Growing popularity of off grid electricity, favorable legislations, and rising ecological concerns will boost hybrid solar wind market trends over the coming years. Moreover, improved efficiency and high reliability offered via hybrid solar wind technology will further enhance the industry growth. According to Global Market Insights, Inc., “Hybrid solar wind industry size is estimated to reach USD 1.47 billion by 2024.” Rise in environmental pollution along with depletion of non -renewable energy resources such as fossil fuels have forced various governments to look for other alternate renewable energy sources such as Solar Energy and wind energy. Furthermore, low operating costs along with rising preference for clean energy have resulted in heavy demand for these renewable energy sources, thereby driving hybrid solar wind market size.
Governments across the world have started electrification programs to fulfill off grid electricity demand. North America, in this regard, is expected to contribute substantially towards the global hybrid solar wind market revenue, driven by the rising inclination towards using the renewable energy sources. US is likely to lead the regional demand, surpassing a revenue of USD 300 million by 2024, driven by the initiatives towards reducing carbon emissions as well as energy consumption.
U.S. Hybrid Solar Wind Market size, by product, 2013 -2024 (MW)
Africa hybrid solar wind market will also grow significantly over the coming seven years, driven by the regional demand for off grid electricity. Nigeria is projected to be a prominent contributor towards Africa hybrid solar industry due to the regional energy supply crisis in turn leading to a high demand for wind and solar power energy. Moreover, huge investments in renewable energy projects will propel Australia hybrid solar wind industry trends over the coming seven years.
Hybrid solar wind industry finds wide applications in industrial, residential, and commercial sectors. Stringent government norms to curb greenhouse gas emissions is expected to boost the demand for hybrid solar wind systems across various industrial applications. Hybrid solar wind market size in the residential sector is projected to grow at a rate of 14% over the coming seven years, driven by the rise in electrification programs in emerging economies. Furthermore, increasing demand to overcome power supply shortages is expected to catalyze the hybrid solar wind market share in the commercial sector.
Asia Pacific hybrid solar wind industry is projected to observe a positive trend over the coming timeframe. Scarcity of non-renewable energy sources has forced the government to enact strict legislations promoting the use of renewable energy sources such as wind and solar energy, which is available in abundance. India, which is expected to grow at a rate of 21% (in terms of volume) over 2016-2024, will drive the APAC demand.
Hybrid solar wind industry in Latin America will witness a considerable growth over the timeframe with Chile expected to register highest gains of 11% (in terms of revenue) over the coming seven years.
Over the next few years, effective hybrid solar systems with high energy conserving capacities and lower greenhouse gas emissions will be on the top priority of the manufacturers. Key hybrid solar wind industry participants include ReGen Powertech, Unitron Energy Systems Private Limited, Alternate Energy Company, Blue Pacific Solar Products Incorporation, Supernova Technologies Private Limited, Grupo Dragon, Zenith Solar Systems, and Alpha Windmills.