The global hybrid power solutions market is estimated to growth during the forecast period. Rising industrialization across emerging countries is expected to drive the market growth in the region. Owing to the rising government initiatives to promote industrialization and the rising number of multinationals in the country, a rapid increase in industrialization has been reported in the region. For instance, Made in China (MIC) 2025 is a Chinese government initiative launched in May 2015. The initiative covers a range of ambitious state-backed programs. This aims to modernize the economy of China and leverage productivity and make innovations.
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The MIC 2025 plan signifies that the China’s manufacturing sector is large, however, not strong coupled with the gaps in innovation capacity, quality of industrial infrastructure, the efficiency of resource utilization and degree of digitalization. As a result, the government decided to conduct the task of upgrading and accelerating technological developments. China seeks to upgrade its economic model from a system where products are largely assembled in China by foreign multinational firms to a system where products made in China are invented. MIC 2025 seeks to move China up the manufacturing value chain by utilizing innovative manufacturing technologies or smart manufacturing.
MIC 2025 is the first stage of a larger three-step strategy to transform China into a leading manufacturing power. The first step is for China to improve the overall quality of manufacturing, boost innovation and labor productivity, obtain an advanced level of information technology integration, reduce energy and material consumption, and develop multinational enterprises and industrial clusters. This shows government support for the expansion of industrial facilities in the country and thereby is boosting the demand for solar energy in the industries.
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Solar energy devices are being significantly used in several industrial applications. This can be used for process heat and other thermal applications. Stirling engines utilize any type of external source of heat for operation, which in turn, is driving the demand for solar energy. The efficient and reliable power supply is required in industrial operations. Solar and wind, are most often intermittent, which increases the need to combine with other power sources, including diesel generators and utility grid, to ensure the continuous supply of power. Therefore, increasing industrialization will likely drive the global hybrid power solution, to ensure a continuous supply of power.
Hybrid Power Solutions Market Segmentation
By System Type
- Solar-Diesel
- Wind-Diesel
- Solar-Wind-Diesel
- Others
By Power Rating
- Up to 10 kW
- 11 kW–100 kW
- Above 100 kW
By End-User
- Residential
- Non-Residential
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