Hybrid Power Solutions Market Size

Hybrid Power Solutions Market Size

Hybrid Power Solutions Market size crossed USD 8 billion in 2017 and is expected to exceed cumulative capacity of 9 GW by 2024.

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Rising need for reliable and continuous electricity supply accompanied by increasing power demand across remote areas will stimulate the hybrid power solutions market growth. Favourable regulatory norms including leverage schemes, subsidies and feed-in-tariffs to encourage the adoption of sustainable energy technologies will fuel the business dynamics. Disparity concerning demand & supply particularly across developing economies along with escalating awareness pertaining to inefficient grid infrastructure will stimulate the industry growth According to IEA, in 2018, the overall electricity demand has witnessed an increase of 4% when compared to 2010.

Establishing focus to the development of decentralized energy generation along with growing inclination toward the clean energy technologies will impact the industry outlook. Rising investments from several financial institutions including International Finance Corporation and regional development banks toward integration of sustainable energy sources will positively influence the business landscape. Furthermore, surging energy consumption across emerging economies favoured by significant government efforts to curtail carbon emissions in anticipated to enhance the product adoption.