Hybrid Solar Wind Systems Market 2022 – Top Industry Players, Key Trends, Regional Markets and Recent Developments by 2030

(Heraldkeepers via Comtex)

Hybrid Solar Wind Systems Market is valued at approximately USD 925 million in 2019 and is anticipated to grow with a healthy growth rate of more than 7.2% over the forecast period 2020-2027.

Hybrid solar wind market is gaining a significant prominence owing to these systems are able to generate electricity throughout the year. Hybrid Solar wind system is defined as the systems, which integrates wind mill and solar energy panel, and often comprises small wind turbine generators, storage system, and solar panels to produce and retrieve electricity. These systems usually functioning in small power in the span of 1 kW to 10 kW for the solar panel and the wind turbine combined system. Also, hybrid solar and wind power generation systems are environment-friendly and have proven to be lucrative across the Americas, European Union, and Asia Pacific, thereby strengthening the demand of hybrid solar wind system market. Furthermore, the rise in focus towards generation of renewable energy, coupled with the increase in investment in the smart grid are the few factors responsible for the CAGR of the market during the forecast period.

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According to the International Renewable Energy Agency, Canada generated around 79,587 MW of renewable energy in 2009 and is reached almost 100,193 MW in 2018. Similarly, as per the government source of Canada, the country has witnessed a tremendous growth in the wind energy generation capacity, which reached to 11,890 MW in 2016 from 351 MW in 2003. Similarly, as per the data published by Wind Europe Organization the new wind installations in Europe were 15.4 gigawatts (GW) in 2019, an increase from 27% since 2018. This, in turn, is expected to strengthen the demand for hybrid solar wind system, which may contribute towards the higher market growth all over the world. However, the increased initial investment, coupled with lack of awareness about the systems are the few major factors limiting the market growth over the forecast period of 2020-2027.

The regional analysis of the global Hybrid Solar Wind Systems market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Asia-pacific is the leading/significant region across the world in terms of market share owing to the rise in demand for renewable energy generation, and the presence of a significant number of market vendors in the region. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in smart grid projects along with the increasing number of government projects associated with clean energy in developing countries, such as China and India, would create lucrative growth prospects for the Hybrid Solar Wind Systems market across the Asia-Pacific region.

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Major market player included in this report are:
ReGen Powertech
Alpha Windmills
Blue Pacific Solar Product, Inc.
Zenith Solar System
UNITRON Energy System Pvt. Ltd.
Alternate Energy Company
Supernova Technologies Private Ltd.
Polar Power, Inc.
Grupo Dragon
Gamesa Technological Corp.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Connectivity:
On-Grid System
Stand-Alone System

By End-Use:

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

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Furthermore, years considered for the study are as follows:
Historical year - 2017, 2018
Base year - 2019
Forecast period - 2020 to 2027

Target Audience of the Global Hybrid Solar Wind Systems Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Factors Influencing

The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.

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COVID-19 Impact Analysis

The COVID-19 pandemic has affected almost every industry. The market witnessed a significant decline in investments, mainly in the energy and power sector. According to the estimations by the International Energy Agency, investments in the energy and power domain are projected to decrease by 10% in 2020 as compared to the pre-pandemic statistics. This indicate the condition of global marketplace along with severe challenges faced during pandemic.

Regional Analysis

Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments' initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.

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What is the key information extracted from the report?

Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter's Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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Source - HeraldKeeper
Note: The Heraldkeeper News Department was not involved in the creation of this content.

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