Global Solar Wind Hybrid System Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Solar Wind Hybrid System Market: Overview

"The Solar Wind Hybrid System Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

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Solar wind hybrid system includes solar panels, small wind turbine generators, and storage system to generate and store electricity. They work in small capacities typically in the range of 1 kW to 10 kW for the solar panel and the wind turbine combined system.

Growing demand for reliable and uninterrupted power supply coupled with favourable government initiatives to conserve energy and reduce carbon footprints are some of the factors expected to further compliment the industry outlook. In addition, decreasing wind and solar component cost associated is expected to drive growth of global market. Increasing public and private funding in off-grid along with growing consumer awareness regarding adoption of renewable energy sources are expected to bolster growth of the global market. Growing investments from financial institutions such as International Finance Corporation (IFC) African Development Bank, and Asian Development Bank are expected fuel growth of the solar wind hybrid system market. In 2016, for instance, International Energy Agency (IEA) invested US$ 718 Bn for electrification across the globe.

However, high initial costs and lack of awareness may restrain market growth over the forecast period.

Recent trend observed in the global market is manufacturers are focusing to launch advanced products coupled with introduction of national renewable integration targets. In 2017, for instance, Vestas Wind Systems A/S announced the world's first utility-scale project that has a potential to generate and store energy including 43.2 MW of wind, 15 MW of solar, and 2MW battery storage.

Global Solar Wind Hybrid System Market: Segment Analysis

Among the type segments, the standalone system segment is projected to account for significant revenue share in the global market. Furthermore, grid connected systems anticipated to witness strong growth due to growing measures for uninterrupted power supply.

Among the application segments, the residential segment is estimated to account for major revenue share, and is projected to maintain its dominance over the forecast period.

Global Solar Wind Hybrid System Market: Regional Analysis

The market in Asia Pacific is expected to dominate the target market in terms of revenue over the forecast period, owing to ongoing government measures in terms of Net metering, Feed-in tariff (FIT), and carbon credit, along with increasing demand for reliable electricity supply. Rapid urbanization along with rising investments toward the deployment of sustainable technologies in emerging countries such as China and India are some of the factors expected to further fuel growth of the target market.

The market in Europe is expected to account for significant share in terms of revenue in the coming period, owing to government initiatives to promote renewable energy abundant availability of wind and solar energy. The EU Renewable Energy Directive introduced the target of 20% final energy consumption from renewable sources by 2020.

Global Solar Wind Hybrid System Market Segmentation:

Segmentation by Type:

• Stand alone
• Grid-connected systems

Segmentation by Application:

• Industrial
• Commercial
• Residential

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa