A new research study by Transparency Market Research (TMR), offers a comprehensive assessment of the global market for solar wind hybrid systems. According to the research report, titled “Solar Wind Hybrid System Market - Global Industry Analysis, Size, Share, Trends, Growth and Forecast 2016 – 2023,” the rapid growth in energy consumption, propelled by the rising standard of living, and the growing concerns over fuel scarcity have stimulated the demand for solar wind hybrid systems remarkably across the world.
In the global energy scenario, the decreasing levels of fossil fuel in reservoirs have paved the way for renewable energy sources, with solar and wind energy at the fore. As solar wind hybrid systems are consolidated power generation units that employ both solar and wind sources for energy generation, their demand is increasing significantly across the world. The energy output of these units is relatively higher than traditional energy generation facilities, which adds considerably to the growing demand for solar wind hybrid systems.
Over the coming years, the global solar wind hybrid market is expected to be driven by the increasing investments for technical advancements in these systems. However, the high cost needed for the installation of solar wind hybrid systems may hamper their demand to some extent, states the report.
Based on geography, the report segments the worldwide market for solar wind hybrid systems in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific, among these, is providing attractive growth opportunities to market players. The rapid urbanization in countries such as Japan, India, China, and South Korea is leading to a surging demand for solar wind hybrid systems in Asia Pacific. The rising number of government initiatives to encourage power generation from renewable energy sources, coupled with growing capital support for technical advancements in solar wind hybrid systems, is driving this market in Asia Pacific.
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Additionally, the abundant availability of sunlight and steady air currents in India, China, and a number of countries in Southeast Asia, thanks to their proximity to the Equator is projected to boost the usage of solar wind hybrid systems for energy generation in Asia Pacific over the next few years. Other regional markets are also expected to witness steady growth in the demand for solar wind and hybrid systems in the near future, reports the study.
The leading manufacturers of solar wind hybrid systems mentioned in this report are Alpha Windmills, Blue Pacific Solar Products Inc., New Ventures, Zenith Solar Systems, Unitron Energy Systems Pvt. Ltd., Alternate Energy Co., and UGE International Ltd.
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