Hybrid Power Solutions Market Is Expected to Rise Further
The Hybrid power solutions market is expected to grow at a significant pace during the next few years. It is segmented by technologies, end-uses, and geography. In terms of end-uses, it can be divided into three major categories: residential, commercial, and industrial. The competitive landscape and cost of components are also discussed. In addition, the market is anticipated to rise further due to the uplift in lockdown in many countries.
Hybrid power solutions market outlook
The market for hybrid power solutions is set to surpass USD 10 billion by 2024. This will be driven by stringent government policies to promote renewable technologies and vast availability of raw materials. Rising urbanization and rising adoption of energy solution efficient systems will further accelerate the market growth. Leading companies in the industry include Danvest Holdings, Enel Green, SMA Solar, Polar Power, and Goldwind.
The report provides comprehensive analysis of the market and its competitive landscape. This includes company profiles, financials, revenue generation, and new market initiatives. It also analyses the current market size and forecast market growth in key regions. The market study is based on primary and secondary research and is complemented with qualitative assessments by industry analysts.
The global market for hybrid power solutions was estimated at US$721.9 million in 2020. This will increase to $1.2 billion by 2027. This is a six percent compound annual growth rate (CAGR) over the forecast period. The market is segmented by technologies and by end-use. It is further sub-segmented by countries and sub-regions.
The report provides a comprehensive list of leading players in the global hybrid power solutions market. The report also discusses the strategies employed by these companies. An Executive Summary chapter summarizes the report’s findings. In addition, the report includes a Conclusions and Recommendations chapter. There are also three other chapters that discuss the market dynamics.
The report also analyses key trends in the hybrid power solutions market. It details recent developments, including import-export analysis, production analysis, and value chain optimization. The report also highlights emerging companies, and identifies their key focus areas. With this information, businesses can strategize for their entry in this market.
A growing demand for renewable power will drive the market growth for hybrid power solutions. Rising awareness about the importance of renewable resources and favorable government policies will further fuel the market.
The competitive landscape for power solutions is rapidly changing, and it is particularly pronounced in the Middle East and Africa. These regions have rapidly growing oil and construction industries, and a lack of grid infrastructure has facilitated the emergence of rental power solutions. In 2018, the Middle East and Africa accounted for a large percentage of the global market, which is expected to double to around EUR 40 billion by 2020.
Since the first cases of the COVID-19 pandemic were reported in China in December last year, the number of confirmed cases has increased rapidly. By early April, more than a million cases had been recorded. Within three months, this figure had risen to 10 million. Currently, the caseload is at more than 30 million.
The COVID-19 pandemic has slowed progress in achieving universal energy access. Globally, 733 million people lack access to electricity, and 2.4 billion people still cook with non-clean fuels. If the current rate of progress continues, 670 million people will be without access to electricity by 2030.
Although the COVID-19 pandemic was predicted, it has not come without its own challenges. The consequences and challenges created by the outbreak have been numerous, from the fallout of the virus itself to the mental health challenges of youth and the financial and social challenges faced by government agencies. A McKinsey report outlines some of the key aspects of the crisis.
The COVID-19 pandemic presented a worldwide health threat. The successes and challenges involved in combating it are inspirational for all of us to push the limits of what is possible. In the last century, life expectancy in most parts of the world has increased significantly, but the percentage of human life spent in poor health has not. The solution should be able to help these people and make them a healthier population.
COVID-19 has also affected the global energy systems. As a result of this epidemic, global CO2 emissions in the power sector have decreased, partly because of the decline in coal generation and reduction in electricity demand. Different policy measures are helping to support this progress. Increasing the share of low-carbon fuels in the energy system will reduce emissions over the next few years.