Hybrid Solar Wind Systems Market by Grid Connectivity (On-Grid, Off-Grid) by Application (Residential, Commercial, Industrial) and by Region - Global Trends and Forecasts to 2027
The hybrid solar wind system is nothing but combination of renewable energy sources - wind and solar to produce power. The system is designed using the solar panels and small wind turbines generators for generating electricity. Wind and solar energy are complementary to each other, which makes the system to generate electricity consistently as per power demand.
The renewable technologies are intermittent in nature and in order to overcome this, a hybrid power system has generated demand in last few years. A rapid transition from conventional power generation to renewable generation because of factors such as decarbonization and sharp decline in the cost of sustainable energy sources are major factors driving the growth of the market. Also, the broad support for emission reduction coupled with government initiatives is also driving the adoption of wind solar hybrid system.
The Covid-19 pandemic had an adverse impact on the hybrid solar wind Market. The mass lockdowns and restrictions imposed by governments due to which manufacturing facilities were brought down to a standstill affecting the market dynamics. The pandemic hindered the overall market's supply chain, resulting in delayed and limited supply of the product. There was a decline in the power demand from the industrial and commercial sector whereas a moderate incremental growth was seen in residential market.
The hybrid solar wind system market is fragmented based on the grid connectivity into on-grid and off-grid. On-grid hybrid solar wind system mitigates the demand-gap by providing continuous supply to the local electricity grid which is ever increasing with rising population and urbanization. The high cost of electricity and recurring power-cuts has led to off-grid and behind the meter growth of the market.
As per region, the market can be segmented into North America, South America, Europe, Asia Pacific, Middle East & Africa. Asia Pacific is expected to grow with the highest CAGR during the forecast period due to high investments from China and India. In July 2022, India, Israel, the US, and the UAE announced their collaboration to advance a 300 MW wind-solar hybrid project complemented by a battery energy storage system in the Indian state of Gujarat. There has been active participation from developing countries in Asia Pacific market as per NDCs submitted to 2015 Paris Agreement targets and guidelines.
The major players in the hybrid solar wind system market are Alpha Windmills (India), Blue Pacific Solar Product, Inc. (US), Siemens Gamesa (Germany), Supernova Technologies (US), Alternate Energy Company (US), and ReGen Powertech (India).
Key Questions Addressed by the Report
Frequently Asked Questions (FAQs)
- What is the current size of the hybrid solar wind system market?
- What are the major drivers for the hybrid solar wind system market?
- Which is the largest segment, by application, during the forecasted period in the hybrid solar wind system market?
- Which is the fastest-growing region during the forecasted period in the hybrid solar wind system market?
- What are the trends that could be witnessed over the next five years?
- What will be the revenue pockets for the hybrid solar wind system market market in the next five years?
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TABLE OF CONTENTS
1. INTRODUCTION
1.1. STUDY OBJECTIVES
1.2. DEFINITION
1.3. INCLUSIONS VS. EXCLUSIONS
1.4. MARKET SCOPE
1.4.1. MARKET SEGMENTATION
1.4.2. REGIONAL SCOPE
1.5. YEARS CONSIDERED
1.6. CURRENCY
1.7. LIMITATIONS
1.8. STAKEHOLDERS
1.9. SUMMARY OF CHANGES
