Solar Wind Hybrid System Market Growth and Forecast 2016 – 2023
One of the primary needs for the economic development of a country is to provide reliable and continuous power supply. Throughout the world fossil fuel reserves are depleting at a fast pace. In the present scenario, majority of the energy demand is met by fossil fuels. A small part of the demand is met by renewable energy technologies such as the solar, biomass, geothermal, wind. Soon there will be a situation when the entire world will face severe fuel shortage. According to the law of energy, Energy can neither be created nor be destroyed it can only be transformed from one form to another. Solar and wind power sources have experienced a remarkably rapid growth in the last few years. Both are renewable sources of energy and contain abundant power.
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With high economic growth rate, Asia Pacific countries are significant consumers of energy resources. Despite the global financial crisis, energy demand in these countries continues to rise. India consumes maximum energy in residential, agricultural and commercial purposes as compared to Japan, Russia and China.
Solar wind hybrid power system is the consolidated power generating system by solar energy panel and wind mill. It comprises a battery which is utilized to accumulate the energy generated from both the resources. With the help of this system, power generated through windmill and power generated from photovoltaic module when light radiation is available can be easily achieved.
Solar energy is the energy obtained from the sun. It is inexhaustible, renewable and pollution free. Solar charged battery provides continuous power supply for 24 hours a day irrespective of the weather condition. By adopting an appropriate technology for the geographical location, large amount of power can be extracted from solar radiations. Also, solar energy is expected to be the most reliable source of energy. The rise in the cost of conventional fossil fuels has disturbed the entire demand supply of electricity products especially in remote locations. Generators which are sometimes used as an alternative to traditional power systems are known to be operational during certain hours of the day, and the cost of fueling them is becoming difficult if they are to be used for the commercial purposes.
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Wind energy is the kinetic energy associated with the motion of atmospheric air. Wind energy systems transform kinetic energy into a more useful form of power. Wind energy systems are mostly used for milling and irrigation purposes, are in use since ancient times to produce electric power. Windmills for water pumping are installed in various countries especially in rural areas. Wind turbines convert energy present in the wind into mechanical power that can be used directly for grinding purposes or for converting into electric power to generate electricity.
Increasing investments and higher standard of living are some of the key drivers of the solar wind hybrid systems market. However, high cost required to install solar wind hybrid systems can hamper the growth of the market. Ample amount of opportunities are there for the solar wind hybrid system market owing to rapid industrialization taking place in Asia Pacific countries such as India and China.
Some of the key companies in the business of solar wind hybrid systems market are Blue Pacific Solar Products Inc., Alpha Windmills, Zenith Solar Systems, New Ventures, Unitron Energy Systems Pvt. Ltd., UGE International Ltd., and Alternate Energy Company among others
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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