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Global Hybrid Solar Wind Market: Increasing demand for renewable energy
resources will augment the industry growth
The report ,“Global Hybrid Solar Wind Market Size By Product (Standalone, Grid
connected), End Use (Residential, Commercial, Industrial), Industry Analysis Report,
Regional Outlook (U.S., Canada, U.K, Germany, China, India, Australia, Japan, South Africa,
Nigeria, Tanzania, Chile, Brazil), Application Potential, Price Trends, Competitive Market
Share & Forecast, 2016 – 2024” Growing popularity of off grid electricity, favorable
legislations, and rising ecological concerns will boost hybrid solar wind market trends
over the coming years. Moreover, improved efficiency and high reliability offered via hybrid
solar wind technology will further enhance the industry growth. According to Global
Market Insights, Inc., “Hybrid solar wind industry size is estimated to reach USD 1.47
billion by 2024.”
Rise in environmental pollution along with depletion of non -renewable energy resources
such as fossil fuels have forced various governments to look for other alternate renewable
energy sources such as Solar Energy and wind energy. Furthermore, low operating costs
along with rising preference for clean energy have resulted in heavy demand for these
Governments across the world have started electrification programs to fulfill off grid
electricity demand. North America, in this regard, is expected to contribute substantially
towards the global hybrid solar wind market revenue, driven by the rising inclination
towards using the renewable energy sources. US is likely to lead the regional demand,
surpassing a revenue of USD 300 million by 2024, driven by the initiatives towards reducing
carbon emissions as well as energy consumption.
Africa hybrid solar wind market will also grow significantly over the coming seven years,
driven by the regional demand for off grid electricity. Nigeria is projected to be a prominent
contributor towards Africa hybrid solar industry due to the regional energy supply crisis in
turn leading to a high demand for wind and solar power energy. Moreover, huge
investments in renewable energy projects will propel Australia hybrid solar wind industry
trends over the coming seven years.
U.S. Hybrid Solar Wind Market size, by product, 2013 -2024 (MW)
Hybrid solar wind industry finds wide applications in industrial, residential, and commercial
sectors. Stringent government norms to curb greenhouse gas emissions is expected to
boost the demand for hybrid solar wind systems across various industrial applications.
Hybrid solar wind market size in the residential sector is projected to grow at a rate of 14%
over the coming seven years, driven by the rise in electrification programs in emerging
economies. Furthermore, increasing demand to overcome power supply shortages is
expected to catalyze the hybrid solar wind market share in the commercial sector.
Asia Pacific hybrid solar wind industry is projected to observe a positive trend over the
coming timeframe. Scarcity of non-renewable energy sources has forced the government
to enact strict legislations promoting the use of renewable energy sources such as wind
and solar energy, which is available in abundance. India, which is expected to grow at a
rate of 21% (in terms of volume) over 2016-2024, will drive the APAC demand.
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