Global Solar Wind Hybrid System Market: Overview
There is no foreseen future without energy. In fact, the dependency on energy is escalating with each new addition to world’s population and urbanization. In this scenario, it becomes imperative to develop and encourage the use of renewable sources of energy and in the recent past, several new technology have emerged that promise to revolutionize the concept of renewable energy. Wind and solar are two of the basic sources of renewable energy production and a hybrid system combining these two is quickly gaining adoption across the world. Not only reliability is enhanced via solar and wind hybrid system, the size of battery storage can be significantly reduced which makes logistics more feasible.
Based on an analysis of all the factors that may have a say on the global solar wind hybrid system market, this report projects it to expand robustly during the forecast period of 2016 to 2023. The report has been prepared to serve as a credible business document for stakeholders such as solar and wind hybrid module manufacturers, institutional investors, research institutes and companies, national and local governments, and environment research institute. Several companies currently active in the global solar wind hybrid system market have also been profiled in the report, aiming to represent a clear picture of the competitive landscape and latest developments.
Product-wise, the global solar wind hybrid system market can be segmented into grid connected and standalone, while the end-use categories of the market can be residential, industrial, or commercial. Geographically, the report evaluates the potential of the hybrid solar and wind system in several regions including Asia Pacific, Europe, North America, and the Middle East and Africa.
Global Solar Wind Hybrid Market: Drivers and Restraints
Escalating electricity demand globally is the primary driver of this market, which is also gaining traction from favorable government initiatives in various countries, developed or developing alike. In addition to that, increasing demand for off-grid electricity facilities and growing popularity of clean energy on the back of escalating pollution are two of the other key factors that are expected to keep the global solar wind hybrid market in good stead. On the other hand, heavy initial investment and considerable duration for proper return of investment (ROI) are some of the prominent factors that are challenging the market for these hybrid system from attaining its full potential. Lack of awareness among the developing nations is another hindrance over the global solar and wind hybrid system market.
Product-wise, the segment of standalone hybrid wind solar currently serves the maximum demand, as it is cost-effective. Residential end-use application segment is currently leading over commercial and industrial, owing to the development of smart cities and smart buildings in several emerging economies and the Middle East.
Global Solar Wind Hybrid System Market: Regional Outlook
North America is currently the most profitable region for the players venturing in the hybrid system market, with the U.S. delivering the maximum demand owing to increasing emphasis on renewable energy, supportive government policies, and steps taken to conserve energy. India is expected to drive the demand for solar wind hybrid system from Asia Pacific.
Companies mentioned in the research report
UNITRON Energy System Pvt. Ltd, ReGen Powertech, Alternate Energy Company, Blue Pacific Solar Product, Inc., Polar Power, Inc, Zenith Solar System, Alpha Windmills, Gamesa, Supernova Technologies Private Limited, and Grupo Dragon are some of the key companies operating in the global solar wind hybrid system market.