Hybrid Power Solutions Market by System Type (Solar-Fossil, Wind-Fossil, Solar-Wind-Fossil, Solar-Wind, Others), Grid Connectivity (On-Grid, Off-Grid), Capacity (Upto 100kW, 100kW-1MW, Above 1MW), End User & Region - Global Forecast to 2028

Abstract
The hybrid power solutions market is estimated to grow from USD 2.4 Billion in 2023 to USD 4.0 Billion by 2028; it is expected to record a CAGR of 10.4% during the forecast period. The hybrid power solutions market is witnessing rapid growth owing to the increasing demand for sustainable and reliable energy solutions in diverse sectors, such as residential, commercial and industrial.

“Commercial: The second-fastest segment of the hybrid power solutions market, by end user”

Based on end user, the hybrid power solutions market has been split into three types: residential, commercial, and industrial. The commercial end user is growing in the hybrid power solutions market due to increasing focus on sustainability and energy efficiency by businesses as well as rapid urbanization. Hybrid systems enable companies to reduce operational costs and carbon footprints while ensuring reliable power supply, making them an attractive choice for environmentally conscious and cost-conscious businesses.

“Above 1 MW segment is expected to emerge as the largest segment based on capacity”

Based on capacity, the hybrid power solutions market has been segmented into upto 100kW, 100kW-1MW, and above 1 MW. The above 1 MW segment is expected to be the largest segment owing to urge in demand from large-scale industrial and commercial applications. They require higher power capacities to meet energy needs efficiently and sustainably. Additionally, advancements in technology and cost-effectiveness of larger installations contributes to the growth.

“Middle East and Africa is expected to emerge as the second-largest region based on hybrid power solutions market”

By region, the hybrid power solutions market has been segmented into Asia Pacific, North America, South America, Europe, and Middle East & Africa. In the region, the hybrid power solutions market is driven by the need to expand energy access, especially in rural and remote areas with limited or no grid connectivity. international partnerships and collaborations have further accelerated the adoption of hybrid power solutions in the Middle East & Africa region. Investments from international organizations and development agencies have facilitated the implementation of projects and the transfer of knowledge and technology.

Off-Grid is expected to be the second-largest segment based on the grid connectivity

Off-Grid is expected to be the second-largest segment in the hybrid power solutions market between 2023–2028 due to the need for reliable power supply, continuous operations, and reduced dependency on fossil fuels while achieving sustainability goals. Integrating renewable energy with grid connectivity offers a cost-effective and sustainable solution, reducing reliance on fossil fuels.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.

The distribution of primary interviews is as follows:
By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 10%, Europe- 15%, Asia Pacific- 60%, the Middle East & Africa- 10%, and South America- 5%

Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The hybrid power solutions market is dominated by a few major players that have a wide regional presence. The leading players in the high voltage cables and accessories market are General Electric (US), Vertiv Group Corp. (US), Vestas (Denmark), Wärtsilä (Finland), and SMA Solar Technology AG (Germany).

Research Coverage:
The report defines, describes, and forecasts the hybrid power solutions market, by system type, power rating, grid connectivity, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the hybrid power solutions market.

Key Benefits of Buying the Report
•Increased power generation from hybrid power plants in off-grid locations and cost efficiency due to adoption of hybrid power solutions drive the demand. Factors such as high initial investment costs and longer payback periods hinder market growth. The growing need for uninterrupted power supply in telecom infrastructure, coupled with a focus on reducing carbon emissions offer lucrative opportunities in this market. Complex system integration and the occurrence of solar panel failures are major challenges faced by countries in this market.
•Product Development/ Innovation: The trends such as solar-wind, solar-wind-fossil, solar-fossil have led to more efficient, reliable, durable, and high power generation. The focus on hybrid power solutions has also led to the expectation that it would minimize the operating costs and will contribute more sustainable environment.
•Market Development: The global scenario of hybrid power solution in power generation is evolving rapidly, with trends towards hybrid plants as they offer a balanced and reliable energy supply, utilizing the strengths of both systems i.e., renewable and conventionals.
•Market Diversification: Huawei Technologies Co. Ltd. product Power-S offers a seamless solar hybrid power and backup solution designed generally for commercial and industrial environments, delivering reliable and high-quality power supply.
•Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like General Electric (US), Vertiv Group Corp. (US), Vestas (Denmark), Wärtsilä (Finland), and SMA Solar Technology AG (Germany) among others in the hybrid power solution market.

