurement, and construction (EPC). Likewise, Guangzhou HY Energy Technology Limited Corp., in 2011, supplied a wind-solar hybrid street light system in Tabriz, Iran and in 2012, installed a number of wind-solar hybrid systems for a telecom station in Mongolia.

Read Report Overview @

“New product development and innovation is also an effective strategy adopted by a number of players,” a TMR analyst states. The hybrid power systems market is extremely inviting to new players despite the high initial investment required to manufacture as well as assemble these systems. Thanks to government and other regulatory institution clearances and the provision of various subsidies, the competitive landscape of the global hybrid power systems market is likely to witness constant change over the coming years.

Increasing Focus on the Use of Energy-efficient Technologies

One of the major advantages presented by hybrid power systems, which is also a key driving factor for the global market, is the ability of these systems to reduce carbon emissions. “Controlling carbon footprint is among the top priorities of most energy producing companies and factors such as climate change and growing social responsibility have contributed toward these companies focusing on using energy-efficient technologies in their networks,” the author states.

In April 2016, Vodafone Qatar announced its plans to roll out several hybrid power systems across its sites in the country as part of its efforts to reduce its carbon footprint and improve the company’s energy efficiency measures.

On the down side, however, high installation costs and initial investments deter companies from the setting up of hybrid power systems. “Building the infrastructure for hybrid power plant, especially solar-wind-diesel systems, is immensely expensive,” a lead analyst at TMR finds. “Moreover, these systems have a much longer return on investment (ROI) period compared to conventional sources of energy.” This threatens to hamper the growth of the hybrid power systems market.

Request to view Sample Report:

TMR Predicts Surge in Upcoming Hybrid Power Projects

The global revenue generated by the hybrid power systems market is anticipated to rise from US$411.7 mn in 2015 to US$703.5 mn by 2024 at a 6.1% CAGR therein. By type, wind-solar-diesel hybrid power systems held the dominant share of over 45% in 2014 and this segment is likely to retain its lead throughout the forecast period. The others segment, comprising wind-hydro-diesel hybrid, solar thermal, and hybrid-solar biomass, is projected to expand at the fastest pace from 2016 to 2024.




About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

Contact

Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com


Comments

Post a Comment

Popular posts from this blog

Sodium Cocoyl Isethionate Market to Undertake Strapping Growth During 2026

The global sodium cocoyl isethionate market was valued at US$ 137.8 Mn in 2017 and is anticipated to expand at a CAGR of 5.3% from 2018 to 2026, according to a new report titled ‘Sodium Cocoyl Isethionate Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR). Rise in consumer preference for sulfate-free skin friendly products is likely to propel the demand for sodium cocoyl isethionate during the forecast period. Read Report Overview @ https://www.transparencymarketresearch.com/sodium-cocoyl-isethionate-market-2018-2026.html Increase in Demand for Sulfate-free Formulations in Personal Care Products to Drive Market Sodium cocoyl isethionate is a mild surfactant that offers excellent detergent properties. It is mild on the skin and leaves a soft after-feel. Extensive usage of sodium cocoyl isethionate as mild surfactant in hair care and skin care products has created oppor...
Keep reading

High-performance Anti-corrosion Coatings Market to Record an Exponential CAGR by 2024

The global high-performance anti-corrosion coatings market was valued at US$ 12.60 Bn in 2017 and is anticipated to expand at a CAGR of 5.9% from 2018 to 2026, according to a new report titled ‘High-performance Anti-corrosion Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR). The global high-performance anti-corrosion coatings market is driven by growth of the global oil & gas industry. Asia Pacific accounts for a major share of the global market, due to growth of construction, marine, and oil & gas industries in the region. Read Report Overview @ https://www.transparencymarketresearch.com/high-performance-anticorrosion-coatings-market.html The number of oil & gas drilling and exploration activities has increased in the last few years. The Gulf of Mexico, Southeast Asia, and North Sea are currently rich in oil & gas resources and they have a large ...
Keep reading

Tattoo Inks Market to Undertake Strapping Growth During 2026

Submitted 1 sec ago by  TMR Market research . The global tattoo inks market was valued at US$ 122.25 Mn in 2017. It is anticipated to expand at a CAGR of 5.55% from 2018 to 2026, according to a new research report titled ‘Tattoo Inks Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) The global tattoo inks market is driven by rise in the popularity of tattoos among youngsters worldwide. In terms of demand, North America accounts for a dominant share of the global tattoo inks market. Read Report Overview @ https://www.transparencymarketresearch.com/tattoo-inks-market.html Rise in Demand for Tattoos among Youngsters to Boost Market Tattooing is an increasing fashion phenomenon that has attracted more than 100 million young adults across the globe to date. According to the Council of Europe, one in five individuals in the U.K. is tattooed. The figure rises to one in thre...
Keep reading