How Much Revenue Hybrid Solar Wind Systems Market Will Generate Globally Till 2027? |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on June 16th, 2023 San Francisco, 16 June 2023: The ReportHybrid Solar Wind Systems Market Size, Share & Trends Analysis Report By Connectivity (On-grid, Stand-alone), By End Use (Residential, Commercial, Industrial), By Region, And Segment Forecasts To 2027 The global hybrid solar wind systems market size is expected to reach USD 1.61 billion by 2027, registering a CAGR of 7.2% over the forecast period, according to a new report by Grand View Research, Inc. 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. Hybrid solar wind market is gaining significant importance because these systems are capable of generating electricity throughout the year. Solar and wind power generation complement each other. For instance, solar installations generate peak electricity from April to August and wind installations generate maximum electricity for the remaining months. The market includes stand-alone as well as on-grid systems. As mentioned in the above figure, the U.S. market is dominated by stand-alone systems, which are installed remotely to provide electricity for distant consumers who are not connected to the grid. The global economy is anticipated to grow post-COVID-19 pandemic, which is why energy requirements are expected to increase exponentially in the coming years. Access Research Report of Hybrid Solar Wind Systems Market @https://www.grandviewresearch.com/industry-analysis/hybrid-solar-wind-systems-market Hybrid Solar Wind Systems Market Report Highlights
List of Key Players of Hybrid Solar Wind Systems Market
Access Press Release of Hybrid Solar Wind Systems Market@ https://www.grandviewresearch.com/press-release/global-hybrid-solar-wind-systems-market
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