Escalating Demand for Renewable Energies to Boost Hybrid Power Systems Market

Hybrid power systems, as the name suggests, involve a combination of multiple technologies all focused on the generation of sufficient power for a given grid. This can also include the scope of energy storage as a means of providing hybrid power. More often than not, modern hybrid power systems make use of at least one source of renewable energy, such as photovoltaic cells, wind turbines, along with the more conventional fossil fuel based engines.
The global hybrid power systems market is expected to expand at an optimistic CAGR of 6.1% within a forecast period from 2016 to 2024. The market was valued at US$411.79 mn in 2015 and thanks to several propellants, is expected to rise to US$703.55 mn by the end of 2024.

Are Wind and Solar Energy to Hold Prominence as Leading Renewable Energy Sources?
Wind and solar energy have consistently been the most researched and developed upon technologies in the renewable energy department, apart from hydroelectricity. They currently also hold a very strong position in the global hybrid power systems market. One of the most popular choice among industrial end users for hybrid power systems is a combination of wind energy, solar energy, and diesel generators. This segment in the global hybrid power systems market held the top spot in 2015 and is extremely likely to retain leadership of the market for the coming years. Wind-solar-diesel hybrid systems are extensively preferred for electrification in rural areas due to the relative ease with which both solar and wind energy can be generated in their location. This hybrid energy combination is likely to be the most commonly used type in emerging economies such as South Africa, China, and India in the near future.
What are Government Activities Doing for the Global Hybrid Power Systems Market?
Multiple governments have so far taken up massive initiatives in the renewable sector, further propelled by incremental private investments and interest. One such recent example is the joint venture by the U.K and the E.U. for the electrification of Eritrea. The remote communities of Eritrea are expected to be powered by solar hybrid systems through a funding of €5.7 mn. The trend of electrification of rural areas using hybrid power systems is catching on in quite a few nations, as the emerging economies of the world are also showing a growing interest in similar projects.
Asia Pacific is expected to be the leading region for the adoption of hybrid power systems over the coming years. Several projects are being considered for the region. Middle East and Africa is yet another highly promising region for the implementation of hybrid power systems over the coming years.


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