Hybrid Power Solutions Market 2024

The hybrid power solutions market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth during the historic period can be attributed to investments in energy storage infrastructure, the increasing trend of urbanization and electrification across various sectors, government incentives and subsidies promoting clean technology adoption, upgrades and retrofits of existing energy systems with hybrid technologies, and enhanced flexibility in energy production.

The hybrid power solutions market size is expected to see strong growth in the next few years. It will grow to $2.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The anticipated growth during the forecast period can be attributed to declining costs of renewable energy technologies, a rising consumer preference for sustainable and reliable energy sources, heightened awareness of environmental issues, evolving regulatory frameworks that support clean energy and energy efficiency, and rapid urbanization, which drives demand for reliable and efficient power solutions. Key trends expected in this period include innovations in energy technologies, advancements in energy storage solutions, the integration of hybrid power systems with emerging technologies such as artificial intelligence (AI) and the Internet of Things (IoT), enhanced analytics and performance monitoring in hybrid systems, and increased investment in research and development for hybrid technologies.

The increasing emphasis on reducing carbon emissions is anticipated to drive the growth of the hybrid power solutions market in the foreseeable future. This urgency stems from various factors, including the need to combat climate change, adhere to international climate agreements, enhance public health, improve energy efficiency, and ensure long-term environmental sustainability. Hybrid power solutions contribute to the reduction of carbon emissions by integrating renewable energy sources with traditional power systems, thereby optimizing energy efficiency and diminishing reliance on fossil fuels. Notably, in December 2023, the Stanford Doerr School of Sustainability reported that global carbon dioxide emissions are projected to exceed 40 billion tons in 2023, with nearly 37 billion tons attributed to fossil fuel use. Overall emissions are expected to rise by 1.1% compared to 2022 levels and by 1.5% compared to pre-pandemic figures. Consequently, the critical importance of reducing carbon emissions is a significant catalyst for the hybrid power solutions market's growth.

Key players in the hybrid power solutions market are increasingly focused on developing innovative products, such as smart energy technology, to secure a competitive advantage. Smart energy technology encompasses sophisticated systems and solutions that leverage digital tools, data analytics, and automation to enhance the efficiency of energy generation, distribution, and consumption. For example, in June 2024, SolarEdge Technologies, Inc., an Israel-based company known for its DC-optimized inverter system, unveiled a next-generation three-phase solar inverter and a dedicated home battery tailored for the European residential market. This next-generation inverter is engineered to achieve a higher power class of up to 20 kW, suitable for comprehensive home backup applications. The incorporation of cutting-edge silicon carbide (SiC) switches is expected to significantly reduce the size and weight of the new inverter per kilowatt while enhancing efficiencies and power density, thereby attaining the highest efficiency within its market segment.

In September 2022, Shell plc, a UK-based oil and gas corporation, acquired Daystar Power Group for an undisclosed sum. This acquisition enables Shell to broaden its global renewables portfolio and reflects a strategic pivot towards cleaner energy solutions. It underscores Shell's commitment to energy transition and the reduction of carbon emissions. Daystar Power Group is a Nigeria-based provider of hybrid power solutions.

Major companies operating in the hybrid power solutions market are Mitsubishi Corporation, General Electric Company, Schneider Electric SE, Siemens Energy AG, Hitachi Power Solutions Co. Ltd., Eaton Corporation plc, ZTE Corporation, Vestas Wind Systems A/S, SMA Solar Technology AG, SolarEdge Technologies, Ingeteam, MAN Energy Solutions, ReNew, DEIF A/S, Edina, KP Group Inc., Clarke Energy, Axis Energy, DHYBRID Power Systems GmbH, Solar Stik Inc., Hybrid Power Solutions Inc., New Sun Road.

Asia-Pacific was the largest region in the hybrid power solutions market in 2023. The regions covered in the hybrid power solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the hybrid power solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Hybrid power solutions integrate two or more energy sources, typically combining renewable sources such as solar or wind with conventional power sources such as diesel generators. These systems optimize energy production by utilizing renewable energy when available and switching to conventional sources when necessary, thereby ensuring a reliable and efficient power supply.

The primary grid types of hybrid power solutions are off-grid and on-grid. Off-grid hybrid power solutions involve energy systems that combine multiple power sources such as solar panels, wind turbines, batteries, and generators - to provide electricity in locations not connected to the main power grid. Common configurations include solar-diesel, wind-diesel, solar-wind, and others. The power ratings for these systems can range from up to 10 kW, 11 kW to 100 kW, and above 100 kW. Hybrid power solutions are utilized in various applications, including residential use, rural facility electrification, commercial enterprises, and more.

The hybrid power solutions market research report is one of a series of new reports that provides hybrid power solutions market statistics, including hybrid power solutions industry global market size, regional shares, competitors with a hybrid power solutions market share, detailed hybrid power solutions market segments, market trends and opportunities, and any further data you may need to thrive in the hybrid power solutions industry. This hybrid power solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hybrid power solutions market consists of revenues earned by entities by providing services such as installation and commissioning, maintenance and support, and monitoring and analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. The hybrid power solutions market also includes sales of battery storage systems, charge controllers, hybrid power controllers, smart meters, and monitoring devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.