Global solar wind hybrid systems market is expected to reach USD 1,592 million by 2025, at a CAGR of 8.57% between 2019 and 2025. Solar Wind Hybrid Systems industry share by Type, Power Rating, Application and region.
Solar Wind Hybrid Systems Market
The solar and wind combination of renewable energy sources are utilized for generating power, which is known as wind solar hybrid system. This solar wind hybrid system is designed using small wind turbine generators and solar panels for producing electricity.
The global solar wind hybrid systems market is likely to experience significant growth over the upcoming years, owing to the rising demand for solar wind hybrid systems. The increase in the adoption of power generation from renewable energy sources is further expected to fuel the global solar wind hybrid systems market over the forecast time period. Encouraging government rules and regulations relating to energy efficiency along with rising concerns regarding energy conservation are also projected to drive the solar wind hybrid systems market globally in the years to come. However, the huge capital cost of solar wind hybrid systems may limit the growth of the solar wind hybrid systems market globally in the future. Alternatively, the rise in the use of renewable energy sources, particularly in developing countries will open new growth avenues for the major players of this global market.
The global solar wind hybrid systems market is fragmented into type, power rating, and application. Based on type, the global solar wind hybrid systems market includes stand-alone system and on-grid system. In 2018, the stand-alone solar wind hybrid systems registered the fastest growth rate in the market and accounted for the largest market share. By power rating, the global solar wind hybrid systems market is categorized into up to 10kW, 11 kW–100 kW, and above 100 kW. The application segment of the global solar wind hybrid systems market comprises residential, commercial, and industrial. The residential segment is anticipated to hold a significant share of the global solar wind hybrid systems market over the forecast period.
In 2018, the Asia Pacific region dominated the global solar wind hybrid systems market. This growth was mainly due to the increased demand for solar wind hybrid systems across the region. Moreover, the Asia Pacific solar wind hybrid systems market is anticipated to register the fastest CAGR over the next few years, owing to the rising urbanization and growing industrialization in the region, particularly in the emerging economies of India and China.
The major players of the global solar wind hybrid systems market are Zenith Solar Systems, Unitron Energy Systems, Blue Pacific Solar Products, UGE International, Supernova Technologies, Alternate Energy, Alpha Windmills, Polar Power, Gamesa, and Grupo Dragon.