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Off-grid Hybrid Power System Market Key Growth Drivers 2017 - 2025
Off-grid hybrid power system has the ability to fulfill power demands through local generation of power without relying on centralized stations of power. Mini-grids (providing electricity to multiple customers) as well as stand-alone systems (for individual users/appliances) are the off-grid systems.
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Off-grid hybrid power system is also used in case of shortage of capital fund & the geographical area makes it hard to install a main-grid connection.
Normally, off-grid areas are powered by fossil fuel generation but environment matters, and sustainability in terms of capital has created the urge for alternate solutions. A hybrid system that is a combination of two or more power sources, such as renewable and diesel generated, is an attractive option.
The system harnesses the abundance of renewable sources that are freely available to generate electricity, and when combined with the diesel generator it displaces the fuel consumption. Thus, it reduces the cost and the emission related to diesel power generation. The hybrid systems can also be combined with other technologies such as battery storage to improve its effectiveness.
Increased consumption of energy, rapidly increasing population of world, and depletion of natural resources have increased the sale of the off-grid hybrid power system. Particularly, it’s very much in demand in isolated communities and areas which are not likely to be electrified in the near future. However, off-grid hybrid power system are also used by people who reside near the grid and choose to obtain independence from main power provider and demonstrate a responsibility to no-polluting energy resources.
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Portable off-grid hybrid power systems is the trend and its market revenue will grow in the coming years. Solar-wind off-grid hybrid power system is another energy source having great tendency in the market growth.
Off-grid hybrid power system has high installation cost compared to other power generating sources, which is restraining the market, if made more cost-effective than the market of off-grid power system can be improved to some extent. Also, the market is moving with a sluggish speed as the demand is less because they have long life.
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