The global hybrid power solutions market is growing persistently. The market growth attributes to the increase in hybrid power generation and the rising demand for renewable energy. Besides, the increasing pressure to minimize fuel consumption and to reduce carbon footprints drives the growth of the market. With the growing population, urbanization, and industrialization worldwide, the demand for renewable, clean, and sustainable energy is increasing.
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Moreover, the rise in sustainable energy generation and advances in technologies escalate the growth of the market. According to Market Research Future (MRFR), the global hybrid power solutions market is projected to garner exponential gains by 2023, registering an impressive CAGR during the assessment period (2016-2022). Increasing environmental concerns substantiate the growth of the market, creating the demand for renewable energy generation that can lower CO2 emissions.