2. RESEARCH METHODOLOGY
2.1. RESEARCH DATA
2.2. MARKET BREAKDOWN AND DATA TRIANGULATION
2.2.1. SECONDARY DATA
2.2.1.1. KEY DATA FROM SECONDARY SOURCES
2.2.2. PRIMARY DATA
2.2.2.1. KEY DATA FROM PRIMARY SOURCES
2.2.2.2. KEY INDUSTRY INSIGHTS
2.2.2.3. BREAKDOWN OF PRIMARY INTERVIEWS
2.3. IMPACT OF COVID-19
2.4. SCOPE
2.5. MARKET SIZE ESTIMATION
2.5.1. BOTTOM-UP APPROACH
2.5.2. TOP-DOWN APPROACH
2.5.3. DEMAND-SIDE ANALYSIS
2.5.3.1. Assumptions for demand-side analysis
2.5.3.2. Demand-side Calculation
2.5.4. SUPPLY-SIDE ANALYSIS
2.5.4.1. Supply side assumptions
2.5.4.2. Supply side calculation
2.6. FORECAST
3. EXECUTIVE SUMMARY
4. PREMIUM INSIGHTS
5. MARKET OVERVIEW
5.1. INTRODUCTION
5.2. MARKET DYNAMICS
5.2.1. DRIVERS
5.2.2. RESTRAINTS
5.2.3. OPPORTUNITIES
5.2.4. CHALLENGES
5.3. COVID-19 IMPACT
5.4. TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
5.5. VALUE/SUPPLY CHAIN ANALYSIS
5.6. MARKET MAP/ECOSYSTEM
5.7. TECHNOLOGY ANALYSIS
5.8. AVERAGE SELLING PRICE TREND
5.9. BUYING CRITERIA
5.10. KEY CONFERENCES & EVENTS IN 2022–2023
5.11. PATENT ANALYSIS
5.12. TRADE DATA
5.13. TARIFFS, CODES & REGULATIONS
5.13.1. REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.13.2. REGULATORY FRAMEWORK
5.14. PORTER’S FIVE FORCES
5.15. CASE STUDY ANALYSIS
6. HYBRID SOLAR WIND SYSTEMS MARKET, BY GRID CONNECTIVITY
(USD Million - 2020, 2021, 2022-e, 2027-f)
6.1. INTRODUCTION
6.2. ON-GRID
6.3. OFF-GRID
7. HYBRID SOLAR WIND SYSTEMS MARKET, BY APPLICATION
(USD Million - 2020, 2021, 2022-e, 2027-f)
7.1. INTRODUCTION
7.2. RESIDENTIAL
7.3. COMMERCIAL
7.4. INDUSTRIAL
8. HYBRID SOLAR WIND SYSTEMS MARKET, BY REGION
(USD Million - 2020, 2021, 2022-e, 2027-f)
8.1. INTRODUCTION
8.2. NORTH AMERICA
8.2.1. BY TYPE
8.2.2. BY APPLICATION
8.2.3. BY COUNTRY
8.2.3.1. US
8.2.3.2. CANADA
8.2.3.3. MEXICO
8.3. ASIA PACIFIC
8.3.1. BY TYPE
8.3.2. BY APPLICATION
8.3.3. BY COUNTRY
8.3.3.1. CHINA
8.3.3.2. INDIA
8.3.3.3. JAPAN
8.3.3.4. REST OF ASIA PACIFIC
8.4. EUROPE
8.4.1. BY TYPE
8.4.2. BY APPLICATION
8.4.3. BY COUNTRY
8.4.3.1. UK
8.4.3.2. FRANCE
8.4.3.3. GERMANY
8.4.3.4. ITALY
8.4.3.5. REST OF EUROPE
8.5. MIDDLE EAST & AFRICA
8.5.1. BY TYPE
8.5.2. BY APPLICATION
8.5.3. BY COUNTRY
8.5.3.1. SAUDI ARABIA
8.5.3.2. UAE
8.5.3.3. REST OF MIDDLE EAST & AFRICA
8.6. SOUTH AMERICA
8.6.1. BY TYPE
8.6.2. BY APPLICATION
8.6.3. BY COUNTRY
8.6.3.1. BRAZIL
8.6.3.2. ARGENTINA
8.6.3.3. REST OF SOUTH AMERICA
9. COMPETITIVE LANDSCAPE
9.1. KEY PLAYERS STRATEGIES OVERVIEW
9.2. MARKET SHARE (BY REVENUE), 2021
9.3. REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS, 2021
9.4. COMPANY EVALUATION MATRIX/QUADRANT
9.4.1. STAR
9.4.2. PERVASIVE
9.4.3. EMERGING LEADER
9.4.4. PARTICIPANT
9.5. HYBRID SOLAR WIND SYSTEMS MARKET:COMPANY FOOTPRINT
9.6. COMPETITIVE SCENARIO
10. COMPANY PROFILES
10.1. INTRODUCTION
10.2. BLUE PACIFIC SOLAR PRODUCT, INC
10.2.1. Business Overview
10.2.2. Products & Services
10.2.3. Recent Developments
10.2.4. MnM View
10.2.4.1. Key strategies/right to win
10.2.4.2. Strategic choices made
10.2.4.3. Weaknesses and competitive threats
10.3. ALPHA WINDMILLS
10.4. SIEMENS GAMESA
10.5. UNITRON ENERGY SYSTEM PVT. LTD.
10.6. SUPERNOVA TECHNOLOGIES
10.7. ALTERNATE ENERGY COMPANY
10.8. REGEN POWERTECH
10.9. ZENITH SOLAR SYSTEMS
10.10. GRUPO DRAGON
11. APPENDIX
11.1. INSIGHTS OF INDUSTRY EXPERTS
11.2. DISCUSSION GUIDE
11.3. RELATED REPORT
11.4. AUTHOR DETAILS
Note: e-Estimated, f-Forecast
• THIS IS A TENTATIVE LIST OF COMPANIES. ADDITIONAL COUNTRIES & COMPANIES MAY BE ADDED/UPDATED DURING THE COURSE OF THE STUDY
• DETAILS ON COMPANY OVERVIEW, FINANCIALS, PRODUCT & SERVICES, STRATEGY, AND DEVELOPMENTS MIGHT NOT BE CAPTURED IN CASE OF UNLISTED COMPANIES
Growth opportunities and latent adjacency in Hybrid Solar Wind Systems Market