Stringent environment regulations and rising living standards expected to drive the demand of the global solar wind hybrid systems market in the forecast period.
According to TechSci Research report, “Solar Wind Hybrid Systems Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Connectivity (On-grid, Stand-alone), By End Use (Residential, Commercial, Industrial) and By Region”, the global solar wind hybrid systems market is expected to grow at a steady CAGR for the forecast period, 2022-2026. The solar wind hybrid system is formed by the integration of solar energy panels and windmill energy for the generation and formation of electricity. Solar and wind energy both speeds vary throughout the year which means that neither the sun nor the wind can produce reliable electricity by themselves. Thus, a solar wind hybrid system which is the combination of both wind and solar energy can produce constant and reliable energy round the year. These consist of an energy storage system, solar panels, and small wind turbine generators. The social and economic development of the country depends on the production and generation of continuous power supply which can be easily fulfilled by the solar wind hybrid systems. Growing demand for uninterrupted power supply and the growing awareness about the benefits of reduced carbon footprint is aiding the market growth. The rise in pollution levels around the globe and the surging demand for off-grid electricity facilities are driving the growth of the global solar wind hybrid systems market. The rising investments from the financial institutions for the development of the solar wind hybrid systems market and the increasing initiatives for electrification around the globe are contributing significantly to the global solar wind hybrid systems market growth.
However, initial high-end investment for the set-up of solar wind hybrid systems and the lack of awareness among consumers may restrain the global solar wind hybrid systems market growth for the forecast period.
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Global solar wind hybrid systems market is segmented into connectivity, end use, regional distribution, and company. Based on connectivity, the market can be bifurcated into on-grid and stand-alone. The stand-alone connectivity segment is expected to account for major market share for the forecast period, 2022-2026. The presence of several off-grid industries including consumer electronics, manufacturing, healthcare, and chemicals which are generally located at remote locations can gain power from stand-alone power stations. Grid connection is not possible in remote locations due to the use of large connection lines, towers, and other utility equipment. Based on the end use, the market can be segmented into residential, commercial, and industrial. The industrial segment is dominating the market followed closely by the residential segment and is expected to maintain its dominance throughout the forecast period. There is a high demand from the industrial sector for continuous power generation and production and around half the electricity produced is used in the manufacturing sector. Developing countries like India, Brazil, China has many manufacturing industries that require a constant power supply to make quality products is expected to fuel the market growth. The demand-supply gap and the strong economic growth of the developing economies are benefitting the growth of the market. The growing installation of the solar wind hybrid system by the residential segment to reduce the electricity bills and generate electricity supply is driving the demand for this segment.
Alpha Windmills, ReGen Powertech Pvt. Ltd., Blue Pacific Solar Products Inc., Gamesa Technology Corp., Unitron Energy Systems Pvt. Ltd., Zenith Solar LLC, Alternate Energy Corp., Polar Power Inc., Supernova Technologies Pvt. Ltd., Grupo Dragon are the leading players operating in global solar wind hybrid systems market. Market players are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several solar wind hybrid systems manufacturers are coming up with their technologically advanced offerings.
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“The rise in the adoption of renewable sources for power generation and the presence of government rules and regulations for energy conservation and energy efficiency is expected to fuel the market growth. The growing energy requirements from the developing countries due to rapid industrialization and urbanization and the depleting fossil fuels around the globe are creating lucrative opportunities for market growth. The advent of the latest technologies and the investments by the market players for the up-gradation of the existing infrastructure is anticipated to propel the global solar wind hybrid systems market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
According to TechSci Research report “Solar Wind Hybrid Systems Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026
Segmented By Connectivity (On-grid, Stand-alone), By End Use (Residential, Commercial, Industrial) and By Region” has evaluated the future growth potential of global solar wind hybrid systems market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global solar wind hybrid systems market.
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