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A hybrid solar-wind system is a combination of wind and solar energy. It also comprises a battery, which is used to store the energy produced from both sources. Thus, this system has increased reliability and improved efficiency as compared to the individual mode of generation. A key advantage for wind-solar hybrid systems is that they can produce more consistent power because solar power is produced during the day, while wind power is typically strongest at night. Increasing off-grid electricity demand, growing concern regarding the environment, and depletion of fossil fuels, government initiatives are anticipated to be a key factor propelling the industry growth in the future timeframe.
Based on type, the global hybrid solar-wind system market includes stand-alone systems and on-grid systems. The stand-alone system is expected to grow at the fastest growth rate during the forecast period owing to its cost-effectiveness in a remote area when compared with the extension of grid-connected power lines.
Based on application, the global hybrid solar-wind system market is segmented into residential, commercial, and industrial. The residential segment is anticipated to hold a significant share of the global market over the forecast period. The residential segment witnessed significant adoption of the product in the last few years, which includes single-family homes, luxury apartments, and large multi-family buildings. Electricity production cost is very high in islands areas due to the high price of fuel. Integration of renewable power sources with diesel generators provides reliable and cleaner power by reducing carbon emissions. Further, the less availability of land space for gird infrastructure drives the hybrid power solutions in the residential sector.
The rising demand for clean and renewable grid electricity is another major factor expected to propel the growth of global hybrid solar-wind systems in the foreseeable years. Also, a decrease in wind and solar equipment component cost along with the rising demand for clean energy among consumers is anticipated to complement the growth of the global solar wind hybrid systems market. However, the high initial investment for the installation of solar wind hybrid systems is a major factor projected to hinder the growth of the global market.
Key Market Driver -
Rising demand for clean energy
Key Market Restraint -
High initial investment
Some of the major companies in the global hybrid solar-wind system market are ReGen Powertech, Blue Pacific Solar Product, Inc., UNITRON Energy System Pvt. Ltd, Alternate Energy Company, Polar Power, Inc, Alpha Windmills, Zenith Solar System, Gamesa, Supernova Technologies Private Limited, and Grupo Dragon.
The global hybrid solar-wind system market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific dominated the global market and is expected to grow at a significant pace during the forecast period. Thriving power industry, rapid industrialization, and urbanization particularly in the emerging economies of China, India, and Southeast Asia fuelling the growth of the market. Additionally, favorable government policies to install solar-wind hybrid systems, technological advancements, and a growing number of regulations to reduce carbon footprints are anticipated to further propel this regional market in the future. The Prime Minister of India has ramped up its commitments to renewable sources, as the country aims to expand its clean energy capacity from 86.3GW to 175GW by 2022 and 450GW by 2030.
North America is another major market for solar-wind hybrid systems. The U.S. is the main country for the region's solar-wind hybrid systems owing to the ongoing government policies and guidelines for utility metering and rising focus for cost reduction and energy efficiency. Europe is also expected to contribute notably to the global solar wind hybrid systems market due to the rising number of regulations for the installation of solar wind hybrid systems across the region. Encouraging government rules and regulations relating to energy efficiency along with rising concerns for curbing carbon emissions are expected to drive the solar wind hybrid systems market over the forecast period.
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