Hybrid Power Systems Market Size will Observe Lucrative Surge by the End 2024
The global hybrid power systems market is expected to witness substantial growth over the period of forecast, 2016 to 2024. The market is likely to gather prominence with the prevalence of low rate of electrification in many of the developing countries and off grid generation of power as a substitute for diesel generators.
Some of the well-known companies in the global hybrid power systems are SMA Solar Technology AG, Pfisterer Holding AG, Heliocentris Energy Solutions AG, Siemens AG, Flexenclosure AB, Ltd., and Danvest Energy A/S.
The technology-driven hybrid power systems market is characterized by high initial investments and low switching costs. The abundant availability of component manufacturers as well as numerous government incentives have fueled the demand for and adoption of hybrid power systems across developing economies. The lack of grid connectivity in remote and rural areas and its sheer unreliability has boosted the installation of these power systems in recent years.
The global hybrid power systems is composed of a handful of major players who have already established a strong foothold in the market thanks to their increased focus on innovation and technology. Fueled by the combined efforts of these companies, the hybrid power systems market is expected to develop at a CAGR of 6.1% between 2016 and 2024, with its valuation increasing from US$411.79 mn in 2015 to US$703.55 mn by 2024.
Analysts at Transparency Market Research (TMR) have prepared a comprehensive report on global hybrid power systems. The experts prophesize that the market would rise at a healthy growth rate of 6.1% CAGR during assessment tenure, 2016 to 2024. The market is likely to acquire prominence acquiring market valuation worth US$ 703.55 mn through 2024.
Middle East and Africa to Retain Market Prominence due to Increased Government Initiatives
The global hybrid power systems market is segmented into the major regions of Asia Pacific, Middle East and Africa, Latin America, North America, and Europe. The regional classifications offer a comprehensive view of the growth factors that could define the course of the market at regional level over the period of forecast.
From the geographical perspective, Middle East and Africa is estimated to reign over the global hybrid power systems market over the assessment period. Prominence of the market in this part of the world is mainly due to the augmented initiatives on part of the government to generate electricity utilizing renewable sources. Rural electrification is another significant growth factor that is expected to propel growth of the hybrid power systems market in Middle East and Africa. North America is likely to to project moderate growth over the period of review due to growing awareness about the adverse effects of diesel power generators on people and environment.
Lesser Carbon Emissions to Spearhead Growth of the Market over the Forecast Period
The global hybrid power systems market is expected to attain prominence owing to growing popularity of renewable sources of energy worldwide. Limited availability of conventional sources of power together with augmented concern for environmental pollution is likely to spell growth for the market over the tenure of assessment, from 2016 to 2024.
As renewable sources gain prominence, more power generating companies shift their focus on generating electricity out of sun, wind, water, and fuel cell. With lesser amount of carbon emissions and outstanding properties such as abundance of supply and cost effectiveness, hybrid power solutions are acquiring significance in modern day power generation. Hybrid power system generates maximum output utilizing less fuel, which is one of the reasons for the expansion of the global hybrid power systems market in years to come.
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