According to TechSci Research report, “India Hybrid Power Solutions Market - By Region, Competition Forecast & Opportunities, 2019-2029F”. the India Hybrid Power Solutions market is predicted to proliferate during the forecast period 2025-2029F, owing to growth in hybrid power generation in off-grid sites, reduction in carbon emission, reduced operations & maintenance cost, among others. The market for hybrid power solutions is being driven by an increase in hybrid power generation, power generation using less fuel, and a reduction in carbon emissions. Hybrid power systems are also becoming more common as a result of improvements in renewable energy sources and rising petroleum prices.
Hybrid power systems are being used more often because of manufacturers' accessibility and various government incentives. In addition, the market is being encouraged to use hybrid power systems by factors including cost savings, decreased pollution, and connection to other power sources such as solar panels. As the need for renewable energy sources rises, the market is anticipated to expand. In order to lessen the harmful health impacts of carbon emissions, the power industry is gradually adopting renewable energy technologies including solar PV and wind.
On the other hand, the electricity produced by solar PV and wind power systems is influenced by several variables, such as climate and geographic location. Hybrid power systems help in overcoming such difficulties by supplying constant electricity from a combination of solar and wind power sources. The benefits of integrating renewables and the rising demand for clean energy technologies are anticipated to boost the India hybrid power solutions market. On the contrary, greater initial expenditures is one of the obstacles to the India market for hybrid power solutions.
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The India Hybrid Power Solutions market is segmented into system type, power rating, sales channel, end user, and region. Based on System Type, the market Is segmented into solar-diesel, wind-diesel, solar-wind-diesel, and others. Based on power rating, the market is segmented into up to 10 kW, 11 kW–100 kW and above 100 kW. Based on end user, the market is segmented into residential, commercial, telecom, and others. Based on regional analysis, the market is segmented into North India, South India, West India, and East India.
Based on power rating, the India hybrid power solutions market is segmented into up to 10 kW, 11 kW–100 kW and above 100 kW. The 11 kW–100 kW power rating has the largest market share in the upcoming years. The 11 kW–100 kW power capacity is utilized in hybrid electric vehicles and power equipment solutions. In addition, the electric motor and gasoline engine enable hybrid electric vehicles allowing them to successfully reduce environmental pollution such as air pollution caused by excess amount of CO2 emissions. These factors have increased the demand for hybrid cars, which is expected to propel the demand for the hybrid power solutions market throughout the forecast period.
Based on systems type, the India hybrid power solutions market is segmented into solar-diesel, wind-diesel, solar-wind-diesel, and others. The solar-diesel systems type is expected to boost in the upcoming years 2024-2028F. Solar diesel offers consumers benefits because of its reliable power grid and continual energy supply. Switching from diesel gensets to PV generators when there is enough sunlight, also enables fuel-saving. Additionally, it has the ability to maintain equilibrium between the supply and demand of energy during the night, when there is no sunlight.
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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