Hybrid Solar Wind Systems Market 2020 and Forecast 2021-2027

  • TBI858800
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                              

Report Overview: Hybrid Solar Wind Systems Market

The global hybrid solar wind systems market size was valued at USD 814.1 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 6.1% from 2021 to 2027. Growing demand for clean energy sources coupled with an increase in government spending to support the growth of the solar and wind energy sector is anticipated to drive the market during the forecast period. Hybrid solar wind market is gaining significant importance because these systems are capable of generating electricity throughout the year. Solar and wind power generation complement each other. For instance, solar installations generate peak electricity from April to August and wind installations generate maximum electricity for the remaining months. The market includes stand-alone as well as on-grid systems. As mentioned in the above figure, the U.S. market is lead by stand-alone systems, which are installed remotely to provide electricity for distant consumers who are not connected to the grid. The global economy is anticipated to grow post-COVID-19 pandemic, which is why energy requirements are expected to increase exponentially in the coming years. This is due to the higher standards of living and economic growth. Fossil fuels currently dominate the current energy supply. However, the switch to low-carbon fuels combined with stringent environmental regulations in most industrialized countries has given a significant boost to renewable energies. Solar and wind power generation systems are environmentally friendly and have proven to be lucrative in the European Union, Americas, and Asia Pacific. The various benefits that can be achieved through the use of solar PV include the contribution to sustainability, reduction of the carbon footprint, and low-cost energy generation, which are expected to increase the technology demand in the forecast period. Connectivity Insights Stand-alone systems segment led the hybrid solar wind systems market in 2019 accounting for over 60% of the global share. It is anticipated to retain its dominant position throughout the forecast period owing to numerous off-grid industries, such as manufacturing, electronics, healthcare, and chemicals, which are located at remote locations. Grid connection becomes infeasible for these industries due to large connection lines, towers, and other utility equipment. Hence, stand-alone systems are a more suited option for electricity supply. One of the main needs of a countrys social and economic development is an efficient and regular supply of electricity. Hybrid power supply solutions combine solar and wind renewable sources. It provides a 24/7 power supply from off-grid locations with fewer interruptions and helps achieve 100% electrification in remote areas. On-grid hybrid solar wind system mitigates the rising energy demands by providing continuous supply to the local electricity grid. Due to these factors, on-grid systems are anticipated to register the highest CAGR of 7.6% from 2021 to 2027.

End-use Insights: Hybrid Solar Wind Systems Market

The industrial end-use segment accounted for the largest market share of more than 71% in 2019 and will expand further at a significant CAGR from 2020 to 2027. Around half of the total energy produced globally is mostly dedicated to the industrial sector. Power failure highly affects productivity, which may incur heavy losses in manufacturing sector. Further, industrial sector in the emerging economies including India, Brazil, and China has highly contributed to the demand for hybrid solar wind systems. Strong economic growth in developing countries has prompted a rise in manufacturing and other industrial activities. Furthermore, the demand-supply gap is also increasing, which benefits this market. The residential segment is estimated to register the highest CAGR over the forecast years. Commercial segment is also anticipated to witness considerable growth due to high product demand from the commercial sectors of developing economies in South America and Asia Pacific. Telecom, IT, and retail are some of the major sectors that are growing rapidly in these regions, resulting in high product demand.

Regional Insights: Hybrid Solar Wind Systems Market

Asia Pacific led the global market in 2019 and held more than 37% of the overall share. It is further projected to be the largest regional market owing to the presence of numerous end-use industries, such as healthcare, electronics, manufacturing, and pharmaceutical. Moreover, rapid growth of industrial sector in China, India, and South Korea has triggered the demand for these systems in the region. The establishment of heavy equipment and oil & gas companies in China owing to low labor and utility costs has also been driving the product demand. North America, led by the U.S and Canada, accounted for nearly 21.7%of the global market share in 2019. The presence of key vendors, OEMs, and EPC players, and developed infrastructure for electricity transmission have emerged as the primary driving factors for the North America market. Growing industrial and commercial facilities, such as restaurants, shopping malls, high rises, commercial office buildings, universities, district heating and cooling plants, and refineries, are driving the demand for clean energy sources including solar and wind. Moreover, local government support and declining costs of solar panels are anticipated to drive the market further.

Key Companies & Market Share Insights: Hybrid Solar Wind Systems Market

The market is highly consolidated with very few companies providing hybrid solutions. Top market players have adopted sustainable sourcing strategies after considering the long-term benefits and current regulatory scenario. Companies are now focusing on delivering long-term value to shareholders to grow and sustain in the market. The key players also emphasize on building robust and low-risk strategies that will ensure significant profit margin and build a strong foundation for their shareholders. Some of the prominent players in the hybrid solar wind systems market include:

Key companies Profiled: Hybrid Solar Wind Systems Market Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global hybrid solar wind systems market report on the basis of connectivity, end use, and region:

Connectivity Outlook (Revenue, USD Million, 2016 - 2027)

  • On-Grid System
  • Stand-Alone System

End-use Outlook (Revenue, USD Million, 2016 - 2027)

  • Residential
  • Commercial
  • Industrial

Table of Contents
Chapter 1 Methodology & Scope
  1.1 Market Segmentation & Scope
  1.2 Market Definitions
  1.3 Assumptions
  1.4 Information Procurement
      1.4.1 Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum)
      1.4.2 IFF Internal Database
      1.4.3 Secondary Sources
      1.4.4 Third Party Perspective
      1.4.5 Primary Research
  1.5 Information Analysis
      1.5.1 Data Analysis Mode
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