Installation of Hybrid Power Systems to Rise as Energy Industry Preference Centers on Renewable Sources, says TMR
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.
“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.
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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.
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.
“Only a fraction of companies in the renewable power industry are presently involved in the generation of power via hybrid power systems for rural electrification,” the analyst states. “However, an increasing number of upcoming power projects across the globe is likely to spur the demand for hybrid power systems.”
Global Hybrid Power Systems Market: Type Analysis
Wind-Solar-Diesel-Hybrid
PV-Diesel-Hybrid
Others
Global Hybrid Power Systems Market: End-Use Analysis
Residential
Rural Facility Electrification
Others
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
“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.
Get PDF Brochure for more Professional and Technical industry insights : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=12884
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.
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.
“Only a fraction of companies in the renewable power industry are presently involved in the generation of power via hybrid power systems for rural electrification,” the analyst states. “However, an increasing number of upcoming power projects across the globe is likely to spur the demand for hybrid power systems.”
Global Hybrid Power Systems Market: Type Analysis
Wind-Solar-Diesel-Hybrid
PV-Diesel-Hybrid
Others
Global Hybrid Power Systems Market: End-Use Analysis
Residential
Rural Facility Electrification
Others
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com