India Hybrid Power Solutions Market is expected to grow from 2020-2030F, driven by reduced carbon emissions and reliable power generation with minimized fuel usage across the country.
According to the TechSci Research report, India Hybrid Power Solutions Market – By Region, Competition Forecast & Opportunities, 2020-2030F, the India Hybrid Power Solutions market is expected to experience significant growth during the forecast period of 2020-2030F. This growth is driven by factors such as increased hybrid power generation at off-grid sites, reduced carbon emissions, and lower operational and maintenance costs.
The rising demand for hybrid power solutions is fueled by the growing use of less fuel for power generation and the reduction of carbon emissions. As renewable energy sources, like solar and wind, continue to improve, hybrid systems are becoming more common. Additionally, the rising prices of petroleum and various government incentives further contribute to the growth of the market. Hybrid power systems are becoming increasingly popular due to their cost savings, lower pollution levels, and the ability to connect to other renewable energy sources, such as solar panels.
The shift towards renewable energy technologies is helping to mitigate the harmful health impacts of carbon emissions. The power industry is gradually adopting solar PV and wind power technologies to move towards cleaner energy. However, electricity generated from solar and wind sources can be inconsistent, as it is influenced by factors like climate and geographic location. Hybrid power systems address this challenge by combining solar and wind energy to provide a steady supply of electricity.
As the demand for clean energy solutions rises, the India hybrid power solutions market is expected to grow. The integration of renewable sources and the increasing demand for clean technologies will play a crucial role in boosting this market. However, the higher initial investment required for hybrid power solutions remains a challenge for market growth.
The market is segmented by system type, power rating, sales channel, end-user, and region. System types include solar-diesel, wind-diesel, solar-wind-diesel, and others. Power rating segmentation includes up to 10 kW, 11 kW–100 kW, and above 100 kW. The end-user segment covers residential, commercial, telecom, and others. Regionally, the market is segmented into North India, South India, West India, and East India.
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In terms of power rating, the segment between 11 kW–100 kW is expected to dominate the market in the coming years. This power range is commonly used in hybrid electric vehicles and power equipment. Hybrid electric vehicles, powered by both electric motors and gasoline engines, can effectively reduce environmental pollution, particularly air pollution caused by CO2 emissions. This has contributed to the growing demand for hybrid vehicles, which in turn drives the demand for hybrid power solutions.
When considering system types, the solar-diesel hybrid power systems are projected to experience growth between 2024-2028F. Solar-diesel systems offer a reliable power grid and continuous energy supply, with the added benefit of switching from diesel gensets to PV generators when sufficient sunlight is available, thus saving fuel. Furthermore, solar-diesel systems help maintain a balance between energy supply and demand, especially during nighttime when solar energy is unavailable.
Key market players in the India hybrid power solutions market include:
- Siemens Gamesa Renewable Energy SA
- GE Power India Limited
- Huawei Technologies Co. Ltd
- Eltek Ltd
- SMA Solar India Private Limited
- Vertiv Energy Pvt. Ltd
- ZTE Corporation
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“The India hybrid power solutions market is expected to boost in the upcoming years, owing to strict government policies regarding the environment, rising the adoption of renewable energy, rapidly increasing adoption of hybrid power in the industrial sector to control the CO2 emission, among others, across the country. Various mergers and acquisitions between the major market players help to raise the market of hybrid power solutions in the forecast period.
For instance, in October 2022, Siemens AG, acquired Dade Behring. Dade Behring is a company that manufactures testing machinery and supplies for the medical diagnostics industry, based in Deerfield, Illinois, and Glasgow, Delaware.
Additionally, the Indian government also invested in renewable energy sector, for instance, the union government allotted approximately USD 2.4 billion to a national hydrogen mission to produce 5 MMT by the end of 2030. Additionally, USD 36 million was allocated in the budget 2023. Therefore, the above-mentioned factors are responsible for the rising market of India hybrid power solutions in the upcoming years as well,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Hybrid Power Solutions Market, By System Type (Solar-diesel, Wind-diesel, Solar-wind-diesel and Others), By Power Rating (Up to 10 kW, 11 kW–100 kW and Above 100 kW), By Sales Channel (Direct, and Indirect), By End User (Residential, Commercial, Telecom and Others), By Region, Competition Forecast & Opportunities, 2029F”, has evaluated the future growth potential of hybrid power solutions and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India hybrid power solutions market.
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