Notable participants in hybrid power solutions market include SMA solar, Huawei, Siemens, ZTE Corporation, Flexenclosure, Heliocentris Energy Solutions, Unitron, ReGen Powertech, Polar Power, Zenith Power Systems, Grupo Dragon and Alternate Energy.
The hybrid power solutions market is expected to grow from an estimated USD 466.5 Million in 2016 to USD 689.5 Million by 2021, registering a CAGR of 8.1% from 2016 to 2021.
The report "Hybrid Power Solutions Market” by System Type (Solar-Diesel, Wind-Diesel, Solar-Wind-Diesel), Power Rating (Upto 10 kW, 11 kW–100 kW, and Above 100 kW), End-User (Residential, Commercial, Telecom), and Region - Global Forecast to 2021", The hybrid power solutions market is expected to grow from an estimated USD 466.5 Million in 2016 to USD 689.5 Million by 2021, registering a CAGR of 8.1% from 2016 to 2021. The global market is witnessing significant growth due to 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.
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The analysts forecast global solar diesel hybrid power systems market to grow at a CAGR of 6.89% during the period 2016-2020. Complete Report available at http://www.sandlerresearch.org/global-solar-diesel-hybrid-power-systems-market-2016-2020.html. Off-grid power generation systems are typically used when there is a lack of capital constraints or the geographical landscape makes it difficult to have a grid connection. Conventionally, the off-grid area is powered using fossil fuel generators, but environmental concerns and its sustainability in terms of cost, in the long run, has created the need for alternate solutions. A hybrid system that is a combination of two or more power sources such as renewables and diesel generators is an attractive option. The system harnesses the abundance of renewable sources that are freely available to generate electricity, and when combined with a diesel generator, it displaces the fuel consumption.