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Solar Wind Hybrid Systems Market: Growth, Future Prospects & Competitive Analysis, 2016-2023

Overview:

Solar wind hybrid systems are hybrid power systems combining solar energy panel and wind mill. Solar wind hybrid systems contains solar panels, wind turbine, battery bank which is utilized to accumulate the energy generated from both the resources, inverter, hybrid controller and other components which provides higher output, stable and reliable energy for commercial and residential purpose. The primary drawback of renewable energy sources such as solar and wind power is the lack of consistent and steady output, since they are entirely dependent on the environmental conditions. Optimum performance of standalone wind turbine power system and stand alone solar energy system are restrained by fluctuation in wind velocity and sun rays respectively.

The global solar wind hybrid systems market is segmented by type into stand alone and on-grid. In 2015 market was dominated by stand alone type solar wind hybrid systems. The global solar wind hybrid systems market is mainly used by commercial and residential applications to meet up the daily power requirements. By application it is broadly classified into industrial, commercial and residential applications.

Geographically, the global market is segmented as North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. The rapid urbanization in countries such as Japan, India, China, and South Korea will drive the demand for solar hybrid system market in Asia Pacific region. According to Bridge to India’s report, India is set to become the fourth largest solar market globally in 2016. The Asia Pacific solar wind hybrid system market is propelled by the abundant availability of sunlight and wind along with much of Southeast Asia (due to its proximity to the Equator). Investments from many developed and developing countries in green and renewable energy sources, higher standard of living and continuous reduction in solar and wind energy cost will drive the demand for solar wind hybrid systems in upcoming years. These systems find its wide applications in rural areas, isolated location, off grid, road lighting, house lighting, landscape lighting, telecommunication system, fishing boat, yacht and other electronic monitoring systems.

The global solar wind hybrid systems market is segmented on the following bases:

  • Type
    • Stand alone
    • On-grid
  • Applications
    • Industrial
    • Commercial
    • Residential
  • Geography
    • North America
      • US
      • Canada
    • Europe
      • UK
      • Germany
      • Rest of Europe
    • Asia-Pacific
      • Japan
      • China
      • Rest of APAC
    • Latin America
    • Middle East and Africa

Key players identified for solar wind hybrid systems market include but are not limited to:

Blue Pacific Solar Products Inc., Alpha Windmills, Zenith Solar Systems, New Ventures, Unitron Energy Systems Pvt. Ltd., UGE International Ltd., and Alternate Energy Company.

This report offers:

  • An overview of the global markets for solar wind hybrid systems market
  • Market trends assessment for the period 2013-2023, with historical information for 2013, 2014 & 2015, and projections through 2023, with respective CAGRS during 2016-2023
  • Qualitative assessment tools such as market drivers, challenges and future prospects
  • Market competition scrutiny tools such as market share analysis, fractal map assessment, Porter’s Five Forces model
  • Focus on each level of market segmentation based on product approvals, launch, and current and anticipated market dynamics
  • A general overview of the industry structure
  • Company profiles highlighting key information about the major players operating in the solar wind hybrid systems market
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