Current Business Affairs Global Hybrid Power Systems Market 2018

Global Hybrid Power Systems Market Trends, Analysis, and Forecast To
2025
Market Definition:
Hybrid power are combinations of different technologies to produce power. Hybrid power systems are majorly designed
for the generation and use of electrical power. Hybrid powers are produced with the combination of different sources of
renewable sources of energy such as Photovoltaic-wind turbines, diesel- LPG gen-sets, Wind-Photovoltaic-Diesel System,
and others. The hybrid systems are planned with customized configurations for effective use of available renewable
sources and to serve for power generation purpose.
The energy systems can capitalize on existing energy infrastructure and add components to help in costs reduction,
environmental impacts and system disruptions. Hybrid power systems are market-focused rather than technology-focus,
delivering more efficient and reliable methods for meeting the consumers’ requirement. As per the International Energy
Agency (IEA), it has been forecasted that the global generation capacity will increase by more than 60%, and renewables
will make up over 45% of the total capacity by 2040.
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Market Growth and Analysis:
Hybrid power systems reduces overall CAPEX per MW output and O&M costs by leveraging electrical infrastructure and
Balance of Plant (BoP) equipment. Other factor associated with the technology is less CO2 emission with more energy
production and lowered fuel costs from replacing diesel generation with renewables sources. For instance, in 2016,
Vodafone announced to install several hybrid power systems in Qatar to reduce the carbon footprint and for improving
energy efficiency. Hybrid power system offer various solutions such as Wind Integrated Solar Energy (WISE), Pumped
Storage (PSP), wind-hydro hybrid, and Battery Energy Storage Solutions (BESS), anticipated to increase the demand in
global market over the forecast period.
The absence of grid connectivity in remote areas particularly in emerging nations has driven end users to retrofit the
conventional diesel generator set with efficient and cost-effective hybrid power systems. Hybrid power plants offer
solution to various problems confronted by grid managers, power producers, and consumers. For instance, hybrid
system couples the clean solar power with a reliable generator fueled with low-priced natural gas for generating the
electricity. Wind power can be paired with compressed air for creating a reliable source, particularly for rural and
isolated areas with limited transmission. Waste coal can be co-fired with waste wood from timbering to lower emissions.
Some hybrid projects combine diesel generator sets with solar PV technology. Although, initial investments, higher
payback time and huge installation costs paves hurdle for the companies from the setting up of hybrid power systems.
Market Segment:
The global hybrid power system market has been segmented on the basis of system type, power rating, and end-user.
Based on system type segment, the market has been segregated as solar-diesel, wind-diesel, and solar-wind-diesel.