The report forecasts the global solar diesel hybrid power systems market to grow at a CAGR of 6.89% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A trend which is propelling market growth is the increased popularity of portable power systems. In developed countries, there is an increasing need for reducing the dependency on fossil fuel, cutting down emissions, and the need to make individual power system less volatile to global oil prices. The scenario in developing countries is different; these countries are investing in various off-grid power sources to provide immediate power access to ensure smooth functioning of industries and the economy. Since renewable technologies have been seeing a continuous decrease in price as well as the reduction of battery energy storage costs, the use of renewable based on grid power systems has increased in both developing and developed countries.
According to the report, a key growth driver is application in remote locations. Using diesel generators as a core power system or as backup systems is common in remote areas where access to the grid power is unreliable or non-existent. The cost per kWh of electricity generated is dependent on the cost of diesel and the maintenance. However, over the years, the cost of diesel has increased, which in turn has increased the cost of power generation, driving the need for alternate power systems.
What will the market size be in 2020 and what will the growth rate be?
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