Hybrid Solar Wind Market Analysis - Global Industry Size, Share, Trends and Forecast, 2014 - 2024

Category : Energy and Power | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC428

Introduction

One of the basic needs in order to achieve economic development of a country is to furnish continuous and reliable power supply. Fossil fuel reserves are continuously depleting across the globe and that too at a fast pace. In the current scenario, almost all the energy demands are met by burning fossil fuels. Although, a small part of this demand is confronted by renewable sources of energy including biomass, solar, wind and geothermal. Since, energy cannot be newly created or destroyed; however, can be converted from one form to another, it is important to focus on non-depleting resources for energy generation. Wind and solar sources of power have witnessed a significantly rapid growth in the recent years. Both solar and wind are renewable sources of energy and can yield adequate power supply. Owing to high economic growth rate, countries in the Asia-Pacific region are steady consumers of energy. Apart from all the financial crisis running across the globe, demand for energy in these countries is analyzed to rise significantly during the forecast period. Solar wind hybrid power system is the combined power generating system and uses wind mill and solar energy panel. It consists of a rechargeable battery usually utilized to accommodate the energy produced from both solar and wind energy resources. Solar energy obtained from sun is renewable, pollution free and inexhaustible. A battery charged with solar energy provides a continuous supply of power for almost 24 hours a day. Thus, by adopting solar energy for a specific geographical location, large amounts of power can be generated using solar radiations. Also, solar energy is considered as the most reliable source of energy. On the other hand, wind energy is the energy extracted from motion of air. Wind energy transforms the kinetic energy of air into a useful form of power. Wind turbines convert the wind energy into mechanical energy which is further converted into electric energy.

Market Dynamics

Higher standard of living and increasing investments in energy sector are some of the major factors driving the growth of global solar wind hybrid systems market. Adequate amount of opportunities persists in the global hybrid solar wind market owing to increasing industrialization in developing regions like Asia-Pacific and Latin America. Rising demand for clean and renewable grid electricity is another major factor expected to propel the growth of global hybrid solar wind systems in the foreseeable years. In addition, decrease in wind and solar equipment component cost along with rising demand for clean energy among consumers is anticipated to compliment the growth of global solar wind hybrid systems market. However, high initial cost required for installation of solar wind hybrid systems is a major aspect projected to hinder the growth of the global solar wind hybrid systems market.

Market Classification

The global hybrid solar wind market can be segmented on the basis of system type, end-use and geography. By system type, the hybrid solar wind market is segmented into stand alone system and grid connected system. By end-use, the global hybrid solar wind market is segmented into domestic, commercial and industrial. On the basis of geography, the global hybrid solar wind market can be divided into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.

Report Coverage

Market

Global Hybrid Solar Wind Market

Analysis Period

2014 – 2024

Historic Data

2014 – 2015

Base Year

2016

Forecast Data

2017 – 2024

Market Stratification

System Type, End Use, Geography

Regional Scope

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)

Report Coverage

Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis,

Player Profiling, Value Chain Analysis

 

 

Market Participants

Some of the major players involved in the supply of hybrid solar wind systems are focusing on key market strategies such as mergers and acquisitions along with improvement in old products and innovations in new products. They are also concentrating on bringing up new products to meet the demand in ever-competitive market. Some of the major players in the global hybrid solar wind market include Alpha Windmills, Zenith Solar Systems, New Ventures, Blue Pacific Solar Products Inc., Unitron Energy Systems Pvt. Ltd., UGE International Ltd., and Alternate Energy Company among others.

Market Segmentation

Market By System Type

·         Stand alone system

·         Grid connected system

Market By End Use

·         Domestic

·         Commercial

·         Industrial

Market By Geography

·         North America

o   US

o   Canada

o   Mexico

·         Europe

o   UK

o   Germany

o   France

o   Rest of Europe

·         Asia-Pacific

o   China

o   Japan

o   India

o   Australia

o   Rest of Asia-Pacific

·         Latin America

o    Brazil

o   Chile

o   Rest of Latin America

·         Middle East and Africa (MEA)

o   South Africa

o   Saudi Arabia

o   Rest of MEA


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