In 2019, the global market for hybrid solar wind systems was worth USD 925.2 millions. It is projected to grow at a compound annual rate (CAGR of 7.2%) between 2020 and 2027. The market is expected to grow due to rising demand for clean energy and an increase in government spending to support growth of the solar-wind energy sector.
The hybrid solar wind market is growing in importance due to its ability to generate electricity throughout the year. Both solar and wind power generation work together. Solar installations produce peak electricity between April and August, while wind installations produce maximum electricity during the rest of the year.
This market covers both stand-alone and on-grid systems. The U.S. market is dominated, as shown in the figure above, by stand-alone system, which can be installed remotely to supply electricity to distant consumers not connected to the grid. Global economic growth is expected after the COVID-19 pandemic. This is why energy needs are expected to rise exponentially over the next few years.
This is due to higher living standards and increased economic growth. Fossil fuels still dominate the energy supply. Renewable energies have seen a significant increase in demand due to the shift to low-carbon fuels and stringent environmental regulations in many industrialized countries.
The benefits of solar and wind power generation systems have been proven lucrative in the European Union and Americas. There are many benefits to sun PV, including the reduction of carbon emissions, sustainability, and low-cost generation of energy. These benefits will increase technology demand over the forecast period.
The hybrid solar systems market was dominated by stand-alone systems in 2019, accounting for more than 60%. The dominant position of stand-alone systems is expected to remain so throughout the forecast period due to many off-grid industries such as electronics, manufacturing, and healthcare that are located in remote areas. These industries are unable to connect to the grid due large towers and other utility equipment. Stand-alone systems offer a better option for electricity supply.
A reliable and consistent supply of electricity is a key requirement for a country's economic and social development. Hybrid power supply solutions combine wind and solar renewable sources. This provides 24/7 power supply from remote locations without interruptions. It also helps to achieve 100% electrification.
The hybrid on-grid solar wind system provides continuous electricity supply to the local grid, which helps reduce rising energy demand. These factors are expected to make on-grid systems the fastest to grow at 7.6% between 2020 and 2027.
In 2019, the industrial end-use segment held 71% of the market. This share will continue to grow at a substantial CAGR between 2020 and 2027. The industrial sector accounts for approximately half of all global energy production. High levels of productivity can be affected by power failures, which could lead to severe losses in the manufacturing sector. The demand for hybrid solar power systems has also been driven by the growing industrial sector in emerging economies like India, Brazil, China, and China.
A strong economic growth has led to a rise of manufacturing and other industrial activities in developing countries. This market also benefits from a growing demand-supply gap. Over the next few years, the residential segment will experience the highest CAGR. Due to the high product demand from South American and Asia Pacific commercial sectors, the commercial segment will also experience significant growth. These regions are experiencing rapid growth in the key sectors of telecom, IT and retail, which has resulted in high product demand.
Asia Pacific dominated the global market in 2019, holding more than 37%. Due to its many end-use industries such as manufacturing, healthcare, and pharmaceutical, it is expected to be the largest market in the region. The region's demand for these systems has been fueled by the rapid growth in India, China, and South Korea's industrial sectors. Due to the low labor and utility cost, China has seen a rise in heavy equipment and oil and gas companies. This has also driven product demand.
North America was led by the U.S. and Canada in capturing nearly 21.7% of the global market share in 2019. North America's market is driven by key vendors, OEMs and EPC players as well as developed infrastructure for electricity transmission.
The demand for renewable energy sources such as solar and wind is increasing due to the growth of commercial and industrial facilities like restaurants, shopping centers, high rises and commercial office buildings. The market will be further driven by local government support and decreasing costs of solar panels.
There are very few hybrid solutions available in the market, which is why it's highly concentrated. After considering the long-term advantages and current regulatory environment, market leaders have adopted sustainable sourcing strategies. To grow and sustain their market share, companies are now focused on providing long-term value for shareholders. They also focus on creating robust, low-risk strategies that will provide significant profit margins and a solid foundation for shareholders. The market leader in hybrid solar wind systems is:
Blue Pacific Solar Product, Inc.
Alpha Windmills
ReGen Powertech
Gamesa
UNITRON Energy System Pvt. Ltd.
Supernova Technologies Pvt. Ltd.
Alternate Energy Company
Grupo Dragon
Polar Power, Inc.
Up Market Research published a new report titled “Hybrid Solar Wind Systems Market research report which is segmented by Connectivity (Stand-alone, On-grid), by End Use (Industrial, Commercial, Residential), By Players/Companies UNITRON Energy System Pvt Ltd, Gamesa, Blue Pacific Solar Product Inc, Alternate Energy Company, Grupo Dragon, Alpha Windmills, Polar Power Inc, ReGen Powertech, Supernova Technologies Pvt Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Hybrid Solar Wind Systems Market Research Report |
By Connectivity | Stand-alone, On-grid |
By End Use | Industrial, Commercial, Residential |
By Companies | UNITRON Energy System Pvt Ltd, Gamesa, Blue Pacific Solar Product Inc, Alternate Energy Company, Grupo Dragon, Alpha Windmills, Polar Power Inc, ReGen Powertech, Supernova Technologies Pvt Ltd |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 230 |
Number of Tables & Figures | 161 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Connectivity (Stand-alone, On-grid), by End Use (Industrial, Commercial, Residential).
Hybrid Solar Wind Systems Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Hybrid Solar Wind Systems Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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