Content
Table of Contents

1INTRODUCTION26
1.1STUDY OBJECTIVES26
1.2MARKET DEFINITION26
1.2.1INCLUSIONS AND EXCLUSIONS27
TABLE 1HYBRID POWER SOLUTIONS MARKET: INCLUSIONS AND EXCLUSIONS, BY SYSTEM TYPE27
TABLE 2HYBRID POWER SOLUTIONS MARKET: INCLUSIONS AND EXCLUSIONS, BY CAPACITY28
TABLE 3HYBRID POWER SOLUTIONS MARKET: INCLUSIONS AND EXCLUSIONS, BY GRID CONNECTIVITY28
TABLE 4HYBRID POWER SOLUTIONS MARKET: INCLUSIONS AND EXCLUSIONS, BY END USER28
1.3MARKET SCOPE29
1.3.1MARKETS COVERED29
1.3.2REGIONAL SCOPE30
1.3.3YEARS CONSIDERED30
1.3.4CURRENCY CONSIDERED31
1.4LIMITATIONS31
1.5STAKEHOLDERS31
1.6RECESSION IMPACT32
1.7SUMMARY OF CHANGES32
2RESEARCH METHODOLOGY33
2.1RESEARCH DATA33
FIGURE 1HYBRID POWER SOLUTIONS MARKET: RESEARCH DESIGN33
2.2MARKET BREAKDOWN AND DATA TRIANGULATION34
FIGURE 2DATA TRIANGULATION34
2.2.1SECONDARY DATA34
2.2.1.1Key data from secondary sources35
2.2.2PRIMARY DATA35
2.2.2.1Key data from primary sources36
2.2.2.2Breakdown of primaries36
2.3SCOPE37
FIGURE 3MAIN METRICS CONSIDERED TO ANALYZE AND ASSESS DEMAND FOR HYBRID POWER SOLUTIONS38
2.4MARKET SIZE ESTIMATION38
2.4.1BOTTOM-UP APPROACH39
FIGURE 4MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH39
2.4.2TOP-DOWN APPROACH40
FIGURE 5MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH40
2.4.3DEMAND-SIDE ANALYSIS41
2.4.3.1Regional analysis41
2.4.3.2Country-level analysis41
2.4.3.3Assumptions for demand-side analysis42
2.4.3.4Calculations for demand-side analysis42
2.4.4SUPPLY-SIDE ANALYSIS43
FIGURE 6KEY STEPS CONSIDERED TO ASSESS SUPPLY OF HYBRID POWER SOLUTIONS43
FIGURE 7HYBRID POWER SOLUTIONS MARKET: SUPPLY-SIDE ANALYSIS43
2.4.4.1Calculations for supply-side analysis44
2.4.4.2Assumptions for supply-side analysis44
2.4.5FORECAST44
2.5RISK ASSESSMENT44
2.6IMPACT OF RECESSION44
3EXECUTIVE SUMMARY45
TABLE 5HYBRID POWER SOLUTIONS MARKET SNAPSHOT45
FIGURE 8SOUTH AMERICA TO REGISTER HIGHEST CAGR IN HYBRID POWER SOLUTIONS MARKET DURING FORECAST PERIOD46
FIGURE 9ABOVE 1 MW SEGMENT TO LEAD HYBRID POWER SOLUTIONS MARKET DURING FORECAST PERIOD46
FIGURE 10ON-GRID TO BE DOMINANT SEGMENT IN HYBRID POWER SOLUTIONS MARKET DURING FORECAST PERIOD47
FIGURE 11INDUSTRIAL SEGMENT TO LEAD HYBRID POWER SOLUTIONS MARKET DURING FORECAST PERIOD47
FIGURE 12SOLAR-WIND SEGMENT TO LEAD HYBRID POWER SOLUTIONS MARKET DURING FORECAST PERIOD48
4PREMIUM INSIGHTS49
4.1ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HYBRID POWER SOLUTIONS MARKET49
FIGURE 13RISING ADOPTION OF RENEWABLE SOURCES IN POWER GENERATION49
4.2HYBRID POWER SOLUTIONS MARKET, BY REGION49
FIGURE 14SOUTH AMERICAN HYBRID POWER SOLUTIONS MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD49
4.3NORTH AMERICAN HYBRID POWER SOLUTIONS MARKET, BY END USER AND COUNTRY50
FIGURE 15INDUSTRIAL SEGMENT AND US HELD LARGEST SHARES OF NORTH AMERICAN HYBRID POWER SOLUTIONS MARKET IN 202250
4.4HYBRID POWER SOLUTIONS MARKET, BY SYSTEM TYPE50
FIGURE 16SOLAR-WIND SEGMENT TO DOMINATE HYBRID POWER SOLUTIONS MARKET IN 202850
4.5HYBRID POWER SOLUTIONS MARKET, BY END USER51
FIGURE 17INDUSTRIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HYBRID POWER SOLUTIONS MARKET IN 202851
4.6HYBRID POWER SOLUTIONS MARKET, BY GRID CONNECTIVITY51
FIGURE 18ON-GRID SEGMENT TO ACCOUNT FOR LARGER SHARE OF HYBRID POWER SOLUTIONS MARKET IN 202851
