Solar Wind Hybrid Systems Market to be dominated by Manufacturing segment through 2026
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.
“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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