Global
hybrid power solutions market is expected to thrive during the forecast period
2024-2028. Hybrid power sources combine different power generation
technologies. The term "hybrid" in energy technology refers to a
combination of electricity and energy storage systems. Examples of generators
used in hybrid energy include photovoltaics, wind turbines, and various types
of motor generators. Hybrid power plants often include renewable energy
components (such as PV) that are balanced through a second form of generation
or storage such as diesel gensets, fuel cells, or battery systems. Some
applications can also provide other forms of energy, such as heat. Hybrid
systems, as the name suggests, combine two or more types of power generation,
typically using renewable technologies such as photovoltaics (PV) and wind
turbines. Hybrid energy systems are more reliable and secure than traditional
power systems because they use a variety of energy sources. This means that
they are less likely to be affected by disruptions in any one source. Hybrid
systems often include storage systems, such as batteries or fuel cells, to
further improve reliability. In some cases, they may also include a small
fossil fuel generator as a backup.
Hybrid
rеnеwablе еnеrgy systеms arе bеcoming morе popular for powеring rеmotе arеas
bеcausе thеy arе morе rеliablе and affordablе than traditional fossil
fuеl-basеd systеms. Advancеs in rеnеwablе еnеrgy tеchnology havе madе it
possiblе to gеnеratе еlеctricity from solar, wind, and othеr rеnеwablе sourcеs
at a lowеr cost than еvеr bеforе. Additionally, the rising price of petroleum
products has madе it morе expensive to operate diesel generators that win arе
oftеn usеd to powеr rеmotе arеas. A hybrid energy system or hybrid power
usually consists of two or more renewable energy sources used together to
ensure higher system efficiency and a more balanced energy supply.
A
common type is a photovoltaic-diesel hybrid system that combines a photovoltaic
(PV) with a diesel generator or a diesel generator. This is because PV has
little marginal cost and is preferred on the grid. Diesel assemblies are used
to continuously bridge the gap between the current load and the power actually
produced by the photovoltaic system. Because solar power is variable and diesel
generators are limited to a certain range of power generation capacity, storage
batteries are often used to optimize the contribution of solar power to the
overall power generation of a hybrid system.
A
wind-diesel hybrid power generation system combines a diesel generator and a
wind turbine, usually with ancillary equipment such as energy storage, power
converters, and various control components to generate electricity. They are
designed to increase power generation capacity in remote communities and
facilities that are not connected to the grid, reducing power generation costs
and environmental impacts.
Wide
Usage of Technology Propels Market Growth
One
of the key market drivers is the ability of hybrid power solutions to reduce
pollution and CO2 emissions. Another market driver is the reduction in fuel
consumption in the power generation sector. Additionally, the pursuit of more
advanced and sustainable energy sources is a major driver of the market. For
instance, China and the United States are focusing on using sustainable
renewable energy sources. These are influencing rich countries to deploy
alternative energy sources such as wind, solar, and hybrid energy solutions
under different conditions.
The
technology-driven hybrid power systems are characterized by high acquisition
costs and low conversion costs. In developing countries, the demand for and
adoption of hybrid propulsion systems are increasing due to the number of
component manufacturers and various government incentives. The construction of
these grids has recently increased due to the instability and lack of access to
these grids in remote and rural areas. As renewable energy sources become
popular, more energy companies are focusing on generating electricity from
solar, wind, hydro, and fuel cells. Hybrid power solutions are becoming
increasingly important in today's edge power generation due to their superior
qualities such as low carbon emissions, abundant supply, and cost efficiency. A
key factor driving the projected growth of the global hybrid power solutions
market is the ability of hybrid powertrain systems to deliver maximum
performance while reducing fuel consumption.
The
market for hybrid power solutions is significantly impacted by the rapid rise
of hybrid power generation in off-grid regions. As a result, during the
predicted period of 2024–2028, rising political pressure to reduce CO2
emissions as well as low operating and maintenance costs and supportive
governmental measures are also significant growth drivers. The market for
hybrid power solutions is expanding favorably as a result of rising demand for
both clean energy and off-grid electricity. The quick expansion of hybrid power
generation in off-grid areas has a substantial impact on the market for hybrid
power solutions. As a result, increasing political pressure to cut CO2
emissions, as well as low operating and maintenance costs and beneficial
governmental initiatives, will serve as important growth drivers during the
anticipated period. Due to the increased need for both clean energy and
off-grid electricity, the market for hybrid power solutions is expanding
favorably.
The
growing acceptance of renewable energies and the electrification of rural areas
through hybrid power solutions are expected to drive the growth of the market
during the forecast period. This will result in increased revenue opportunities
within the hybrid power solutions market, fueled by the rising demand for clean
energy generation and competition from global industry players. The increasing
popularity of hybrid solutions can be attributed to their exceptional
characteristics in reducing carbon emissions and maximizing output with minimal
fuel consumption. Additionally, the market has witnessed a shift toward hybrid
power solutions due to heightened awareness of the environmental impact of
global warming.
Latest
investments fueling the growth of the global refractories market
- India
launched a 30GW power project in 2022. A solar-wind hybrid power
generation system is expected to achieve an output of 30GW. The country
aims to increase its renewable energy capacity to 175GW by 2022 and 450GW
by 2030. Currently, the largest solar PV system is installed at 2.25 GW
Bhadra Solar Park in Rajasthan, although plans for larger systems already
exist. The land required for establishing the power generation system was
sold to companies such as Solar Energy Corporation Government of India
(SECI), energy company NTPC, power producer Adani Power, and wind turbine
manufacturer Suzlon and Gujarat-based GSEC and GIPCL.
- In
April 2023, Vibrant Energy, a developer of renewable energy solutions for
enterprises, secured project financing of over INR 220 crore (USD 30.8
million) from Power Finance Corporation Ltd. (PFC). The funding will help
the company build 300MW(AC) wind-solar hybrid projects in Madhya Pradesh
and Karnataka. Vibrant Energy claims the loan will be the largest project
financing in India's renewable energy industry in 2023. PFC is India's
leading public company and a leading non-bank financial institution owned
by the Ministry of Energy. Vibrant Energy, a Macquarie Asset Management
Green Investment Group (MAMGIG) portfolio company, currently operates and
delivers over 2GW of renewable energy solutions to businesses. Danish wind
energy group Vestas and Hyderabad-based company Vibrant Energy have signed
contracts for two wind projects in India. Vestas will supply 36 of his
V155-3.6 MW turbines as part of the order.
- Levandpol
Group's 200MW project is touted as Poland's first large-scale power plant
combining solar and wind power with n-type solar panels, with a
subordinated loan of up to USD 21 million until January 2023 (dollars from
the fund). It is operated by the state-owned financial group Polski Fundus
Rozłož (PFR). The Levanpol Group in Poland is building a 200MW solar and
wind farm with n-type solar modules. The site will be built in a former
mining area in the Konin district and Phase I is planned to connect a 193
MW photovoltaic system and a 19.2 MW wind turbine to the grid. A second
phase expansion can include expanding solar power to around 250 MW, adding
wind turbines and a warehouse. According to PFR, the Kretyev solar and
wind farm will be one of the largest renewable energy parks in Central and
Eastern Europe. It is planned to be built in a former mining area in the
Konin district of Greater Poland.