New York, NY, June 25, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Solar Wind Hybrid Systems Market by Type (Stand-Alone System and On-Grid System), by Power Rating (Up to 10kW, 11 kW–100 kW, and Above 100 kW), and by Application (Residential, Commercial, and Industrial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global solar wind hybrid systems market was USD 895 million in 2018 and is expected to reach USD 1,592 million by 2025, at a CAGR of 8.57% between 2019 and 2025.
The global solar wind hybrid systems market is likely to experience significant growth over the upcoming years, owing to the rising demand for solar wind hybrid systems. The increase in the adoption of power generation from renewable energy sources is further expected to fuel the global solar wind hybrid systems market over the forecast time period. Encouraging government rules and regulations relating to energy efficiency along with rising concerns regarding energy conservation are also projected to drive the solar wind hybrid systems market globally in the years to come. However, the huge capital cost of solar wind hybrid systems may limit the growth of the solar wind hybrid systems market globally in the future. Alternatively, the rise in the use of renewable energy sources, particularly in developing countries will open new growth avenues for the major players of this global market.
Browse through 105 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Solar Wind Hybrid Systems Market: By Type, Industry Size, Share, Applications, Trends, Analysis and Forecast, 2018–2025”.
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The global solar wind hybrid systems market is fragmented into type, power rating, and application. Based on type, the global solar wind hybrid systems market includes stand-alone system and on-grid system. In 2018, the stand-alone solar wind hybrid systems registered the fastest growth rate in the market and accounted for the largest market share. By power rating, the global solar wind hybrid systems market is categorized into up to 10kW, 11 kW–100 kW, and above 100 kW. The application segment of the global solar wind hybrid systems market comprises residential, commercial, and industrial. The residential segment is anticipated to hold a significant share of the global solar wind hybrid systems market over the forecast period. Residential solar wind hybrid systems have witnessed significant adoption in the residential sector in the last few years, which includes single-family homes, luxury apartments, and large multi-family buildings.
In 2018, the Asia Pacific region dominated the global solar wind hybrid systems market. This growth was mainly due to the increased demand for solar wind hybrid systems across the region. Moreover, the Asia Pacific solar wind hybrid systems market is anticipated to register the fastest CAGR over the next few years, owing to the flourishing power industry, rising urbanization, and growing industrialization in the region, particularly in the emerging economies of India and China. Additionally, favorable government policies to install solar wind hybrid systems, technological advancements, and a growing number of regulations to reduce carbon footprints are anticipated to further propel this regional market in the future. China was the major market for solar wind hybrid systems in 2018 and is expected to continue its dominance in the future as well. Rising demand for operational energy management systems along with the increasing requirement for grid reliability and stability is also expected to boost the Asia Pacific solar wind hybrid systems market in the years ahead.
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North America held the second spot in the global solar wind hybrid systems market in 2018. The U.S. is the main country for the region’s solar wind hybrid systems that is likely to hold major share over the forecast period, owing to the ongoing government policies and guidelines for utility metering and rising focus for cost reduction and energy efficiency.
Europe also contributes notably to the global solar wind hybrid systems market owing to the rising number of regulations for the installation of solar wind hybrid systems across the region. Encouraging government rules and regulations relating to energy efficiency along with rising concerns for curbing carbon emissions are expected to drive the solar wind hybrid systems market over the forecast time period.
Browse the full “Solar Wind Hybrid Systems Market by Type (Stand-Alone System and On-Grid System), by Power Rating (Up to 10kW, 11 kW–100 kW, and Above 100 kW), and by Application (Residential, Commercial, and Industrial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/solar-wind-hybrid-systems-market
Latin America and the Middle East and Africa are projected to experience moderate growth in the global solar wind hybrid systems market over the forecast time period, owing to significant investments made by international companies for solar wind hybrid systems projects in these regions. Governments of Brazil, Argentina, South Africa, and the UAE are promoting the use of technology across various industries, which will further these regional markets.
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The major players of the global solar wind hybrid systems market are Zenith Solar Systems, Unitron Energy Systems, Blue Pacific Solar Products, UGE International, Supernova Technologies, Alternate Energy, Alpha Windmills, Polar Power, Gamesa, and Grupo Dragon.
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This report segments the global solar wind hybrid systems market into:
Global Solar Wind Hybrid Systems Market: Type Analysis
- Stand-Alone System
- On-Grid System
Global Solar Wind Hybrid Systems Market: Power Rating Analysis
- Up to 10kW
- 11 kW–100 kW
- Above 100 kW
Global Solar Wind Hybrid Systems Market: Application Analysis
- Residential
- Commercial
- Industrial
Global Solar Wind Hybrid Systems Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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