4.7HYBRID POWER SOLUTIONS MARKET, BY CAPACITY52
FIGURE 19ABOVE 1 MW SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HYBRID POWER SOLUTIONS MARKET IN 202852
5MARKET OVERVIEW53
5.1INTRODUCTION53
5.2MARKET DYNAMICS54
FIGURE 20HYBRID POWER SOLUTIONS MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES54
5.2.1DRIVERS54
5.2.1.1Increased hybrid power generation in off-grid locations54
FIGURE 21OFF-GRID CAPACITY, BY SOURCE, 2019–202155
FIGURE 22OFFSHORE WIND INSTALLATION CAPACITY (GW), BY REGION, 2018–205055
5.2.1.2Lower operating costs than conventional diesel generators56
FIGURE 23FLUCTUATIONS IN GLOBAL FUEL PRICES, 2015–201956
5.2.2RESTRAINTS57
5.2.2.1High initial investments57
FIGURE 24CAPITAL COST ASSOCIATED WITH SOLAR-DIESEL-BASED HYBRID POWER SOLUTIONS, BY COMPONENT (%)57
5.2.2.2Higher payback time than conventional diesel generators57
5.2.3OPPORTUNITIES58
5.2.3.1Reduction in carbon emissions58
TABLE 6EMISSION REDUCTION TARGETS59
5.2.3.2Growing requirement for uninterrupted power from telecom infrastructure operators59
5.2.4CHALLENGES60
5.2.4.1Complex system integration60
5.2.4.2Solar panel failures60
5.3TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES61
FIGURE 25REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN HYBRID POWER SOLUTIONS MARKET61
5.4ECOSYSTEM ANALYSIS62
TABLE 7HYBRID POWER SOLUTIONS MARKET: ECOSYSTEM ANALYSIS62
FIGURE 26HYBRID POWER SOLUTIONS MARKET: ECOSYSTEM ANALYSIS63
5.5VALUE CHAIN ANALYSIS63
FIGURE 27HYBRID POWER SOLUTIONS MARKET: VALUE CHAIN ANALYSIS63
5.5.1RAW MATERIAL PROVIDERS/SUPPLIERS/COMPONENT MANUFACTURERS64
5.5.2HYBRID POWER SOLUTION MANUFACTURERS/ASSEMBLERS64
5.5.3SYSTEM INTEGRATORS64
5.5.4DISTRIBUTORS/RESELLERS64
5.5.5PROJECT DEVELOPERS AND ENGINEERING, PROCUREMENT, AND CONSTRUCTION (EPC) COMPANIES64
5.5.6END USERS64
5.5.7MAINTENANCE AND SERVICE PROVIDERS64
5.6PRICING ANALYSIS65
FIGURE 28AVERAGE SELLING PRICE (ASP) OF HYBRID POWER SOLUTIONS, BY SYSTEM TYPE65
TABLE 8AVERAGE SELLING PRICE (ASP) OF HYBRID POWER SOLUTIONS, BY SYSTEM TYPE (USD THOUSAND/MW)65
TABLE 9AVERAGE SELLING PRICE (ASP) ANALYSIS, BY REGION (2021 AND 2028)65
FIGURE 29AVERAGE SELLING PRICE (ASP) ANALYSIS, BY REGION (2021 AND 2028)66
5.7TECHNOLOGY ANALYSIS66
5.7.1SMART MICROGRID66
5.8TARIFFS, CODES, AND REGULATIONS67
5.8.1TARIFF RELATED TO HYBRID POWER SOLUTION UNITS67
TABLE 10TARIFF RELATED TO ELECTRIC MOTORS AND GENERATORS67
TABLE 11TARIFF RELATED TO HYDROGEN68
5.8.2CODES AND REGULATIONS RELATED TO HYBRID POWER SOLUTIONS68
5.8.3CARBON-REDUCTION POLICY TRENDS IN ENERGY INDUSTRY68
5.8.4CLIMATE SOLUTIONS ACT69
5.8.5REGULATIONS RELATED TO HYBRID POWER SOLUTIONS69
TABLE 12HYBRID POWER SOLUTIONS MARKET: REGULATIONS69
5.9PATENT ANALYSIS70
TABLE 13HYBRID POWER SOLUTIONS MARKET: INNOVATIONS AND PATENT REGISTRATIONS70
5.10TRADE ANALYSIS73
5.10.1EXPORT SCENARIO FOR ELECTRIC MOTORS AND GENERATORS73
TABLE 14EXPORT SCENARIO FOR HS CODE: 8501, BY COUNTRY, 2020–2022 (USD THOUSAND)73
5.10.2IMPORT SCENARIO FOR ELECTRIC MOTORS AND GENERATORS74
TABLE 15IMPORT SCENARIO FOR HS CODE: 8501, BY COUNTRY, 2020–2022 (USD THOUSAND)74
5.11KEY CONFERENCES AND EVENTS, 2023–202475
TABLE 16HYBRID POWER SOLUTIONS MARKET: LIST OF CONFERENCES AND EVENTS75
5.12CASE STUDY ANALYSIS76
