Solar Wind Hybrid System Market to Rear Excessive Growth During 2023
There
is no foreseen future without energy. In fact, the dependency on
energy is escalating with each new addition to world’s population
and urbanization. In this scenario, it becomes imperative to develop
and encourage the use of renewable sources of energy and in the
recent past, several new technology have emerged that promise to
revolutionize the concept of renewable energy. Wind and solar are two
of the basic sources of renewable energy production and a hybrid
system combining these two is quickly gaining adoption across the
world. Not only reliability is enhanced via solar and wind hybrid
system, the size of battery storage can be significantly reduced
which makes logistics more feasible.
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Report Overview @
Based
on an analysis of all the factors that may have a say on the global
solar wind hybrid system market, this report projects it to expand
robustly during the forecast period of 2016 to 2023. The report has
been prepared to serve as a credible business document for
stakeholders such as solar and wind hybrid module manufacturers,
institutional investors, research institutes and companies, national
and local governments, and environment research institute. Several
companies currently active in the global solar wind hybrid system
market have also been profiled in the report, aiming to represent a
clear picture of the competitive landscape and latest developments.
Product-wise,
the global solar wind hybrid system market can be segmented into grid
connected and standalone, while the end-use categories of the market
can be residential, industrial, or commercial. Geographically, the
report evaluates the potential of the hybrid solar and wind system in
several regions including Asia Pacific, Europe, North America, and
the Middle East and Africa.
Global
Solar Wind Hybrid Market: Drivers and Restraints
Escalating
electricity demand globally is the primary driver of this market,
which is also gaining traction from favorable government initiatives
in various countries, developed or developing alike. In addition to
that, increasing demand for off-grid electricity facilities and
growing popularity of clean energy on the back of escalating
pollution are two of the other key factors that are expected to keep
the global solar wind hybrid market in good stead. On the other hand,
heavy initial investment and considerable duration for proper return
of investment (ROI) are some of the prominent factors that are
challenging the market for these hybrid system from attaining its
full potential. Lack of awareness among the developing nations is
another hindrance over the global solar and wind hybrid system
market.
Product-wise,
the segment of standalone hybrid wind solar currently serves the
maximum demand, as it is cost-effective. Residential end-use
application segment is currently leading over commercial and
industrial, owing to the development of smart cities and smart
buildings in several emerging economies and the Middle East.
Global
Solar Wind Hybrid System Market: Regional Outlook
North
America is currently the most profitable region for the players
venturing in the hybrid system market, with the U.S. delivering the
maximum demand owing to increasing emphasis on renewable energy,
supportive government policies, and steps taken to conserve energy.
India is expected to drive the demand for solar wind hybrid system
from Asia Pacific.
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Companies
mentioned in the research report
UNITRON
Energy System Pvt. Ltd, ReGen Powertech, Alternate Energy Company,
Blue Pacific Solar Product, Inc., Polar Power, Inc, Zenith Solar
System, Alpha Windmills, Gamesa, Supernova Technologies Private
Limited, and Grupo Dragon are some of the key companies operating in
the global solar wind hybrid system market.
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