North America is Catering Significant Share in the Hybrid Power Solutions Market
- Vikas Kumar
- November 17, 2023
- ENERGY & POWER, NEWS
- Hybrid Power Solutions, Hybrid Power Solutions Market, Hybrid Power Solutions Market analysis, Hybrid Power Solutions Market forecast, Hybrid Power Solutions Market growth, Hybrid Power Solutions Market share, Hybrid Power Solutions Market trends
- 0 Comments
Factors Driving the North America Hybrid Power Solutions Market
North America is expected to experience a significant growth rate in the projected period. The primary factor driving this growth is the increasing concern about climate change and the need to reduce greenhouse gas emissions. Hybrid power solutions, which combine renewable and non-renewable energy sources, can help reduce emissions and promote sustainability. Moreover, the demand for reliable and cost-effective energy solutions is also contributing to the growing demand for hybrid power solutions. Hybrid power solutions can provide a stable and consistent energy supply, unlike traditional renewable energy sources such as solar or wind power, which can be affected by weather conditions. Additionally, they can be more cost-effective than traditional power sources as they reduce the need for expensive battery storage systems. Lastly, the rise in demand for electric vehicles (EVs) is driving the need for hybrid power solutions. EVs require a consistent energy supply to charge, and hybrid power solutions can provide this energy supply by combining the advantages of both renewable and non-renewable energy sources.
The United States is Supporting the Regional Growth
The United States is a major force for driving hybrid power solutions across various industries. It is mainly owing to the growing government support and focus towards reducing carbon emissions, improving energy efficiency is the catalyst for the growth. Major players in industries such as energy, automotive, technology and as well as startups and innovators are actively contributing to the development and adoption of hybrid power solutions. For instance: In 2023, United Rentals released a white paper, “Hybrid Power Solutions: The Future of Portable Power,” that explores strategies for pairing a BESS with a power generator. “United Rentals can help companies leverage a hybrid power solution that addresses their specific power requirements, including hydrogen or propane generators used with a BESS or on their own, so their businesses stay agile and responsive.
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Government Initiatives
The Inflation Reduction Act (IRA) of 2022 allocates $369 billion for funding clean energy and transportation projects, which will include hybrid power solutions. The IRA also extends current tax credits for wind and solar energy, while introducing new tax credits for energy storage and carbon capture. Additionally, the Department of Energy’s “Hybrid Energy Systems” program offers funding for research and development of hybrid power solutions that incorporate solar, wind, and energy storage to enhance efficiency and affordability.
Furthermore, the “Clean Technology Fund” backed by the federal government and provinces, provides financial support for clean technology projects, including hybrid power solutions. Since its launch in 2019, the fund has committed over $1 billion to supporting clean technology projects.