5.12.1MAN ENERGY SOLUTIONS TACKLED CHALLENGE OF RELIABLE POWER SUPPLY BY COMBINING RENEWABLE ENERGY SOURCES WITH HIGHLY ADAPTABLE GENSETS76
5.12.2MAN ENERGY SOLUTIONS BUILT NEW HYBRID POWER SYSTEM FOR MINING INDUSTRY76
5.13PORTER’S FIVE FORCES ANALYSIS77
TABLE 17HYBRID POWER SOLUTIONS MARKET: PORTER’S FIVE FORCES ANALYSIS77
FIGURE 30HYBRID POWER SOLUTIONS MARKET: PORTER’S FIVE FORCES ANALYSIS77
5.13.1THREAT OF SUBSTITUTES78
5.13.2BARGAINING POWER OF SUPPLIERS78
5.13.3BARGAINING POWER OF BUYERS78
5.13.4THREAT OF NEW ENTRANTS78
5.13.5INTENSITY OF COMPETITIVE RIVALRY78
5.14KEY STAKEHOLDERS AND BUYING CRITERIA79
5.14.1KEY STAKEHOLDERS IN BUYING PROCESS79
FIGURE 31INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER79
TABLE 18INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER (%)79
5.14.2BUYING CRITERIA79
FIGURE 32KEY BUYING CRITERIA, BY END USER79
TABLE 19KEY BUYING CRITERIA, BY END USER80
6HYBRID POWER SOLUTIONS MARKET, BY SYSTEM TYPE81
6.1INTRODUCTION82
FIGURE 33HYBRID POWER SOLUTIONS MARKET, BY SYSTEM TYPE, 202282
TABLE 20HYBRID POWER SOLUTIONS MARKET, BY SYSTEM TYPE, 2021–2028 (USD MILLION)82
6.2SOLAR-FOSSIL83
6.2.1INCREASING DEMAND FOR CLEAN ENERGY TO COMBAT CLIMATE CHANGE AND REDUCE GREENHOUSE GAS EMISSIONS83
TABLE 21SOLAR-FOSSIL: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)83
6.3WIND-FOSSIL83
6.3.1CAPABILITY TO ADDRESS INTERMITTENCY OF WIND ENERGY AND ENSURE STABLE AND RELIABLE ELECTRICITY SUPPLY83
TABLE 22WIND-FOSSIL: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)84
6.4SOLAR-WIND-FOSSIL84
6.4.1HIGH EFFICIENCY AND ABILITY TO OVERCOME CHALLENGES OF INTERMITTENT SOLAR AND WIND ENERGY84
TABLE 23SOLAR-WIND-FOSSIL: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)84
6.5SOLAR-WIND85
6.5.1RISING DEVELOPMENT OF LARGE-SCALE POWER PLANTS85
TABLE 24SOLAR-WIND: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)85
6.6OTHERS85
TABLE 25OTHERS: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)86
7HYBRID POWER SOLUTIONS MARKET, BY CAPACITY87
7.1INTRODUCTION88
FIGURE 34HYBRID POWER SOLUTIONS MARKET, BY CAPACITY, 202288
TABLE 26HYBRID POWER SOLUTIONS MARKET, BY CAPACITY, 2021–2028 (USD MILLION)88
7.2UP TO 100 KW88
7.2.1HIGH ADOPTION IN RESIDENTIAL SECTOR88
TABLE 27UP TO 100 KW: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)89
7.3100 KW–1 MW89
7.3.1VERSATILITY AND ABILITY TO MEET SPECIFIC ENERGY NEEDS89
TABLE 28100 KW–1 MW: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)89
7.4ABOVE 1 MW90
7.4.1INCREASING INVESTMENTS IN LARGE-SCALE HYBRID POWER PLANTS90
TABLE 29ABOVE 1 MW: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)90
8HYBRID POWER SOLUTIONS MARKET, BY GRID CONNECTIVITY91
8.1INTRODUCTION92
FIGURE 35HYBRID POWER SOLUTIONS MARKET, BY GRID CONNECTIVITY, 202292
TABLE 30HYBRID POWER SOLUTIONS MARKET, BY GRID CONNECTIVITY, 2021–2028 (USD MILLION)92
8.2ON-GRID92
8.2.1GROWING NEED TO REDUCE POWER PEAK DEMAND AND GREENHOUSE GAS EMISSIONS92
TABLE 31ON-GRID: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)93
8.3OFF-GRID93
8.3.1INCREASING REQUIREMENT FOR RELIABLE POWER IN REMOTE AREAS93
TABLE 32OFF-GRID: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)93
9HYBRID POWER SOLUTIONS MARKET, BY END USER94
9.1INTRODUCTION95
FIGURE 36HYBRID POWER SOLUTIONS MARKET, BY END USER, 202295
TABLE 33HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)95
9.2RESIDENTIAL95
9.2.1RISING NEED TO REDUCE RELIANCE ON TRADITIONAL GRID ELECTRICITY95
TABLE 34RESIDENTIAL: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)96
9.3COMMERCIAL96
9.3.1GROWING ADOPTION TO MEET ENERGY NEEDS AND REDUCE OPERATIONAL COSTS96
TABLE 35COMMERCIAL: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)96
9.4INDUSTRIAL97
9.4.1HIGH POWER REQUIREMENT IN REMOTE LOCATIONS97
TABLE 36INDUSTRIAL: HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)97
10HYBRID POWER SOLUTIONS MARKET, BY REGION98
10.1INTRODUCTION99
FIGURE 37SOUTH AMERICAN HYBRID POWER SOLUTIONS MARKET TO REGISTER HIGHEST CAGR FROM 2023 TO 202899
FIGURE 38HYBRID POWER SOLUTIONS MARKET, BY REGION, 2022 (%)100
TABLE 37HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (USD MILLION)100
TABLE 38HYBRID POWER SOLUTIONS MARKET, BY REGION, 2021–2028 (MW)100
10.2ASIA PACIFIC101
FIGURE 39ASIA PACIFIC: SNAPSHOT OF HYBRID POWER SOLUTIONS MARKET102
10.2.1ASIA PACIFIC: RECESSION IMPACT102
10.2.2BY SYSTEM TYPE103
TABLE 39ASIA PACIFIC: HYBRID POWER SOLUTIONS MARKET, BY SYSTEM TYPE, 2021–2028 (USD MILLION)103
10.2.3BY CAPACITY103
TABLE 40ASIA PACIFIC: HYBRID POWER SOLUTIONS MARKET, BY CAPACITY, 2021–2028 (USD MILLION)103
10.2.4BY END USER104
TABLE 41ASIA PACIFIC: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)104
10.2.5BY GRID CONNECTIVITY104
TABLE 42ASIA PACIFIC: HYBRID POWER SOLUTIONS MARKET, BY GRID CONNECTIVITY, 2021–2028 (USD MILLION)104
10.2.6BY COUNTRY104
TABLE 43ASIA PACIFIC: HYBRID POWER SOLUTIONS MARKET, BY COUNTRY, 2021–2028 (USD MILLION)104
10.2.6.1China105
10.2.6.1.1Rising emphasis on diversifying energy sources and reducing reliance on traditional fossil fuels105
TABLE 44CHINA: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)105
10.2.6.2India105
10.2.6.2.1Adoption of renewable energy and sustainable practices to address energy security and environmental concerns105
TABLE 45INDIA: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)106
10.2.6.3Japan106
10.2.6.3.1Government-led policies, feed-in tariffs, and subsidies106
TABLE 46JAPAN: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)106
10.2.6.4Australia107
10.2.6.4.1Abundance of renewable energy resources and electrification of remote off-grid locations107
TABLE 47AUSTRALIA: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)107
10.2.6.5South Korea107
10.2.6.5.1Rapid industrialization and urbanization107
TABLE 48SOUTH KOREA: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)108
10.2.6.6Taiwan108
10.2.6.6.1Presence of favorable government policies108
TABLE 49TAIWAN: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)108
10.2.6.7Rest of Asia Pacific108
TABLE 50REST OF ASIA PACIFIC: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)109
10.3MIDDLE EAST & AFRICA109
FIGURE 40MIDDLE EAST & AFRICA: SNAPSHOT OF HYBRID POWER SOLUTIONS MARKET110
10.3.1MIDDLE EAST & AFRICA: RECESSION IMPACT110
10.3.2BY SYSTEM TYPE111
TABLE 51MIDDLE EAST & AFRICA: HYBRID POWER SOLUTIONS MARKET, BY SYSTEM TYPE, 2021–2028 (USD MILLION)111
10.3.3BY CAPACITY111
TABLE 52MIDDLE EAST & AFRICA: HYBRID POWER SOLUTIONS MARKET, BY CAPACITY, 2021–2028 (USD MILLION)111
10.3.4BY END USER111
TABLE 53MIDDLE EAST & AFRICA: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)111
10.3.5BY GRID CONNECTIVITY112
