Hybrid Solar Wind Systems Market Size, Share | Report 2022-2030
The global hybrid solar wind systems market was surpassed at USD 0.98 billion in 2021 and is expected to hit around USD 1.87 billion by 2030, growing at a CAGR of 7.44% from 2022 to 2030.
Report Highlights
Positive outlook towards the renewable energy sector on account of growing demand for clean and sustainable energy is expected to remain a major growth-driving factor for the market.
Wind and solar power are the most popular non-conventional source of energy owing to their abundance in availability, which has been a critical factor over the past few years. Global warming and climate change have been the causes of concerns over the past few decades. The Paris Agreement of 2015, where more than 180 governments of various countries pledged to work towards increasing energy efficiency and saving energy, has also played a major role in boosting the wind energy market growth.
The declining cost of wind and solar energy is another significant factor driving the market. Technological innovation and advanced manufacturing trends, especially in the solar panels in China, has led to a steep decline in the installation cost. Furthermore, efficient blade designs, gearless wind turbines, and use of Artificial Intelligence (AI) for maintenance and surveillance have increased the penetration of these systems across the world.
Moreover, growing number of pacts and initiatives, with respect to the adoption of hybrid wind and solar energy projects, are majorly contributing to the demand. Transitioning trend toward the use of products and services that cause least environmental damage is also expected to propel the market growth over the period of the forecast period.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 0.98 billion |
| Revenue Forecast by 2030 | USD 1.87 billion |
| Growth rate from 2022 to 2030 | CAGR of 7.44% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Connectivity, end use, region |
| Companies Covered |
Blue Pacific Solar Product, Inc.; Alpha Windmills; ReGen Powertech; Gamesa; UNITRON Energy System Pvt. Ltd.; Supernova Technologies Pvt. Ltd.; Alternate Energy Company; Grupo Dragon; Polar Power, Inc. |
Connectivity Insights
Stand-alone systems segment led the hybrid solar wind systems market in 2021 accounting for over 60.7% of the global share. It is anticipated to retain its dominant position throughout the forecast period owing to numerous off-grid industries, such as manufacturing, electronics, healthcare, and chemicals, which are located at remote locations. Grid connection becomes infeasible for these industries due to large connection lines, towers, and other utility equipment. Hence, stand-alone systems are a more suited option for electricity supply.
One of the main needs of a country's social and economic development is an efficient and regular supply of electricity. Hybrid power supply solutions combine solar and wind renewable sources. It provides a 24/7 power supply from off-grid locations with fewer interruptions and helps achieve 100% electrification in remote areas.
On-grid hybrid solar wind system mitigates the rising energy demands by providing continuous supply to the local electricity grid. Due to these factors, on-grid systems are anticipated to register the fastest CAGR of 7.6% from 2022 to 2030.
End-use Insights
The industrial end-use segment accounted for the largest market share of more than 72% in 2021 and will expand further at a significant CAGR from 2022 to 2030. Around half of the total energy produced globally is mostly dedicated to the industrial sector. Power failure highly affects productivity, which may incur heavy losses in manufacturing sector. Further, industrial sector in the emerging economies including India, Brazil, and China has highly contributed to the demand for hybrid solar wind systems.
Strong economic growth in developing countries has prompted a rise in manufacturing and other industrial activities. Furthermore, the demand-supply gap is also increasing, which benefits this market. The residential segment is estimated to register the fastest CAGR over the forecast years. Commercial segment is also anticipated to witness considerable growth due to high product demand from the commercial sectors of developing economies in South America and Asia Pacific. Telecom, IT, and retail are some of the major sectors that are growing rapidly in these regions, resulting in high product demand.
Regional Insights
Asia Pacific led the global market in 2021 and held more than 37.8% of the overall share. It is further projected to be the largest regional market owing to the presence of numerous end-use industries, such as healthcare, electronics, manufacturing, and pharmaceutical. Moreover, rapid growth of industrial sector in China, India, and South Korea has triggered the demand for these systems in the region. The establishment of heavy equipment and oil & gas companies in China owing to low labor and utility costs has also been driving the product demand.
North America, led by the U.S. and Canada, accounted for nearly 22.5% of the global market share in 2021. The presence of key vendors, OEMs, and EPC players, and developed infrastructure for electricity transmission have emerged as the primary driving factors for the North America market.
Growing industrial and commercial facilities, such as restaurants, shopping malls, high rises, commercial office buildings, universities, district heating and cooling plants, and refineries, are driving the demand for clean energy sources including solar and wind. Moreover, local government support and declining costs of solar panels are anticipated to drive the market further.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Hybrid Solar Wind Systems Market
5.1. COVID-19 Landscape: Hybrid Solar Wind Systems Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Hybrid Solar Wind Systems Market, By Connectivity
8.1. Hybrid Solar Wind Systems Market, by Connectivity, 2022-2030
8.1.1. On-Grid System
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Stand-Alone System
8.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Hybrid Solar Wind Systems Market, By End-use
9.1. Hybrid Solar Wind Systems Market, by End-use, 2022-2030
9.1.1. Residential
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Commercial
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Industrial
9.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Hybrid Solar Wind Systems Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.1.2. Market Revenue and Forecast, by End-use (2017-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.1.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.1.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.2.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.2.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.2.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.2.5.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.2.6.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.3.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.3.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.3.5.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.3.6.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.4.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.4.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.4.5.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.4.6.2. Market Revenue and Forecast, by End-use (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.5.2. Market Revenue and Forecast, by End-use (2017-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.5.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Connectivity (2017-2030)
10.5.4.2. Market Revenue and Forecast, by End-use (2017-2030)
Chapter 11. Company Profiles
11.1. Blue Pacific Solar Product, Inc.
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Alpha Windmills
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. ReGen Powertech
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Gamesa
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. UNITRON Energy System Pvt. Ltd.
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Supernova Technologies Pvt. Ltd.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Alternate Energy Company
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Grupo Dragon
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Polar Power, Inc.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers