Press release
Hybrid Solar Wind Market Projected to Grow at a CAGR of 8% to Reach $1.4 bn by 2024
Hybrid Solar Wind Market
The size of Hybrid Solar Wind Market was registered at USD 700 million in the year 2015 and is anticipated to cross USD 1.47 billion by 2024. Between the period 2018 -2024, the Hybrid Solar Wind industry is expected to register a CAGR of 8%. 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.
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Over the next few years, effective hybrid solar systems with high energy conserving capacities and lower greenhouse gas emissions will be on the top priority of the manufacturers. Key hybrid solar wind industry participants include ReGen Powertech, Unitron Energy Systems Private Limited, Alternate Energy Company, Blue Pacific Solar Products Incorporation, Supernova Technologies Private Limited, Grupo Dragon, Zenith Solar Systems, and Alpha Windmills.
Hybrid Solar Wind Market Growth Drivers:
o Growing electricity demand
o Favorable government initiatives
o Increasing off grid electricity demand
o Increasing demand for clean energy
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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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Hybrid solar wind industry in Latin America will witness a considerable growth over the timeframe with Chile expected to register highest gains of 11% (in terms of revenue) over the coming seven years
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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