2020-02-17 / HFE Team
Hybrid Power Solutions Market Historical Growth & Forecast To 2024
With the largest concentration of emerging economies in the world, the Asia-Pacific region presents a tremendous opportunity for the evolution of the hybrid power solutions market, which is still in its early stages. According to a report, China, India and Japan contributed almost 75% of the total electricity production in 2017. Amongst these countries, China was responsible for half the production owing to rapid industrial progress and urbanization that necessitated the enhancement of power generating capacities. China and India are the two highest populated countries in the world and meeting the vast energy requirements has overstretched the grid capacity in most of the region, which is indicative of a lucrative future for the hybrid power solution industry in the region.
Additionally, concerns pertaining to air and water pollution have resulted in government legislations and initiatives that propagate sustainable energy, establishing a platform for the development of the hybrid power solutions market. Citing an instance to signify the potential of the hybrid power solution industry in Asia-Pacific, Hero Future Energies recently finished installing India’s first ever large-scale solar-wind hybrid project in the southern state of Karnataka. As part of the project, a 28.8MW solar PV site was built near an existing 50MW wind farm, forming a hybrid power generation system. Both the wind and solar plants were developed by Hero and built by Siemens Gamesa using their turbines and inverters.
Read full coverage here: Hybrid Power Solutions Market Historical Growth & Forecast To 2020