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Explore Solar Wind Hybrid Systems Market forecast to 2021
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Factors such as rapid growth in energy consumption catapult by the rising standard of living and growing concerns with regards to scarcity have spurred the demand for solar wind hybrid systems globally. In addition, ample amount of opportunities is provided by rapid industrialization taking place throughout the world. Other factors responsible for the growth of the global market are rising demand for clean fuel off-grid electricity and constant reduction in solar and wind energy costs. Another key reason for the rising demand of solar wind hybrid systems is the decreasing levels of fossil fuel in reservoirs. This, in turn, brings the need for solar wind hybrid systems, which are consolidated power generation units employing both solar and wind sources for energy generation.
On the basis of type, the global solar wind hybrid systems market is segmented as standalone and on-grid systems. Standalone hybrid plants influence the hybrid solar wind market since the majority of the installations are in off-grid locations. Based on the application, the global market is further segmented as residential, commercial, and industrial. To meet the daily electricity requirement, these systems are mainly used for residential and commercial purposes. Geographically, the global market is segmented as North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa.
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Asia Pacific is anticipated to witness the fastest growth owing to the rapid urbanization in countries such as Japan, India, China, and South Korea. This, in turn, results in rising demand for solar wind hybrid systems in the region. In addition, factors such as government initiatives supporting power generation from renewable energy sources along with growing capital investment for technical advancements in solar wind hybrid systems are driving the Asia Pacific market.
Major players dominating the global solar wind hybrid systems market are Blue Pacific Solar Products Inc., Zenith Solar Systems, UGE International Ltd., and Unitron Energy Systems Pvt. Ltd. Other key players influencing the global market include New Ventures, Alternate Energy Company, and Alpha Windmills.
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