Wilmington, Delaware, United States, March 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global solar bio-gas hybrid power system market is likely to grow at a CAGR of 4.6% between 2023 and 2031. Solar and bio-gas power technologies are used in integration with other sources of power generation to generate solar power from a photovoltaic or PV system. A hybrid system includes the connection of two or more renewable energy forms to transition into clean energy for use in multiple end-user applications.
According to TMR report, the global market stood at US$ 44.2 Mn in 2022 and is projected to reach US$ 61.5 Mn by the end of 2031. Rise in government initiatives to produce clean and green energy from renewable sources is fueling market growth.
Download a sample copy of the report (please prefer the corporate mail ID to get the highest priority) - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=85409
Rise in demand for electricity and power in the residential, commercial, and industrial sectors is a key factor expected to augment the global solar bio-gas hybrid power system market during the forecast period. According to International Energy Agency report (2019), majority of demand for electricity was recorded in the industrial sector (41.9%), whereas demand in the commercial and residential sectors stood at 21.2% and 26.6%, respectively. Increase in need for electricity in off-grid sites is projected to drive global solar bio-gas hybrid power system market expansion during the forecast period.
Key Findings of Study
- Rise in Need to Reduce Carbon Dioxide Emission: Hybrid power systems are more convenient, as these use less carbon dioxide in comparison to standalone diesel generators. Studies have shown that usage of solar bio-gas hybrid power systems produced 599.75 kg of carbon dioxide per year, while diesel generator systems generated 60 times more than the hybrid systems. Global awareness and rise in inclination toward reducing carbon emissions is expected to propel market progress during the forecast period.
- Increase in Adoption of Sustainable Energy Supply: Rise in awareness and increase in adoption of sustainable development goals have propelled the need for clean energy, thereby creating lucrative business opportunities in the solar bio-gas hybrid power system market. Demand for better energy options in both rural and urban areas augments the need for cost-efficient and renewable power generation and transmission systems. Thus, surge in adoption of sustainable energy is anticipated to increase overall market size during the forecast period.
Key Drivers
- Rise in demand in industrial and residential sectors across the world
- Increase in need for reliable biomass energy sources
Buy this Premium Research Report - https://www.transparencymarketresearch.com/checkout.php?rep_id=85409<ype=S
Regional Growth Dynamics
- Asia Pacific accounted for 46% share of the global market in 2022. The region emerged as the dominant solar bio-gas hybrid power system market. The trend is likely to continue during the forecast period owing to continuous development and rise in usage of biomass energy as primary energy source.
- Increase in development of hybrid facilities and large utility scale battery storages to promote renewable energy storage is projected to augment the market in Asia Pacific in the near future.
Key Players
Prominent players in the global solar bio-gas hybrid power system market are Kestrel Renewable Energy, SMA Solar Technology, Eaton, Schneider Electric, Siemen Gamesa, General Electric Company, GE Renewable Energy, Husk Power Systems, Iberdola, and RWE International SE.
Request for Customization - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=85409
Solar Bio-gas Hybrid Power System Market Segmentation
Component
- Solar PV Module
- Bio Gas Generator
- Diesel Generator
- Battery
- Converters
- Others
Location
- Off Grid
- On Grid
End-use
- Residential
- Industrial
- Commercial
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Italy
- Spain
- Russia & CIS
- Japan
- China
- India
- ASEAN
- GCC
- South Africa
- Brazil
- Mexico
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
For More Research Insights on Leading Industries, Visit our YouTube channel - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ
Contact Us
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
