|
Forecast Period
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2025-2029
|
|
Market Size (2023)
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USD 231.54 Million
|
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Largest Market
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South India
|
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CAGR (2025-2029)
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9.72%
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Fastest Growing Segment
|
Solar-Wind-diesel
|
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, and reliable power generation with
minimized fuel across the country.
A hybrid power system is a high-efficiency power generating
system designed for the production and use of electricity. The hybrid power
system uses many power sources and is independent of the electrical grids. In
regions without grid connectivity, such as the Pacific or Caribbean Islands,
hybrid power systems are particularly effective at delivering electricity.
Hybrid power generating systems, compared to traditional power generation
methods, can deal with voltage variations and energy losses. The efficiency of
hybrid power systems is higher compared to conventional power systems as they
have two power generation systems.
Various regions in the country have a variety of growth
drivers which is propelling the demand for hybrid power solutions in the upcoming
years: For instance, in India, various growth drivers enhance the hybrid power
solution market in the upcoming years.
·
Government Commitments - Reduce India's estimated total carbon
emissions by one billion tonnes by 2030, decrease its economic carbon intensity
by less than forty-five percent by the end of the decade, and achieve net-zero
carbon emissions by 2070.
·
Proposed Solar Cities and Parks – In 2022, the government
approved a
total of 59 solar parks capacity of 40GW, to be built around the
country as part of Solar City. Additionally, the government is also giving a
push to Floating PV Projects. This led to the propelling demand for hybrid
power solutions across the country in the Asia Pacific region.
·
National Green Hydrogen Mission – In January 2023, The National Green Hydrogen
Mission received approval from the Union Cabinet with an initial budget of USD
2369.28 million, of which USD 2369.28 million would go towards the SIGHT
programme, USD 1759.2 million to pilot projects, USD 48 million to research and
development, and USD 46 million to other mission components.
Growth in Hybrid Power Generation in Off-Grid Sites is Driving
the Market Growth
The market for hybrid power solutions is expanding favorably because
of the rising renewable energy demand, along with the rising off-grid
electricity demand. The sharp rise in investments in rural electrification is
the main driver of the market's expansion. Besides this, the market for hybrid
power solutions is growing due to the simple availability of manufacturers and
several government incentives. However, the higher payback period and a
significant initial investment are the main challenges to the market's
growth rate for hybrid power solutions. In contrast, the market for hybrid
power solutions may face development barriers due to complicated system
integration. Furthermore, reliable power generation with minimized fuel and reduced
operations and maintenance costs are the major drivers of the hybrid power
solution market across the globe, registering a significant CAGR.
In addition, the rising adoption of renewable energy sources
and the complete electrification of rural areas using hybrid power solutions
will present further market expansion prospects over the projection period. Due
to its remarkable qualities and features for lowering carbon emissions, hybrid
systems are becoming more and more prevalent. Additionally, these technologies
provide maximum output while using less fuel. In addition, the market's focus
has shifted to hybrid power solution systems as a result of growing awareness
of global warming.
Impact of COVID-19:
The COVID-19 outbreak had a significant negative influence on
the market for hybrid power solutions, as faced by many other markets. The
COVID-19 outbreak first caused a supply chain interruption in the manufacturing
sector. The factories were shut down, and the employees returned home. Due to
this, the output of hybrid power solutions declined in 2020. On the other side,
governments' priorities have turned to eradicating the disease as soon as
possible. As a result, the adoption of hybrid power solutions and the
regulations governing them suffered from neglect and delays. As a result,
during the pandemic period, the market for hybrid power solutions suffered
significantly. Additionally, the COVID-19
pandemic has had an impact on the economic development of the country. Various
significant measures have been made by several nations to stop the COVID-19
virus from spreading. A few of the
actions include a partial or complete lockdown, travel restrictions, the
closing of companies and manufacturing facilities, and labor scarcity, among
many more. This action caused a distance and a labor shortage, which affected
the supplier's capacity to produce and transport items on schedule. As a
result, the manufacturers were unable to fulfil their obligation to customers
on time.
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Recent Development:
- In
Budget 2022-2023,
the Union government invested approximately USD 2.57 billion for a PLI
scheme to boost the manufacturing of high-efficiency solar modules across the
country. This investment enhanced the market of renewable energy across
the nation.
- In
June 2021,
the Prime Minister of India stated that renewable energy capacity in India
increased by 250% between 2014 and 2021.. Additionally, the Central
Electricity Authority estimates India’s power requirement to rise to reach
817 GW by the end of 2030. Real estate and transport sectors are important
key factors responsible for the growth in the demand for electricity in
the upcoming years. Therefore, this led to a direct impact on the market
of hybrid power solutions across the country.
- Between
April 2000 – June 2022, the non-conventional energy sector received a
Foreign Direct Investment (FDI) inflow of USD 12.57 billion across the
country. Therefore, the market of hybrid power solutions is directly
impacted by this investment in the upcoming years.
- The
Department for Promotion of Industry and Internal Trade (DPIIT) has
revealed that from April 2000 and June 2022, FDI inflow into the Indian
non-conventional energy industry totalled USD12.57 billion. Since
2014, more than USD 70 billion has been spent in India's renewable energy sector.
India ranked third, globally, in terms of investments and intentions for
renewable energy in 2020, according to the analytics company “British
Business Energy”.
- India
has set goals to install 50% of its electricity from renewable sources by
2030, reaching net-zero carbon emissions by 2070, and lowering the
nation's economic carbon intensity by less than 45% by the end of the
decade.
India also planned to manufacture five million tonnes of
renewable hydrogen by the year 2030. This is supported by 125 GW of renewable
energy capacity. In March 2023, India, 57 solar parks with a combined capacity
of 39.28 GW have been approved. This led to a positive impact on the
hybrid power solutions market in the forecast period.
- Additionally,
The Production-Linked Incentive (PLI) Scheme in High-Efficiency Solar PV
Modules for Boosting India’s Manufacturing Capabilities and Improving
Exports – Atmanirbhar Bharat – has been approved by the Prime Minister. Additionally,
various investments for national programme on ‘high-efficiency solar PV
modules across the country, are also propelling market growth. For instance,
Tranche 1: USD 605 million for setting up 8.737 GW of fully
integrated solar PV module manufacturing capacity.
Tranche 2: USD 2.61 billion allocated for 65 GW per annum of
fully / partially integrated solar PV module manufacturing capacity.
Therefore, this investment is likely to enhance the demand
for a hybrid power solution across the globe.
- In
October 2022,
in India, the Ministry of New and renewable energy under the government of
India, sanctioned a total of 56 solar parks with a capacity of 39.28 GW in
14 states across the country.
Market Segmentation
The India Hybrid Power Solutions market
is segmented into systems 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 sales
channel, the market is segmented into direct and indirect. Based on end user,
the market is segmented into residential, commercial, telecom and others. Based
on region, the market is segmented into North India, South India, West India,
and East India.
Company Profiles
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, are among the major players that are driving
the growth of the India Hybrid Power Solutions market.
|
Attribute
|
Details
|
|
Base Year
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2023
|
|
Historical Years
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2019 – 2022
|
|
Estimated Year
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2024
|
|
Forecast Period
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2025 – 2029
|
|
Quantitative Units
|
Revenue in USD Billion and CAGR for
2018-2022 and 2023E-2028F
|
|
Report Coverage
|
Revenue forecast, company share, competitive
landscape, growth factors, and trends
|
|
Segments Covered
|
Systems Type
Power Rating
Sales Channel
End User
Region
|
|
Regional Scope
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North India, South India, West India, and East India
|
|
Key Companies Profiled
|
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
|
|
Customization Scope
|
10% free report customization with purchase.
Addition or alteration to country, regional & segment scope.
|
|
Pricing and Purchase Options
|
Avail of customized purchase options
to meet your exact research needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel through Email (We can also provide the
editable version of the report in PPT/pdf format on special request)
|
Report Scope:
In this report, the India Hybrid Power Solutions market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- India Hybrid
Power Solutions Market, By Systems Type:
- Solar-Diesel
- Wind-Diesel
- Solar-Wind-Diesel
- Others
- India Hybrid
Power Solutions Market, By Power Rating:
- Up to 10
kW
- 11 kW–100
kW
- Above 100
kW
- India Hybrid
Power Solutions Market, By End User:
- Residential
- Commercial
- Telecom
- Others
- India
Hybrid Power Solutions Market, By Sales Channel:
- India Hybrid
Power Solutions Market, By Region:
- North
India
- South
India
- West
India
- East
India
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in the India Hybrid Power Solutions market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed
analysis and profiling of additional market players (up to five).
India Hybrid Power Solutions Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]