(MENAFN- Zion Market Research) Zion Market Research has published a new report titled 'Solar Wind Hybrid Systems Market by Type (Stand-Alone System and On-Grid System), by Power Rating (Up to 10kW, 11 kW100 kW, and Above 100 kW), and by Application (Residential, Commercial, and Industrial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025. According to the report, the global solar wind hybrid systems marketwas USD 895 million in 2018 and is expected to reach USD 1,592 million by 2025, at a CAGR of 8.57% between 2019 and 2025.
The global solar wind hybrid systems market is likely to experience significant growth over the upcoming years, owing to the rising demand for solar wind hybrid systems. The increase in the adoption of power generation from renewable energy sources is further expected to fuel the global solar wind hybrid systems market over the forecast time period. Encouraging government rules and regulations relating to energy efficiency along with rising concerns regarding energy conservation are also projected to drive the solar wind hybrid systems market globally in the years to come. However, the huge capital cost of solar wind hybrid systems may limit the growth of the solar wind hybrid systems market globally in the future. Alternatively, the rise in the use of renewable energy sources, particularly in developing countries will open new growth avenues for the major players of this global market.
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The global solar wind hybrid systems market is fragmented into type, power rating, and application. Based on type, the global solar wind hybrid systems market includes stand-alone system and on-grid system. In 2018, the stand-alone solar wind hybrid systems registered the fastest growth rate in the market and accounted for the largest market share. By power rating, the global solar wind hybrid systems market is categorized into up to 10kW, 11 kW100 kW, and above 100 kW. The application segment of the global solar wind hybrid systems market comprises residential, commercial, and industrial. The residential segment is anticipated to hold a significant share of the global solar wind hybrid systems market over the forecast period. Residential solar wind hybrid systems have witnessed significant adoption in the residential sector in the last few years, which includes single-family homes, luxury apartments, and large multi-family buildings.
In 2018, the Asia Pacific region dominated the global solar wind hybrid systems market. This growth was mainly due to the increased demand for solar wind hybrid systems across the region. Moreover, the Asia Pacific solar wind hybrid systems market is anticipated to register the fastest CAGR over the next few years, owing to the rising urbanization and growing industrialization in the region, particularly in the emerging economies of India and China.
The major players of the global solar wind hybrid systems market are Zenith Solar Systems, Unitron Energy Systems, Blue Pacific Solar Products, UGE International, Supernova Technologies, Alternate Energy, Alpha Windmills, Polar Power, Gamesa, and Grupo Dragon.
This report segments the global solar wind hybrid systems market into:
Global Solar Wind Hybrid Systems Market: Type Analysis
- Stand-Alone System
- On-Grid System
Global Solar Wind Hybrid Systems Market: Power Rating Analysis
- Up to 10kW
- 11 kW100 kW
- Above 100 kW
Global Solar Wind Hybrid Systems Market: Application Analysis
- Residential
- Commercial
- Industrial
Global Solar Wind Hybrid Systems Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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