The hybrid power solutions market was valued at USD 432.0 Million in 2015, and is expected to grow at a CAGR of 8.1% from 2016 to 2021. Growth in hybrid power generation in off-grid sites, reliable power generation with minimized fuel, reduced operation, and maintenance cost, and reduction in carbon emission are the major factors driving the hybrid power solutions market.
Solar-diesel segment is expected to hold the largest share of the hybrid power solutions market, by system type, during the forecast period
The solar-diesel segment led the overall hybrid power solutions market in 2015. Solar-diesel systems are applicable in all types of end-users: residential, commercial, and industries like telecom, mining, and oil & gas among others. Increased applications of off-grid renewable power systems is driving the market of solar-diesel hybrid power solutions, which are being proposed at a large scale in Asia-Pacific and Africa.
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Commercial end-users are expected to hold the largest market share of the hybrid power solutions market, by end-users, during the forecast period
The commercial segment is expected to hold the largest share in the hybrid power solutions market during the forecast period. Commercial sector include hotels, resorts, schools, or hospitals located at islands or off-grid areas, which do not have grid power supply and are highly dependent on diesel generators for their power requirements. Dependence on diesel and fuel availability is a concern factor which may affect power supply in crucial moments: this creates huge opportunity for implementing hybrid power solutions in commercial sector.
The Middle East & Africa is the largest market for hybrid power solutions
In this report, the hybrid power solutions market has been analyzed with respect to four regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Middle East & Africa is estimated to be the largest market for hybrid power solutions till 2021. African countries have lowest electrification rate in the world, which provides a huge opportunity to implement hybrid power solutions at large scale.