TABLE 54MIDDLE EAST & AFRICA: HYBRID POWER SOLUTIONS MARKET, BY GRID CONNECTIVITY, 2021–2028 (USD MILLION)112
10.3.6BY COUNTRY112
TABLE 55MIDDLE EAST & AFRICA: HYBRID POWER SOLUTIONS MARKET, BY COUNTRY, 2021–2028 (USD MILLION)112
10.3.6.1Egypt112
10.3.6.1.1Growing adoption of sustainable energy practices112
TABLE 56EGYPT: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)113
10.3.6.2Nigeria113
10.3.6.2.1Renewable energy commitments113
TABLE 57NIGERIA: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)113
10.3.6.3Senegal114
10.3.6.3.1Renewable energy initiatives to diversify energy sources, reduce carbon emissions, and enhance energy security114
TABLE 58SENEGAL: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)114
10.3.6.4South Africa114
10.3.6.4.1Rapid urbanization and rising number of renewable energy projects114
TABLE 59SOUTH AFRICA: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)115
10.3.6.5Rest of Middle East & Africa115
TABLE 60REST OF MIDDLE EAST & AFRICA: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)115
10.4EUROPE116
FIGURE 41EUROPE: SNAPSHOT OF HYBRID POWER SOLUTIONS MARKET116
10.4.1RECESSION IMPACT: EUROPE117
10.4.2BY SYSTEM TYPE117
TABLE 61EUROPE: HYBRID POWER SOLUTIONS MARKET, BY SYSTEM TYPE, 2021–2028 (USD MILLION)117
10.4.3BY CAPACITY117
TABLE 62EUROPE: HYBRID POWER SOLUTIONS MARKET, BY CAPACITY, 2021–2028 (USD MILLION)117
10.4.4BY END USER118
TABLE 63EUROPE: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)118
10.4.5BY GRID CONNECTIVITY118
TABLE 64EUROPE: HYBRID POWER SOLUTIONS MARKET, BY GRID CONNECTIVITY, 2021–2028 (USD MILLION)118
10.4.6BY COUNTRY118
TABLE 65EUROPE: HYBRID POWER SOLUTIONS MARKET, BY COUNTRY, 2021–2028 (USD MILLION)118
10.4.6.1UK119
10.4.6.1.1Strong commitment toward sustainable future and technological advancements119
TABLE 66UK: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)119
10.4.6.2Germany119
10.4.6.2.1Shift toward renewable energy sources to decrease carbon emissions119
TABLE 67GERMANY: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)120
10.4.6.3Sweden120
10.4.6.3.1Rising focus on reducing carbon emissions120
TABLE 68SWEDEN: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)120
10.4.6.4France120
10.4.6.4.1Rising number of hybrid projects120
TABLE 69FRANCE: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)121
10.4.6.5Netherlands121
10.4.6.5.1Advancements in hybrid power technologies121
TABLE 70NETHERLANDS: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)121
10.4.6.6Spain122
10.4.6.6.1Declining costs of renewable energy technologies and favorable environment for solar-wind hybrid systems122
TABLE 71SPAIN: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)122
10.4.6.7Rest of Europe122
TABLE 72REST OF EUROPE: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)123
10.5NORTH AMERICA123
10.5.1NORTH AMERICA: RECESSION IMPACT123
10.5.2BY SYSTEM TYPE124
TABLE 73NORTH AMERICA: HYBRID POWER SOLUTIONS MARKET, BY SYSTEM TYPE, 2021–2028 (USD MILLION)124
10.5.3BY CAPACITY124
TABLE 74NORTH AMERICA: HYBRID POWER SOLUTIONS MARKET, BY CAPACITY, 2021–2028 (USD MILLION)124
10.5.4BY END USER124
TABLE 75NORTH AMERICA: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)124
10.5.5BY GRID CONNECTIVITY125
TABLE 76NORTH AMERICA: HYBRID POWER SOLUTIONS MARKET, BY GRID CONNECTIVITY, 2021–2028 (USD MILLION)125
