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Hybrid Power Solutions Market Size to exceed $60bn by 2024

  • Published Date: August 30, 2019

Hybrid Power Solutions Market size is poised to exceed USD 60 Billion by 2024, as reported in the latest study by Global Market Insights Inc.

Increasing demand for uninterruptible and reliable power along with rising inclination pertaining to the integration of sustainable energy technologies will stimulate the hybrid power solutions market growth. Positive initiatives to encourage adoption of renewable energy assets coupled with the favorable regulations, decarbonization reforms and energy security initiatives will foster the business landscape. Moreover, reducing project development prices owing to diminishing component costs accompanied by increasing need for renewable energy environment will further energize the industry growth.


UK hybrid power solutions market is anticipated to exceed the capacity generation of 87 MW by 2024. The European Union (EU) directives introduced the plans for the promotion & production of alternative energy sources across the region. The scheme has obligated targets to achieve 20% sustainable incorporation in the global electricity demand with wind resulting for around 200 GW installed capacity. Furthermore, schemes comprising of carbon credit, green bonds and feed-in tariffs have provided a thrust toward the deployment of wind-solar plants which will encourage the product penetration.

Hybrid Power Solutions Market

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Abundant availability of wind and solar energy along with ambitious renewable energy capacity addition targets will drive the hybrid power solutions market demand. Technological improvements along with introduction of stringent regulatory framework to curtail carbon emissions will augment the business dynamics. Moreover, increasing investments to establish a sustainable electric infrastructure accompanied by determined initiatives subject to new capacity addition from renewable establishments will foster the industry outlook.

Browse key industry insights spread across 400 pages with 830 market data tables & 31 figures & charts from the report, “Hybrid Power Solutions Market Size By Technology (Solar-Wind-Diesel {Residential, Commercial, Industrial}, Solar-Wind {Residential, Commercial, Industrial}, Solar-Diesel {Residential, Commercial, Industrial}, Wind-Diesel {Residential, Commercial, Industrial}, Others {Residential, Commercial, Industrial}), By Product (Standalone, Grid Connected), By End Use (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

Grid connected is set to grow significantly owing to rising demand for continuous power supply coupled with offsetting utility bills. Easy installation, grid stabilization potential, effective capacity utilization factor and high capacity generation are few of the imperative parameters which will complement the business growth. Moreover, enhancements across emerging nations along with increasing migration across urban countries will strengthen the industry potential.

Canada hybrid power solutions market is anticipated to grow over 3% by 2024. Alarming concerns with respect to raising dependency on effective and renewable power generation to attain sustainable energy economy structure will propel the business growth. Increased funding pertaining to the adoption of clean energy technologies to limit carbon footprints coupled with the introduction of several targets to overcome the soaring electricity demand will increase the product penetration.

Diminishing manufacturing costs of wind blades, solar panels and wind turbines on account of economy of scale and advancement in technology will fuel the industry growth. Rising demand for small scale renewable energy assets across commercial establishments along with improved energy efficiencies & cost-effective structure will positively influence the hybrid power solutions market potential. In addition, increasing demand for eco-friendly technologies along with up surge in electricity demand across remote and off-grid areas will boost the product demand.

Prominent market participants include ReGen, GE, Gamesa, Vestas, Vattenfall, Goldwind, Suzlon, Blue Pacific, Zenith Solar Systems, UNITRON Energy System, Alternate Energy, Supernova Technologies, Polar Power, MPower, SMA Solar, Enel Green, CONTOURGLOBAL and Danvest Holding.

The hybrid power solutions market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2013 to 2024, for the following segments:

By Product

  • Standalone
  • Grid-Connected

By End-Use

  • Residential
  • Commercial
  • Industrial

By Technology

  • Solar-Wind-Diesel
    • Residential
    • Commercial
    • Industrial
  • Solar-Wind
    • Residential
    • Commercial
    • Industrial
  • Solar-Diesel
    • Residential
    • Commercial
    • Industrial
  • Wind-Diesel
    • Residential
    • Commercial
    • Industrial
  • Others
    • Residential
    • Commercial
    • Industrial

The above information is provided on regional & country basis for the following:

  • North America
    • U.S.
    • Canada
    • Caribbean
  • Europe
    • Germany
    • UK
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • Maldives
    • New Zealand
    • Philippines
    • Indonesia
    • Sri Lanka
    • Taiwan
  • Middle East & Africa
    • South Africa
    • Nigeria
    • Tanzania
    • Egypt
    • UAE
  • Latin America
    • Brazil
    • Chile


Authors: Ankit Gupta, Aditya Singh Bais