- Opportunity and Forecast, 2016 - 2025
Hybrid solar wind system combines solar power and wind source to produce energy. This system is preferred over standalone solar electric system or wind electric system, as it provides continuous electric power supply by combining multiple sources. It is not feasible to supply electric power continuously through standalone systems with constantly varying wind supply and sunlight. In addition, fossil fuels generate maximum energy, which are nonrenewable resources; thus, it is essential to use solar and wind energies to produce power. The energy generated from both sources can be utilized to provide intermittent power supply.
The global hybrid solar wind market is driven by increase in electricity demand, supportive government initiatives toward energy conservation, growth in demand for grid electricity, and rise in demand for renewable energy. However, high initial investment and lack of awareness about hybrid solar wind systems restrain the growth of the market. Declining solar and wind component costs is expected to present new opportunities in the industry.
Detailed segmentation of the global hybrid solar wind market is offered in terms of product type, end user, and geography. Product types analyzed in the study are standalone and grid connected. End users covered in the research include residential, commercial, and industrial. Geographically, the market is analyzed across North America, Asia-Pacific, Europe, and LAMEA.
Major players operating in the market are ReGen Powertech, UNITRON Energy System Pvt. Ltd., Blue Pacific Solar Product, Inc., Polar Power, Inc., Alternate Energy Company, Zenith Solar System, Alpha Windmills, Supernova Technologies Private Limited, Gamesa, and Grupo Dragon. These leading players have adopted expansion, partnerships, merger & acquisition, joint ventures, collaborations, and others to strengthen their position in the market.
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