10.5.6BY COUNTRY125
TABLE 77NORTH AMERICA: HYBRID POWER SOLUTIONS MARKET, BY COUNTRY, 2021–2028 (USD MILLION)125
10.5.6.1US125
10.5.6.1.1Presence of sustainable energy landscape and increasing investments in hybrid projects125
TABLE 78US: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)126
10.5.6.2Canada126
10.5.6.2.1Increasing investments in renewable energy sources attributed to supportive government policies, incentives, and grants126
TABLE 79CANADA: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)126
10.5.6.3Mexico127
10.5.6.3.1Technological advancements and decreasing renewable energy costs127
TABLE 80MEXICO: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)127
10.6SOUTH AMERICA127
10.6.1SOUTH AMERICA: RECESSION IMPACT128
10.6.2BY SYSTEM TYPE128
TABLE 81SOUTH AMERICA: HYBRID POWER SOLUTIONS MARKET, BY SYSTEM TYPE, 2021–2028 (USD MILLION)128
10.6.3BY CAPACITY128
TABLE 82SOUTH AMERICA: HYBRID POWER SOLUTIONS MARKET, BY CAPACITY, 2021–2028 (USD MILLION)128
10.6.4BY END USER129
TABLE 83SOUTH AMERICA: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)129
10.6.5BY GRID CONNECTIVITY129
TABLE 84SOUTH AMERICA: HYBRID POWER SOLUTIONS MARKET, BY GRID CONNECTIVITY, 2021–2028 (USD MILLION)129
10.6.6BY COUNTRY129
TABLE 85SOUTH AMERICA: HYBRID POWER SOLUTIONS MARKET, BY COUNTRY, 2021–2028 (USD MILLION)129
10.6.6.1Brazil130
10.6.6.1.1Government-led regulations and initiatives to combat climate change130
TABLE 86BRAZIL: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)130
10.6.6.2Chile130
10.6.6.2.1Rising focus on reducing dependence on imported fossil fuels130
TABLE 87CHILE: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)131
10.6.6.3Rest of South America131
TABLE 88REST OF SOUTH AMERICA: HYBRID POWER SOLUTIONS MARKET, BY END USER, 2021–2028 (USD MILLION)131
11COMPETITIVE LANDSCAPE132
11.1OVERVIEW132
11.1.1KEY STRATEGIES ADOPTED BY MAJOR PLAYERS132
TABLE 89HYBRID POWER SOLUTIONS MARKET: KEY STRATEGIES ADOPTED BY MAJOR PLAYERS, 2018–2022132
11.2MARKET SHARE ANALYSIS, 2022133
FIGURE 42HYBRID POWER SOLUTIONS MARKET SHARE ANALYSIS, 2022134
11.3REVENUE ANALYSIS, 2018–2022134
FIGURE 43HYBRID POWER SOLUTIONS MARKET: REVENUE ANALYSIS, 2018–2022134
11.4COMPANY EVALUATION MATRIX, 2022135
11.4.1STARS135
11.4.2PERVASIVE PLAYERS135
11.4.3EMERGING LEADERS135
11.4.4PARTICIPANTS135
FIGURE 44HYBRID POWER SOLUTIONS MARKET: COMPANY EVALUATION MATRIX, 2022136
11.5COMPETITIVE BENCHMARKING137
TABLE 90SYSTEM TYPE: COMPANY FOOTPRINT137
TABLE 91END USER: COMPANY FOOTPRINT138
TABLE 92CAPACITY: COMPANY FOOTPRINT139
TABLE 93GRID CONNECTIVITY: COMPANY FOOTPRINT140
TABLE 94REGION: COMPANY FOOTPRINT141
TABLE 95COMPANY FOOTPRINT142
11.6COMPETITIVE SCENARIOS AND TRENDS143
TABLE 96HYBRID POWER SOLUTIONS MARKET: PRODUCT LAUNCHES, JANUARY 2019–JANUARY 2023143
TABLE 97HYBRID POWER SOLUTIONS MARKET: DEALS, JANUARY 2019–JANUARY 2023143
TABLE 98HYBRID POWER SOLUTIONS MARKET: OTHERS, JANUARY 2019–JANUARY 2023144
12COMPANY PROFILES145
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
12.1KEY PLAYERS145
12.1.1VERTIV GROUP CORP.145
TABLE 99VERTIV GROUP CORP.: COMPANY OVERVIEW145
FIGURE 45VERTIV GROUP CORP.: COMPANY SNAPSHOT146
TABLE 100VERTIV GROUP CORP.: PRODUCTS/SOLUTIONS/SERVICES OFFERED146
12.1.2GENERAL ELECTRIC148
TABLE 101GENERAL ELECTRIC: COMPANY OVERVIEW148
FIGURE 46GENERAL ELECTRIC: COMPANY SNAPSHOT149
TABLE 102GENERAL ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED150
TABLE 103GENERAL ELECTRIC: PRODUCT LAUNCHES150
TABLE 104GENERAL ELECTRIC: DEALS150
TABLE 105GENERAL ELECTRIC: OTHERS151
12.1.3SIEMENS ENERGY152
TABLE 106SIEMENS ENERGY: COMPANY OVERVIEW152
FIGURE 47SIEMENS ENERGY: COMPANY SNAPSHOT153
TABLE 107SIEMENS ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED153
TABLE 108SIEMENS ENERGY: DEALS154
12.1.4VESTAS155
TABLE 109VESTAS: COMPANY OVERVIEW155
FIGURE 48VESTAS: COMPANY SNAPSHOT156
TABLE 110VESTAS: PRODUCTS/SOLUTIONS/SERVICES OFFERED156
TABLE 111VESTAS: OTHERS157
12.1.5WÄRTSILÄ158
TABLE 112WÄRTSILÄ: COMPANY OVERVIEW158
FIGURE 49WÄRTSILÄ: COMPANY SNAPSHOT159
TABLE 113WÄRTSILÄ: PRODUCTS/SOLUTIONS/SERVICES OFFERED160
TABLE 114WÄRTSILÄ: PRODUCT LAUNCHES160
TABLE 115WÄRTSILÄ: DEALS160
TABLE 116WÄRTSILÄ: OTHERS161
12.1.6SMA SOLAR TECHNOLOGY AG163
TABLE 117SMA SOLAR TECHNOLOGY AG: COMPANY OVERVIEW163
FIGURE 50SMA SOLAR TECHNOLOGY AG: COMPANY SNAPSHOT164
TABLE 118SMA SOLAR TECHNOLOGY AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED165
12.1.7HUAWEI TECHNOLOGIES CO., LTD.166
TABLE 119HUAWEI TECHNOLOGIES CO., LTD.: COMPANY OVERVIEW166
TABLE 120HUAWEI TECHNOLOGIES CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED166
TABLE 121HUAWEI TECHNOLOGIES CO. LTD.: PRODUCT LAUNCHES167
12.1.8ZTE CORPORATION168
TABLE 122ZTE CORPORATION: COMPANY OVERVIEW168
FIGURE 51ZTE CORPORATION: COMPANY SNAPSHOT169
TABLE 123ZTE CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED169
12.1.9DELTA ELECTRONICS, INC.170
TABLE 124DELTA ELECTRONICS, INC.: COMPANY OVERVIEW170
FIGURE 52DELTA ELECTRONICS, INC.: COMPANY SNAPSHOT171
TABLE 125DELTA ELECTRONICS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED171
TABLE 126DELTA ELECTRONICS, INC.: DEALS172
12.1.10LONGI173
TABLE 127LONGI: COMPANY OVERVIEW173
FIGURE 53LONGI: COMPANY SNAPSHOT174
TABLE 128LONGI: PRODUCTS/SOLUTIONS/SERVICES OFFERED174
TABLE 129LONGI: DEALS175
12.1.11CHINT GROUP176
TABLE 130CHINT GROUP: COMPANY OVERVIEW176
TABLE 131CHINT GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED176
12.1.12VERGNET SA177
TABLE 132VERGNET SA: COMPANY OVERVIEW177
TABLE 133VERGNET SA: PRODUCTS/SOLUTIONS/SERVICES OFFERED177
12.1.13FRONIUS INTERNATIONAL GMBH178
TABLE 134FRONIUS INTERNATIONAL GMBH: COMPANY OVERVIEW178
TABLE 135FRONIUS INTERNATIONAL GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED178
12.1.14PFISTERER HOLDING AG179
TABLE 136PFISTERER HOLDING AG: COMPANY OVERVIEW179
TABLE 137PFISTERER HOLDING AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED179
12.1.15MAN ENERGY SOLUTIONS180
TABLE 138MAN ENERGY SOLUTIONS: COMPANY OVERVIEW180
TABLE 139MAN ENERGY SOLUTIONS: PRODUCTS/SOLUTIONS/SERVICES OFFERED180
12.2OTHER PLAYERS181
12.2.1DANVEST BV181
12.2.2SILVER POWER SYSTEMS181
12.2.3WUXI CHWAY TECHNOLOGY CO., LTD.182
12.2.4FOSHAN TANFON ENERGY CO., LTD.182
12.2.5CLEAR BLUE TECHNOLOGIES INC.183
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
 
13APPENDIX184
13.1INSIGHTS FROM INDUSTRY EXPERTS184
13.2DISCUSSION GUIDE185
13.3KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL190
13.4CUSTOMIZATION OPTIONS192
13.5RELATED REPORTS192
13.6AUTHOR DETAILS193