According to a new report published by Introspective Market Research, titled, “Hybrid Solar Wind Systems Market by Type, Application, Region Global Market Analysis and Forecast, 2024-2032.
The Global Hybrid Solar Wind Systems Market was valued at $ 1221.84 Million in 2023 and is expected to reach $ 2362.25 Million by the year 2032, at a CAGR of 7.60%. The hybrid solar wind system is a renewable energy method, that combines solar panels and a wind turbine to generate electricity. These systems are used to utilize solar panels and wind turbines to capture energy from the sun and wind, separately and frequently combine energy storage devices, such as batteries, to store extra energy for use when there is less wind or sunshine. Hybrid solar wind systems offer a flexible and sustainable alternative to other energy sources, contributing to the global transition towards clean and renewable energy solutions.
According to the Hybrid Solar Wind Systems Market is segmented into System Type, Component, Application, and region. By System Type, the market is categorized into Stand-Alone Systems, Grid Connected Systems. By Component, the market is categorized into Wind Turbines, Solar Panels/Photovoltaic Cells, Hybrid Controllers, Batteries, Inverters. By Application, the market is categorized into Residential, Commercial, Industrial. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Hybrid energy systems blend two or more renewable energy sources to deliver electricity consistently. They leverage the strengths of different energy sources, ensuring a steady power supply. Typically, these systems feature a primary energy source like solar or wind, supplemented by a backup source such as a generator or battery, to guarantee uninterrupted power supply. By amalgamating diverse energy sources, hybrid systems enhance stability and reliability compared to individual sources.
Hybrid systems use free energy sources to maximize efficiency. In particular, combining solar and wind energy guarantees a consistent power supply no matter the time of day or the weather. The incorporation of energy storage solutions such as batteries further enhances cost savings. These batteries allow for the storage of excess electricity generated during peak periods, which can then be utilized during times of low generation or high demand. This optimization of energy usage reduces the need to purchase electricity from the grid during peak hours when prices are typically higher, thereby lowering overall energy expenses.
Hybrid systems the potential to improve the microgrid's overall energy availability by harnessing both solar and wind energy. This is especially helpful in isolated locations with spotty or limited connections to the main power grid. A hybrid system increases energy security and lowers the chance of power outages by enabling the microgrid to produce electricity from readily available renewable. The performance of hybrid systems can be tailored to the specific environmental circumstances in the area. For example, the system can be designed to prioritize the generation of solar energy during the day and switch to wind power at night in areas with abundant sunlight but inconsistent wind patterns.
This adaptability guarantees that the microgrid will continue to function and be effective notwithstanding the current meteorological circumstances. Scalability and adaptability are two features that make hybrid solar-wind systems ideal for a range of microgrid applications. These systems can be adjusted to suit specific energy demands by changing the amount of solar panels, wind turbines, and energy storage capacity, regardless of the size of the village or community. By harnessing renewable energy sources, hybrid solar-wind systems contribute to reducing greenhouse gas emissions and mitigating environmental impact.
Hybrid solar-wind systems offer a compelling solution for powering microgrids, addressing the intermittent nature of renewable energy sources while enhancing overall energy availability and reliability. By combining solar and wind energy, these systems reduce the microgrid's reliance on a single energy source and ensure a consistent supply of electricity, especially in remote or isolated areas.
Hybrid Solar Wind Systems Market Segmentation
The Hybrid Solar Wind Systems Market is Segmented Based on Type, Application, and Region.
By System Type:
By System Type, Grid Connected Systems segment is expected to dominate the market during the forecast period. Grid-connected systems are a prevalent type of hybrid solar-wind system that efficiently harnesses renewable energy sources to meet power demands while remaining connected to the conventional power grid. These systems integrate both solar and wind technologies to maximize energy production and ensure reliability.
By Application:
By Application, the Industrial segment held the largest share. In industrial applications, where energy demands are often substantial and continuous, the integration of these two renewable sources can provide a reliable and sustainable power supply. Solar power generation peaks during daylight hours when demand tends to be higher, while wind power can often complement this by producing electricity during non-daylight hours and in varying weather conditions. By combining both sources, a hybrid system can ensure a more consistent output, reducing the need for backup power and grid reliance.
Region:
The market for hybrid solar wind systems in Asia-Pacific is expanding rapidly, driven by China's increasing solar energy capacity, which is expected to reach 393,000 megawatts by 2022, as well as the emergence of prospective markets such as Indonesia, Malaysia, and the Philippines. As major participants in utility-scale solar, Indonesia, Malaysia, and the Philippines stand out. Indonesia, with its advantageous location and dedication to sustainable energy solutions, offers significant investment possibilities. Large-scale solar projects in Malaysia must have at least 51% local ownership, which encourages domestic investment and creates a favorable climate for solar development.
Some of The Leading/Active Market Players Are-
- Siemens Gamesa
- Unitron Energy System Pvt. Ltd
- Windstream Energy Technologies
- ONIX Renewable
- Alternate Energy Company
- Blue Pacific Solar
- Helio-Navitas India Pvt Ltd.
- Regen Powertech
- Deepa Solar Systems
- Iysert Energy
- Eagle Science & Technology (H K) Co., Ltd
- Alpha Windmills and Other Major Players
Key Industry Developments
In February 2024, State-owned SJVN Ltd's 1,500 MW solar-wind hybrid project witnessed tariff bids as low as Rs3.43/kWh in its recent reverse auction, contrasting with the previous Rs4.38/kWh tariff. Juniper Green Energy Pvt. Ltd secured 150 MW capacity with the lowest bid, while Avaada Energy Pvt. Ltd earned 530 MW at Rs3.49/kWh, the highest winning bid. Datta Power Infra Pvt. Ltd secured 50 MW at Rs3.47/kWh, and Green Infra Wind Energy Ltd clinched 440 MW at Rs3.48/kWh. Despite participating, NTPC Renewable Energy Ltd failed to secure any capacity with its bid of Rs3.55/kWh.
Key Findings of the Study:
- The Industrial segment is anticipated to lead the market due to its wide applicability and high demand in various industries.
- The market for hybrid solar wind systems in Asia-Pacific is expanding rapidly, driven by China's increasing solar energy capacity, which is expected to reach 393,000 megawatts by 2022
- The market is benefiting from the global shift towards environmentally friendly products, with Hybrid Solar Wind Systems seen as a greener alternative to petrochemical-based compounds.
