Hybrid Power Systems Market by Regional Analysis, Key Players and Forecast 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.

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“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.

The report includes the key market dynamics affecting the demand for hybrid power systems. As a part of our market dynamics analysis, we have analyzed the market drivers, market restraints, and market opportunities. A comprehensive competitive landscape, which includes company market share analysis and market attractiveness analysis, has also been provided in this report. The report also provides a detailed industry analysis of the global hybrid power systems market with the help of Porter’s Five Forces model. The Porter’s Five Forces analysis aids in understanding the five major forces that affect the industry structure and profitability of the global hybrid power systems market. The forces analyzed are the bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition.

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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.




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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.

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