Pune, India, Feb. 01, 2022 (GLOBE NEWSWIRE) -- The hybrid solar-wind systems market size is anticipated to rise due to the increasing demand for sanitary renewable grid electricity. Fortune Business InsightsTM has presented this information in its upcoming report titled, "Hybrid Solar Wind Systems Market, 2022-2029". Furthermore, solar power is generated during the daytime, and wind power is often highest at night, wind-solar hybrid systems have the advantage of producing more consistent power.
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List of Key Players in the Market:
- ReGen Powertech
- Blue Pacific Solar Product Inc.
- UNITRON Energy System Pvt. Ltd.
- Alternate Energy Company
- Polar Power Inc
- Alpha Windmills
- Zenith Solar System
- Gamesa
- Supernova Technologies Private Limited
- Grupo Dragon
COVID-19 Impact -
Global renewable energy growth has slowed as a result of the COVID-19 outbreak. Due to the sudden outbreak of the virus, governments around the world issued advice advising people to isolate themselves from the throng and stay at home. Global supply networks have been disrupted as a result of the lockdowns, and output has slowed significantly. The wind business, for example, had major logistic issues that caused delays in the development of new projects.
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Competitive Landscape-
Vital Players to Employ Strategies Like Mergers & Acquisition to Sustain Market Presence
Prominent players across the verticals are focusing on new product launches that boost the market’s growth. Furthermore, key players are also focusing and employing strategies such as collaborations, mergers & acquisitions to maintain their market presence for incoming years.
Industry Developments
December 2020: Construction of a 30 GW hybrid solar and wind power plant was begun in India. The Kutch district site of the hybrid plant covers 72,600 hectares, about the same as Singapore's total land area. Additionally, wind turbines and solar panels will be powered by storage systems.
Segmentation -
On the basis of type, the hybrid solar wind systems industry is bifurcated into the on-grid system and stand-alone system. On the basis of application, the market is divided into commercial, industrial and residential. Geographically, the market is classified into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Report Coverage –
The market report examines numerous factors of hybrid solar wind systems that will influence the market’s growth, such as main drivers and constraints. Furthermore, the research gives an overview of the geographical analysis, which includes many regions and contributes to the market's expansion. It additionally, covers the competitive landscape including top corporations, as well as new product launches, collaborations that assist the industry’s growth.
Drivers & Restraints –
Increased Demand for Renewable Grid Electricity to Drive the Market Growth
Another key reason likely to drive the expansion of the global hybrid solar wind systems in the incoming years is the increased need for clean and renewable grid electricity. In addition, the worldwide solar wind hybrid systems market is expected to benefit from lower wind and solar equipment component costs, as well as increased consumer demand for unsullied energy. The hefty initial investment required to establish solar wind hybrid systems, on the other hand, is expected to impede the global hybrid solar wind systems market growth.
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Regional Insights –
Market in Asia Pacific to Thrive Owing to Rapid Industrialization
The Asia Pacific region dominated the worldwide hybrid solar wind systems industry and is predicted to continue to develop at a rapid rate throughout the projection period. The market is growing because of the thriving power industry, urbanization, and fast industrialization, particularly in emerging economies such as Southeast Asia, India, and China. Furthermore, positive government policies encouraging the installation of solar wind hybrid systems, technical advances, and an increasing number of rules aimed at reducing carbon footprints are expected to fuel the regional market forward in the future.
North America is one more important region for solar wind hybrid systems market share. With the continued government rules and directions for utility metering, inclusive of the growing emphasis on energy efficiency and cost reduction, the U.S. is the leading country for solar-wind hybrid systems.
Due to the increasing number of rules for the construction of solar wind hybrid systems across the area, Europe is likely to contribute significantly to the global market. Over the forecast period, encouraging government rules and regulations related to energy efficiency, including increased concerns about carbon emissions, are projected to augment the hybrid solar wind systems market growth.
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