Solar diesel hybrid power systems: Key market research findings
- Growing awareness about CO2 emissions drives market growth
- APAC dominates the market geographically
- Key vendors – Belectric, Schneider, Siemens, and SMA
Technavio’s market research analysts predict the global solar diesel hybrid power systems market to grow at a CAGR of almost 7% between 2016 and 2020. The demand for solar diesel hybrid power systems is spurred by the increasing need to reduce CO2 emissions. Hybridization of the power systems reduces the operating time of diesel generators, resulting in reduced levels of CO₂ as well as fuel costs. During 2015, APAC occupied around 51% of the overall market share to dominate the global solar diesel hybrid power systems market. The non-existence of a reliable grid infrastructure and the resultant need for micro and mini-grids to supply power to the population and industries in remote areas is expected to boost growth in the solar diesel hybrid power systems market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the solar diesel hybrid power systems segments based on the end-user.
“Portable power systems are becoming increasingly popular in the market. The use of renewable-based on-grid power systems has increased in both developing and developed countries owing to the decrease in the price of renewable technologies and the reduction of battery energy storage costs. Vendors in the market are developing off-grid hybrid systems that can supply electricity to remote areas such as mines, islands, and rural areas that do not have access to grid electricity,” says Vishu Rai, Lead Analyst, Energy, Technavio Research.
The utility segment occupied around 39% of the overall market space to become the key revenue generator in the global solar diesel hybrid power systems market. Utilities are looking into alternate power sources to meet the rising demand for power in an attempt to minimize the dependency on fossil fuels. Solar energy is a potential, sustainable source that makes the site functioning independently without any grid connection. Utilities are using solar systems to supply electricity to small, remote areas where it is uneconomical to extend grid lines.
The key vendors in the global solar diesel hybrid power systems market include Belectric, Schneider, Siemens, and SMA. The market is characterized by the presence of established vendors; however, in several regions, the local players dominate the market. Some vendors provide only the PV systems while the others provide complete turnkey solutions, which has increased the level of competition in this market. The major vendors have an extensive portfolio of energy management solutions, which covers a wide range of industries and can be customized and scaled according to customer requirements. The entry of new vendors in the market is restricted due to the dominance of existing providers who excel in terms of quality, functionalities, and services.
A more detailed analysis is available in the Technavio report, Global Solar Diesel Hybrid Power Systems Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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